South Africa may mull full licence for state post bank

South Africa may consider giving its state postal bank a full banking licence, a senior official for the ruling party said on Tuesday, a move that could increase competition in the crowded banking industry. “My issue is with the banks, the Post Bank will give the state a huge footprint. Without talking about nationalising banks, we will have a state bank with Post Bank,” said Gwede Mantashe, secretary general of the ruling African National Congress (ANC).

South Africa’s Post Bank currently offers savings accounts and investment products, but does not offer a full-range of retail banking.

The ANC is currently holding a week-long policy meeting in the South African city of Durban.