# Trust in the approval of a new state-owned bank in South Africa is on the decline, prompting beneficiaries to shift to commercial banks. President Cyril Ramaphosa recently signed the Postbank Amendment Bill into law, allowing the creation of a Bank Controlling Company. However, recent failures by Postbank, including delays in paying Sassa grants, resulted in a drop of 1.8-million recipients with accounts at the Postbank from October 2022 to October 2023. In contrast, Capitec, Nedbank, and FNB have seen an increase in the number of grant account holders.
South Africans opt for private banks despite green light for state-owned option