Reserve Bank Gives Postbank Another Year to Fix Its Security Issues, Mzansi Is Fed Up: “Forget Fixing It”

• Postbank has been given yet another extension from the South African Reserve Bank
• The state-owned enterprise has until December 2023 to fix its security issues, or it will be removed from the national payment system
• Citizens aren't happy with the extension claiming it gives Postbank another year to steal Sassa payments

PRETORIA - The South African Reserve Bank has granted Postbank another 12-month extension to fix the security issues that have caused problems with the South African Social Security Agency (SASSA) payment cards.

The irregularities in the security measure for Sassa-branded cards were first detected in February 2019 and the Reserve Bank ordered Postbank to plug the holes by March 2021.

According to Sunday Times, there was a major security breach that exposed the personal data of millions of social-grant recipients which forced Postbank to replace 12 million bank cards at a cost of R1 billion.

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As a result of the security breach, Postbank, which used to be part of the Post Office, was at risk of being kicked out of the national payment system before SARB granted the state-owned entity a one-year reprieve.

If the state-owned entity was removed from the national payments system it would have rendered the Sassa cards unusable which is why the Reserve Bank granted an extension.

Reserve Bank governor Lesetja Kganyago said the action was delayed in the best interest of the safety, integrity, effectiveness, and efficacy of the national payment system, Business Insider reported.

The Reserve Bank claimed that Postbank was making progress in making security patches and the bank was cooperating in remedying its non-compliance.

South Africans react to the Postbank's extension

South Africans aren't impressed with the extension, claiming the security problem will never be fixed.

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Here are some comments:

Fiona Mary Archer stated:

"If it is in cadre hands, forget fixing it!"

Themba Mahlangu suggested:

"ANC destroyed the Post Office. Postbank must be commercialised to be a government bank where all government employees' salaries are deposited to it even cabinet members."

Rachel Mohlabane asked:

"Don't they have a risk department? If they don't they better think about one."

Riaan Van Wyk added:

"Useless and incompetent like pretty much all ANC-run government departments and the ANC themselves."

Fanie Theron commented:

"But R77mil has already been stolen and they get given another year! Another year to loot!"

Sassa payments: Mother says her family is on the brink of starvation due to non-payment of child Grant

In another story, Briefly News reported that many citizens have yet to receive South African Social Security Agency's (SASSA) grants that they depend on to make ends meet. Among those who have not been paid out is a 43-year-old mother who depends on the R430 child support grant to put food on the table for her 12-year-old. SASSA claims the non-payment matter was resolved, but many still cannot access funds.

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While Sassa has claimed that its non-payment issues have been resolved, thousands of citizens who solely rely on social grants have gone to bed hungry for the past week. Beneficiaries who use gold cards were told there was a glitch at the South African Post Office (SAPO) which resulted in people being unable to withdraw their money.

Source: Briefly News