South Africa’s Communications and Digital Technologies minister Stella Ndabeni-Abrahams on Monday announced Darwin Zinzile Nkonki as the new chairman of the state Postbank.
In a statement, she said Nkonki was one of four incoming board members at the PostBank, a subsidiary of the South African Post Office – following approval by Cabinet.
He is a highly qualified executive, with more than two decades of experience in the financial service sector,” Ndabeni-Abrahams added.
Nkoki holds an Master of Business Administration degree in finance as well as Fellow Chartered Institute of Secretaries (FCIS) and Fellow Institute of Bankers in South Africa (FIBSA) qualifications.
Ndabeni-Abrahams said all of the four incoming board members at the Postbank had successfully undergone a due diligence assessment by the South African Reserve bank and the Auditor-General.
She urged them to protect the integrity and profitability of the bank, which the minister said had been profitable for more than 10 years.
“As its core mandate, the Postbank is positioned to be a critical element of the financial inclusion imperative in the country,” said Ndabeni- Abrahams.
“The country faces a number of social and economic ills, which include economic inequality. Through the promotion of financial inclusion, the Postbank plays an important and contributing role in addressing these challenges and in particular, the issue of economic inequality.”
The bank has more than 6.2 million accounts, excluding national social grant beneficiary accounts, a core deposit base that exceeds R5.9 billion (US$358 million), and more than R3.5 billion in capital reserves.
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