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Fin24 reports that Cabinet advised in a statement on Thursday that Ntomboxolo Nikki Mbengashe has been appointed as CEO of Postbank SA for a period of five years.
Postbank is struggling to achieve government's ambition of becoming an independent, state-owned bank. It has been separated from the hemorrhaging Post Office, but still needs to secure a banking licence from the SA Reserve Bank (SARS) to offer credit and other banking products. Instead, the SARB has warned Postbank that it is at risk of being expelled from the national payment system because its security is not up to scratch. Last year, Postbank lost more than R18 million in just three months to cybercrime attacks. In October 2021, cybercrime cost Postbank at least R90 million in a single month. The SARB has given Postbank until December 2023 to sort out its security shortcomings, including "serious irregularities" in the issuing of Sassa cards. Mbengashe joined mortgage broker ooba as chief operating officer two years ago. Previously, she was chief operating officer of Woolworths Financial Services for almost five years. She also spent almost five years with Absa in various positions, including as chief operating officer of its retail bank. Mbengashe has an NDip Industrial Engineering from Nelson Mandela University and also earned an MBA from the University of Cape Town.
- Read the full original of the report in the above regard compiled by Helena Wasserman at Fin24
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