National Payment System Act, 1998 (Act No. 78 of 1998)

Notices

Designation of the South African Post Office Limited, a Postal Company contemplated in Section 3(1) of the Post Office Act, 1958 (Act No. 44 of 1958) which conducts the business of a bank through its Postbank Division, referred to in Section 51 of the Postal Services Act, 1998 (Act No. 124 of 1998), as a Designated Clearing System Participant

1. Introduction
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1.1 The South African Reserve Bank ("Reserve Bank") is empowered to designate a clearing system participant in terms of section 6(3)(a) of the National Payment System Act, 1998 (Act No. 78 of 1998 - "Act", as amended). Such designation may be made if the designation is in the interest of the integrity, effectiveness, efficiency or security of the payment system.

 

1.2 The objective of this Designation Notice ("Notice") is to designate the South African Post Office Limited through its Postbank Division ("Postbank") as a designated clearing system participant. The designation will enable the Postbank to clear in the manner contemplated in section 4(2)(d)(i) of the Act.