Hon Chairperson, Ministers and Deputy Ministers, hon members, distinguished guests, ladies and gentlemen, it is indeed an honour for me to be part of this historic occasion to present the South African Postbank Limited Bill to Parliament. This Bill, introduced here today by Minister Siphiwe Nyanda, was a collective effort over several months of hard work by several stakeholders.
Building on what Minister Nyanda stated in his introduction to the Bill, this Bill has huge social and economic potential to transform the lives of our people, particularly the unbanked in the rural areas of our country. It speaks to achieving some of the Medium-Term Strategic Framework goals, like creating cohesive and sustainable communities, spurring rural development and developing economic and social infrastructure. It will provide access to institutional capacity to the many that are deprived of such services.
The Postbank will further strengthen the entrepreneurial culture and savings initiatives of our people. It provides a platform for the integration into the mainstream economic activities of, for example, the youth and rural women who are the most oppressed in our marginalised society.
Institutions that have acted as insurance against poverty and the maintenance of social cohesion, such as burial societies, stokvels and women's social clubs, will benefit greatly from the creation of this Postbank. It will also add value to the already productive activities of our people, such as small-scale agricultural projects, crafts and home industries, and trade and commerce.
Furthermore, through its expansion, the Postbank will advance the government's goal of job creation and human resource development. This includes sectors like front-desk services, information and communication technologies services and product development.
I would also like to thank hon member Kilian for the warning that she has given to us. We want to assure her that we have laboured diligently by building the necessary safeguards into the legislation to protect this bank from corporate mismanagement. You will find the clauses on corporate governance, in respect of both the board and the executive of this banking institution, to be onerous, strict and punitive in the event of any foul play.
We crafted this Bill to send a clear message that this is not an ordinary bank, but a bank with a heart and a clear socioeconomic mandate to uplift the rural and lower income groups and markets.
The Postbank will impact greatly on our society, and its success will strengthen the self-sufficiency of our people, as well as further expand the flourishing of an entrepreneurial culture.
The extensive and proven infrastructure of the Post Office provides the Postbank with the necessary capacity and possibility for success. We all have a collective responsibility, in terms of our oversight as Parliament, to ensure that this bank achieves its goals and objectives in the foreseeable future.
I want to state that voting against this Bill is to be anti-poor, anti the redistribution of the socioeconomic opportunities of our country, and downright in favour of a privileged society for the few and previously advantaged.
Once again, we would like to express our gratitude, thanks and appreciation to all stakeholders, namely Cabinet, the Department of Communications, under the able leadership of hon Minister Nyanda, the Department of Finance, the Post Office, the Portfolio Committee on Communications, led by the chairperson the hon Vadi, the state law advisers, as well as Parliament as a whole, who contributed so much in bringing this Bill to Parliament. Thank you very much, hon Chair. [Applause.]