State-owned bank wrote off R68.76 million because it could not keep track of its cards

• Postbank had to write off R68.76 million in customer bank cards due to inadequate record-keeping and internal control failures.
• The write-off stems from historical control failures at Postbank surrounding the distribution and accounting of SASSA grant beneficiary cards, and was revealed in Postbank’s annual reports over the past five years.
• The AGSA found Postbank's response to the breaches inadequate, and the write-off ultimately cost the bank far more than the R68.76 million written off.