Cash Paymaster Services

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Background

Local

Sassa: Post Office a step closer to assisting with social grants

The South African Social Security Agency says a good presentation recently made by the South African Post Office has moved them a step closer to assist with the social grants scheme. Sassa project lead Zodwa Mvulane and CEO Thokozani Magwaza told MPs on Wednesday that talks with the Post Office were progressing at a good rate, following a workshop held last week. A memorandum of understanding was in place with […]

today1 June 2017

Opinions

NET1: Peeling away the layers

In light of the SASSA debacle, actuary Magda Wierzycka analyses the financial web of Net1, the company that runs the social grant payment system. Given the controversy around Net1, I decided to look at Net1 from an investment analyst’s perspective and to try to understand exactly what Net1 does and how it generates its profits. The company is a bit like an onion, every time you peel away a layer, you uncover something […]

today15 March 2017

Opinions

The real risks behind South Africa’s social grant payment crisis

The dispute hovering over South Africa’s social grant system and threatening millions of vulnerable beneficiaries with nonpayment creates risks that go far beyond interrupting poor people’s access to desperately needed grants. The failure of the South African Social Security Agency (Sassa), which is responsible for the payment and administration of social grants, to act timeously has created a crisis that threatens to deliver grant recipients on a silver platter into […]

today3 March 2017

News

SASSA paypoint robbed

Four heavily armed robbers attempted to rob a SASSA paypoint in Bonteheuwel on Thursday morning. They however disarmed the cash in transit guards of two firearms. The paypoint is next to a municipality building housing municipality police who responded immediately upon being informed. No cash was taken from the paypoint and the robbers fled upon noticing that the police were advancing. Operations were suspended for four hours and payment has […]

today2 March 2017

News

SASSA, “ready” to handle payments of grants internally

The South African Social Services Agency (SASSA) this week addressed Parliament’s Portfolio Committee on Social Development outlining options available for their payment process. While the agency has in recent years received much criticism for its choice of Net 1 Cash Paymaster Services to process grant payments to beneficiaries, it confirmed that it has requested that its contract with the company be extended for another year. In a bold move, SASSA […]

today3 February 2017

Local

SA’s biggest banks want in on Sassa distribution

Three of South Africa’s biggest banks are considering bidding to distribute government welfare payments to more than 17 million people. This as a contract with a subsidiary of welfare grant distributor Net 1 UEPS Technologies comes to an end, after years of legal battles. The existing contract earned Net 1 about R2 billion a year, its annual reports show. Barclays Africa, Nedbank and a unit of FirstRand are contemplating bids, […]

today29 January 2017

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