SASSA tells Net1 to retract 'misleading' pamphlet
26 April 2018
The South African Social Security Agency (SASSA) has given Grindrod Bank and Net1 five days to retract a "misleading" pamphlet being distributed to social grant beneficiaries across the country.
SASSA accounts have for the last six years been held at Grindrod Bank on behalf of Cash Paymaster Services (CPS), which used to pay all the social grants, GroundUp reported on Wednesday.
Net1 is the parent company of CPS and of EasyPay Everywhere (EPE), the company which issues green cards to grant beneficiaries for private bank accounts. Net1 also owns credit provider Moneyline, and beneficiaries wishing to take out a loan are expected to take out a green card.
There are currently more than two million grant beneficiaries with green cards. The number spiked in recent months as the contract between SASSA and CPS drew to an end, with activists warning that Net1 might intend to maintain its loan and other business with grant beneficiaries through the green cards once its contract expired.