Grindrod Bank willing to keep servicing its Sassa client base, but interest issue lingers
The bank praises the Sassa-CPS biometric debit-card programme
Grindrod Bank says it is ready to continue providing banking services to the South African Social Security Agency (Sassa) client base, but that this would have to be within normal commercial parameters. Grindrod Bank, which is a wholly owned subsidiary of Grindrod, pays Sassa grants in “close association” with Cash Paymaster Services (CPS). Remgro holds 23% of Grindrod and the Public Investment Corporation (PIC) has 8%. The bank, which has so far managed to avoid any of the considerable controversy surrounding the controversial Sassa contract, spoke glowingly of the Sassa-CPS biometric debit-card programme. It said on Wednesday that the programme was widely acclaimed and had received an award from MasterCard International. But Grindrod failed to clarify who benefited from the monthly interest payments on the estimated R11.2bn that is distributed from the Treasury each month. On Tuesday, during a presentation to the standing committee on public accounts Finance Minister Pravin Gordha...
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