CROSS-SELLING OF PRODUCTS
Recipients safer after Net1 tweaks contract
Net1 will no longer invite recipients to ‘opt-in’ to sharing their confidential information for the marketing of goods and services
Net1 has made changes to its contract with the South African Social Security Agency (Sassa) aimed at tackling concerns about cross-selling of financial products to grant recipients. It has also given an undertaking to keep beneficiary data private. Net1 confirmed it signed an addendum to its contract with Sassa. "The addendum extends the contract for 12 months to March 31 2018, under the current terms and conditions, and also includes the specific terms as ordered by the Constitutional Court," Net1 said in a Sens announcement on Friday. In the addendum, Net1 subsidiary Cash Paymaster Services (CPS) says it has made amendments to the Sassa contract to stop "opt-in" arrangements. It will no longer invite recipients to "opt-in" to sharing their confidential information for the marketing of goods and services. In addition, it has committed to getting "an undertaking from Grindrod Bank that it shall not invite beneficiaries to ‘opt-in’ to the sharing by Grindrod Bank of beneficiaries’ [d...