Net1 shares slump despite CPS efforts
Net1 UEPS shareholders did not appear to be impressed with the company’s contribution to ensuring uninterrupted delivery to 10.6-million social-grant recipients. The share price eased R2.65 in low-volume trade, closing at R156 on Tuesday. The company had informed shareholders earlier that its subsidiary, Cash Paymaster Services, was on course to complete the April 2017 pay cycle in accordance with the prescribed timetable set down by the South African Social Security Agency (Sassa). On Friday, CPS credited the Grindrod Bank accounts of all 10.6-million recipients with their April grants. At the close of business on April 3, 6.8-million recipients had accessed their grants via the national payment system or pay points, with a total value of about R7.8bn. "CPS processed a record 535,000 transactions per hour on April 1 without any service interruption or degradation," said Net1.