Net1 spends millions on security at pension pay-out points
The owner of CPS, which pays social grants across the country, says security costs are its single biggest expense to prevent theft and pensioner assaults
R700m: this is how much it costs on security alone to try to keep pension pay-points safe from armed robbers. NET1 UEPS Technologies — which owns Cash Paymaster Services (CPS)‚ which is responsible for paying 22-million grants to 10.6-million recipients across the country — revealed the figure during a trip to one of the pay-points in the Eastern Cape. Newly appointed Net1 CEO Herman Kotzé told TimesLIVE during the company’s media junket in Bizana last week that security at pension pay-points is the "single biggest expense" of CPS’s operating costs. The company has outsourced its security function to Fidelity‚ which has specialised vehicles to carry cash to pension pay-points. Net1’s chief operations officer‚ Nanda Pillay‚ said an assessment was done monthly‚ in consultation with the police‚ to determine the requirements of each pension pay-point. "We engage with the South African Police Services and we build the security plan. In some instances there are four or five armed guards. ...
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