Net1 UEPS subsidiary Cash Paymaster Services (CPS) and the South African Social Security Agency (Sassa) have agreed to the terms of a new two-year contract that Net1 CEO Serge Belamant says is "fantastically good for Sassa". Before a new contract can be finalised, the terms have to be agreed to by the Treasury. Belamant would not provide details but said the fee charged each month for each of the approximately 11-million recipients would be considerably below the R25 mentioned in the media. "The increase we asked for was based purely on CPI [consumer price index] increases over the past five years, it will also incorporate all the work Sassa wants us to do to enable them to take over the contract." The five-year contract that expires at the end of March provided for a fee of R16.44 per transaction. Belamant would not comment on media reports that the new fee had been set at R17.64. Sassa’s programme head Zodwa Mvulane also said she could not comment on the R17.64 figure but did stre...

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