Net1 subsidiary Cash Paymaster Services (CPS) will continue to provide back-end banking systems for the entire social-grant distribution process until at least the end of September. The full extent of the services required, which will be considerably beyond what the South African Social Security Agency (Sassa) recently indicated to the Constitutional Court, will be known only on Friday after a workshop with Sassa and CPS. This high degree of uncertainty is starkly at odds with the application Sassa made last week to the Constitutional Court and points to a troubling level of uncertainty just six weeks before the critical end-March deadline. An extension of invalidity of Sassa’s contract with CPS for six months from March31 was requested in the application. It envisaged a significant reduction in CPS’s involvement. For the extended six-month period Sassa told the court CPS would only provide cash grants to 2.5-million recipients. Sassa CEO Pearl Bengu said in the application that Sas...
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