South African banks have signed a memorandum of understanding with the South African Social Security Agency (Sassa) on finding ways to better distribute welfare payments. Banks have identified 8.2-million existing beneficiary accounts, of which 2.6-million were used to pay grants of R3.04bn in April, the Banking Association of South Africa (Basa) said on Wednesday. The agreement would assist in ensuring practical solutions were implemented using Sassa and banks’ infrastructure and resources, it said. Business Day reported on Monday that the banks, Sassa and Treasury were determined to find a long-term solution, despite Sassa CEO Abraham Mahlangu’s concern recently expressed in a letter to Basa. Basa said on Wednesday: "With our countrywide branch and ATM networks, and ongoing progress towards inclusive banking for all our citizens, SA’s banks are well positioned to assist in the payment of grants. "It is foreseen that many more beneficiaries will start using their existing bank acco...
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