NET1 talking a big game
Grant recipients worse off without CPS, says Belamant
Belamant says banks couldn’t do what CPS has done and Post Office doesn’t have the track record or the footprint
Net1 UEPS CEO Serge Belamant has little doubt the grant distribution service provided by Net1 subsidiary Cash Paymaster Services (CPS) is the best on offer and recipients of social welfare will be worse off without his company. He is dismissive of possible alternatives. The Post Office doesn’t have the track record or the footprint to match his 10,000 paypoints. And the banks may agree to a reasonable initial fee but that will quickly spike. "Remember how we were promised ATM fees would be kept at a bare minimum?" says Belamant, bristling from the criticisms fired his way. "Through our relationship with Grindrod [Bank] we have essentially banked everyone. Grant recipients can transact at any one of 10,000 paypoints across the country. The banks couldn’t do what we have done." An exchange of letters this week also reveals that CPS urged the SA Social Security Agency (Sassa) almost a year ago to avoid several pitfalls that could lead to a social grants crisis. The correspondence, atta...
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