Grindrod Bank And Sassa
Grindrod Bank provides banking services for the South African Social Security Agency (SASSA) grant recipients, paying 17 million grants to 10.6 million distinct cardholders amounting to R11bn per month in close association with Cash Paymaster Services (CPS) who provide the card technology and manage the card programme on behalf of the government of South Africa.
The re-registration of grant recipients and the use of fingerprint biometrics at registration to verify the identities of grant recipients has resulted in significant benefits to the country. The new grant disbursement system was designed to minimise fraudulent grant applications and collections in addition to reducing grant administration costs by distributing all grant payments electronically to eligible beneficiaries. This has resulted in direct savings of over R10 billion over the 5 years of distributing the grants , as enumerated by SASSA, by the termination of questionable grant recipients from the SASSA database.
Each grant recipient has a Grindrod Bank account (Terms & Conditions), that provides access to traditional banking services such as ATM’s, EFTs and POS transactions. The SASSA cardholder additionally benefits from this innovative solution by being able to transact offline in rural areas where there is no formal banking infrastructure.