SASSA to Act Against CPS

Net1 UEPS Technologies faces the wrath of SASSA over unlawful charges for airtime and loans that the service provider has been deducting from the monthly payout to beneficiaries

According to an article by Asha Speckman, it could not get much worse for Net1 UEPS Technologies, which faces the wrath of the South African Social Security Agency (SASSA) over unlawful charges for airtime and loans that the service provider has been deducting from the monthly payout to beneficiaries under its R10 billion social grant tender.

Net1 shares went into free-fall following the ruling, dropping 28 percent to R70 during intraday trade on the JSE, before recouping some of the losses to end the session down 12.76 percent at R85.50.

Meanwhile, SASSA chief executive, Virginia Petersen, says the agency is considering its options and is intending to revise its contracts with the service provider.

To read the article titled, “Now we can clip the wings of CPS – SASSA,” click here.

Source: 
IOL News

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