'Grindrod Bank (though deadly silent) is utterly involved in Sassa saga'

Every grant recipient has a bank account at Grindrod Bank.

Magda Wierzycka, Sygnia Asset Management

The Money Show’s Bruce Whitfield interviewed Sygnia CEO Magda Wierzycka.

Wierzycka wrote an article for the Daily Maverick in which she exposed Grindrod Bank for their silence regarding the grants payment crisis, despite its intimate involvement.

The one party that has remained deadly silent in the raging Sassa debate has been Grindrod Bank. They have shied away from all publicity and their part in the Sassa and Net1’s Cash Payment Services debacle, choosing to stay in the shadows. I thought it would be worthwhile to give Grindrod Bank their moment in the spotlight. It also offers the Board of Directors of Grindrod an opportunity to step in and do the right thing.

Magda Wierzycka, Sygnia Asset Management

Last week Wierzycka exposed the shareholders of Cash Paymaster Services, Net1 UEPS, for using the database of grant recipients to cross-sell microloans, insurance and other additional services through a network of subsidiary companies.

For more detail listen to the interview in the audio below (and/or scroll down for additional quotes from it).

You have no one else to blame but Sassa.

Magda Wierzycka, Sygnia Asset Management

I don’t believe CPS requires a three-year contract.

Magda Wierzycka, Sygnia Asset Management

…the contract should run on a month-by-month basis…

Magda Wierzycka, Sygnia Asset Management

I’m not happy how much it costs grant recipients to receive their money.

Magda Wierzycka, Sygnia Asset Management

Net1 UEPS makes money also out of transaction charges.

Magda Wierzycka, Sygnia Asset Management

Net1 UEPS employs 2500 people to sell microloans to grant recipients as they’re queuing to receive their money.

Magda Wierzycka, Sygnia Asset Management

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Article brought to us by Old Mutual.


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