An amaBhungane investigation has shown that Net 1 uses its subsidiary Cash Paymaster Services’ (CPS) social grant contract as a secret backdoor to get grant beneficiaries’ information, something which was always forbidden.
It's alleged that Net 1 then uses the information to make billions selling loans, insurance and other financial products to beneficiaries.
For more, read: Serge Belamant, Sassa and the 'war chest' of poor people
Net 1’s executive chairman Serge Belamant continues to deny this, investigative reporter Craig McKune explains.
McKune adds that President Jacob Zuma has displayed woeful ignorance on the matter.
Take a listen:
This article first appeared on CapeTalk : AmaBhungane lifts the lid on CPS' alleged microloans scheme using Sassa