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- Almost 60% of SA grant recipients who have bank accounts depend on private institutions to deliver their money
- State-owned Postbank administers payments, but its service is unreliable
- Postbank lost 1.8-million customers in the past year, while Capitec grew its grantee customer base by 54%
Each month the money for 19-million people who rely on SA Social Security Agency grants is paid into 12-million bank accounts. An increasing number of these (59%) are at commercial banks, with the remainder paid via the Postbank or the Post Office.
State-run Postbank took over the administration of payments in October 2022, the third change in 5 years. The transition has been difficult and there are regular reports of delays and other ‘glitches’.
As a result, grantees have been seeking more reliable options. In the past 12 months, Capitec Bank increased its number of grant account holders by almost 1.1-million to 3-million while Postbank lost 1.8-million customers.
— 29 November, 2023Subscribe to the weekly newsletter for more charts like this
