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Following on the Constitutional Court Ruling yesterday, the Board of Net 1 UEPS Technologies, Inc. (NasdaqGS: UEPS; JSE: NT1) has issued this statement:
Cash Paymaster Services (Pty) Ltd (CPS), a subsidiary of Net1 and distributor of welfare grants in South Africa on behalf of South African Social Security Agency (SASSA), is committed to the pay-out of 17 million social grants to 10.5 million recipients on the 1st April 2017."
The Constitutional Court ruled that the CPS contract be upheld for a further 12 months.
The board confirmed that CPS had been in contact with SASSA and could confirm that the preparatory process for the payment of grants is on track for the April payment cycle ensuring 10.m million people will be paid as usual on the 1st April and for the next 12 months as per their constitutional obligation.
Issued by the Board of Net 1 UEPS Technologies, Inc
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