South African Banks Agree to Help Distribute Social-Grant Payments

South African banks signed a memorandum of understanding with the South African Social Security Agency on finding ways to better distribute welfare payments.

Banks have identified 8.2 million existing beneficiary accounts, of which 2.6 million were used to pay grants of 3.04 billion rand ($242 million) in April, the Banking Association of South Africa said in an emailed statement on Wednesday. The agreement will assist in ensuring that practical solutions are implemented using the agency and banks’ infrastructure and resources, it said.

“With our countrywide branch and ATM networks and ongoing progress towards inclusive banking for all our citizens, South Africa’s banks are well positioned to assist in the payment of grants,” BASA said. ‘It is foreseen that many more…

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