Post Bank racing against time to replace Sassa cards
Social Development Minister Sisisi Tolashe says should Postbank fail to meet the deadline to replace all gold cards clients will be taken to other banks.
The deadline for social grant beneficiaries to replace their South African Social Security Agency (SASSA) gold cards has been extended to 30 April.
The South African Reserve Bank has issued a variation notice to the state-owned bank to upgrade its security system or risk being kicked out of the National Payment system.
Minister Tolashe was speaking at the National Council of Provinces.
"Should Post Bank not be able to meet the requirements of the South African Reserve Bank to replace all the gold cards within the given time frames, their clients will be migrated to another bank or banks as per the South African Reserve Bank's original condition when the first variation notice was issued."
Last month, Postbank announced that it had issued over one million black cards.
This amounted to 46% of the total number of beneficiaries, with some 1.5 million people needing to migrate to the black cards.
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