'Grindrod Bank (though deadly silent) is utterly involved in Sassa saga'

Every grant recipient has a bank account at Grindrod Bank.

Magda Wierzycka, Sygnia Asset Management

The Money Show’s Bruce Whitfield interviewed Sygnia CEO Magda Wierzycka.

Wierzycka wrote an article for the Daily Maverick in which she exposed Grindrod Bank for their silence regarding the grants payment crisis, despite its intimate involvement.

The one party that has remained deadly silent in the raging Sassa debate has been Grindrod Bank. They have shied away from all publicity and their part in the Sassa and Net1’s Cash Payment Services debacle, choosing to stay in the shadows. I thought it would be worthwhile to give Grindrod Bank their moment in the spotlight. It also offers the Board of Directors of Grindrod an opportunity to step in and do the right thing.

Magda Wierzycka, Sygnia Asset Management

Last week Wierzycka exposed the shareholders of Cash Paymaster Services, Net1 UEPS, for using the database of grant recipients to cross-sell microloans, insurance and other additional services through a network of subsidiary companies.

For more detail listen to the interview in the audio below (and/or scroll down for additional quotes from it).

You have no one else to blame but Sassa.

Magda Wierzycka, Sygnia Asset Management

I don’t believe CPS requires a three-year contract.

Magda Wierzycka, Sygnia Asset Management

…the contract should run on a month-by-month basis…

Magda Wierzycka, Sygnia Asset Management

I’m not happy how much it costs grant recipients to receive their money.

Magda Wierzycka, Sygnia Asset Management

Net1 UEPS makes money also out of transaction charges.

Magda Wierzycka, Sygnia Asset Management

Net1 UEPS employs 2500 people to sell microloans to grant recipients as they’re queuing to receive their money.

Magda Wierzycka, Sygnia Asset Management

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


This article first appeared on 702 : 'Grindrod Bank (though deadly silent) is utterly involved in Sassa saga'


CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Sibanye-Stillwater to buy Lonmin

Sibanye-Stillwater to buy Lonmin

The Money Show’s Bruce Whitfield interviews Sibanye-Stillwater Chief Executive Officer Neal Froneman.

Trends that’ll dominate the business environment in 2018

Trends that’ll dominate the business environment in 2018

It’s time to start thinking about how to keep your business relevant next year, says small business guru Pavlo Phitidis.

What you must learn from the Steinhoff and EOH share price collapses

What you must learn from the Steinhoff and EOH share price collapses

The Money Show’s Bruce Whitfield interviews Galileo Capital Personal Financial Advisor Warren Ingram.

Why Allan Gray invested in Net1 UEPS (despite debates by its investment team)

Why Allan Gray invested in Net1 UEPS (despite debates by its investment team)

Net1 UEPS owns the controversial social grants distributor Cash Paymaster Services. Bruce Whitfield interviews CIO Andrew Lapping.

'CPS lures grant recipients into buying insurance (and taking out microloans)'

'CPS lures grant recipients into buying insurance (and taking out microloans)'

Cash Paymaster Services shareholder Net1 UEPS is using the database of grant recipients to cross-sell services, says Sygnia’s CEO.

Why Sygnia’s Magda Wierzycka has SA’s fund managers shaking in their boots

Why Sygnia’s Magda Wierzycka has SA’s fund managers shaking in their boots

Fees matter. A lot. And you don’t get much lower than that of Magda Wierzycka’s Sygnia. Here’s how they do it…

Popular articles
Fund manager lays criminal charges against former Steinhoff CEO Markus Jooste

Fund manager lays criminal charges against former Steinhoff CEO Markus Jooste

The Money Show’s Bruce Whitfield interviews Benguela Global Fund Managers Chief Investment Officer Zwelakhe Mnguni.

France exploring ways to assist City of Cape Town with water crisis

France exploring ways to assist City of Cape Town with water crisis

Xanthea Limberg says no formal agreement has been reached but it looks forward to talks and learning more from France.

'ANC may split if Dlamini-Zuma is elected leader'

'ANC may split if Dlamini-Zuma is elected leader'

Political analyst Dr Somadoda Fikeni sat down with Ray White to discuss the future of the ANC.

'This puts pressure on Jacob Zuma to vacate office earlier'

'This puts pressure on Jacob Zuma to vacate office earlier'

The Money Show’s Bruce Whitfield interviews Daniel Silke, Political Economy Analyst at Political Futures Consultancy.

Predictably awesome new Nando's ad reminds South Africans ‘we can fix our sh$t’

Predictably awesome new Nando's ad reminds South Africans ‘we can fix our sh$t’

Watch the Guptas pack their bags and run in Nando's inspiring new advertisement.