SA’s biggest banks are eyeing the gap as welfare distributor’s contract ends

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Johannesburg - Three of South Africa’s biggest banks are considering bidding to distribute government welfare payments to more than 17 million people.

This as a contract with a subsidiary of welfare grant distributor Net 1 UEPS Technologies comes to an end, after years of legal battles.

The existing contract earned Net 1 about R2 billion a year, its annual reports show.

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