South African Social Security Agency grant beneficiaries have been apologized to by Postbank after their social grants weren’t received in time. All branches are open for business from Monday after system faults.
There are alleged glitches in the banking system that have prevented the utility from delivering grants on time.
An outstanding R225 million debt owed to Telkom forced the company to threaten to shut down its IT systems last week.
A loss of around R 2 billion was reported by the South African Post Office in its latest financial year, putting the company in financial distress for some time now.
Ten million social grants are distributed across the country by the state-owned company
Telkom also owes the company R960 million for an IT contract.
Postal service issues and debt problems threaten to end the contract this year.
“As the post office branches have been closed over the weekend, we will continue to monitor the system’s performance,” said Postbank spokesperson Bongani Diako. “We really know social grants are critical for millions of our citizens.”
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