Postbank Technical Glitch Spurs SASSA Beneficiaries to Embrace Shoprite Money Market Accounts

Postbank Technical Glitch Spurs SASSA Beneficiaries to Embrace Shoprite Money Market Accounts. A recent technical glitch in Postbank’s payment system left thousands of South African Social Security Agency (SASSA) beneficiaries without their much-needed payments. In response to this frustrating ordeal, many grant recipients have turned to Shoprite’s Money Market accounts as a viable alternative.

The Technical Glitch and its Impact

 Last week, a technical glitch in Postbank’s payment system disrupted social grant payouts across the country. This unforeseen issue prevented a significant number of beneficiaries from accessing their SASSA funds for the entire month of September, causing immense frustration and hardship.

Understanding the Glitch

The glitch primarily affected beneficiaries using the Postbank-SASSA gold card. These individuals found themselves unable to make withdrawals or conduct transactions at ATMs and various retailers, except for Postbank Point Of Sale (POS) terminals. The glitch’s origin was traced back to the software Postbank employs for grant payments.

Prolonged Disruption and Consequences

 Even after the initial glitch was resolved, lingering backlogs continued to plague the system. Many SASSA beneficiaries, particularly pensioners, reported ongoing difficulties accessing their grants. Some were even compelled to take out loans to cover basic necessities like food and household expenses.

Department of Social Development Responsibility

 While Postbank faced the brunt of criticism, it’s crucial to note that the Department of Social Development (DSD) holds the ultimate responsibility for safeguarding and fulfilling the rights of social assistance recipients. This constitutional obligation requires the DSD to ensure beneficiaries receive their entitled social assistance without undue disruptions.

The Exodus to Shoprite Money Accounts

 In response to the Postbank glitch, a significant number of beneficiaries, estimated at over 100,000, have transitioned from Postbank to Shoprite’s Money Market Accounts, according to Shoprite Group.

Shoprite Financial Solution

 Jean Olivier, the general manager at Shoprite’s Financial Service Division, confirmed that Shoprite is fully prepared to welcome these beneficiaries and facilitate the smooth transfer of their grants into Money Market accounts. Notably, Shoprite’s offering distinguishes itself by providing a free bank account, a contrast to competitors that often impose monthly fees.

Switching to a Shoprite Money Account

 For beneficiaries considering the switch, the process is straightforward:

Step 1: Register for a Shoprite Money Account through multiple avenues:

• Dial 1203534#
• Use WhatsApp: 087 240 5709
• Visit an in-store Money Market counter
• Download the Shoprite app

Step 2: Sign in and obtain your Bank Confirmation Letter.

Step 3: Download a SASSA consent form from the provided link or collect one at the Money Market counter in any Shoprite or Checkers supermarket.

Benefits of a Shoprite Money Account

Shoprite Money Account offers numerous advantages:

• It is South Africa’s most cost-effective transactional bank account, with no monthly fees.
• While a small withdrawal fee of R5 applies, beneficiaries incur no charges for sending money, purchasing airtime, data, electricity, grocery vouchers, bill payments, or groceries via their mobile devices.
• As an incentive, grant recipients receive up to R100 in Shoprite vouchers when their initial SASSA grant of R800 or more is deposited into their Money Market Account.