According to the Outlier, almost 60% of monthly payments to SA Social Security Agency (Sassa) grant recipients are now deposited into private bank accounts. While some beneficiaries still use Postbank or Post Office accounts, their numbers are declining. Postbank took over grant payments from the Post Office in October 2022, but the transition has been marred by challenges, including technical issues, prompting beneficiaries to turn to commercial banks. The number of recipients with Postbank accounts dropped by 1.8 million to 4.9 million from October 2022 to October 2023. Commercial banks have seen increases in the number of grant payments received. Capitec observed a 54% surge to 3 million grant account holders during the same period, while Nedbank saw an increase of 190 000, FNB added 175 000 and Grindrod recorded a rise of 120 982.
