Net1 announces that CPS/SASSA increased price not subject to Constitutional Court endorsement
Net 1 UEPS Technologies, Inc. (UEPS)
Last net 1 ueps technologies, inc. earnings: 2/6 04:05 pm
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ir.net1.com
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Source: GlobeNewswire
JOHANNESBURG, South Africa, Dec. 06, 2018 (GLOBE NEWSWIRE) -- Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) today announced that it has received an order from the Constitutional Court of South Africa (“Constitutional Court”) regarding the determination of fees and payment between the Company’s subsidiary, Cash Paymaster Services (“CPS”), and SASSA. In its previous order handed down on March 23, 2018, among other things, the Constitutional Court ruled: 2.It is declared that, for the period of six months from 1 April 2018, SASSA and CPS are under a constitutional obligation to ensure payment of social grants to beneficiaries who are paid in cash. 4.SASSA and CPS must ensure that for the period of six months from 1 April 2018 payment of social grants is made to beneficiaries who are paid in cash on the same terms and conditions as those in the current contract between them. 4.1CPS may in writing request National Treasury during the six month period to investigate and m
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