Why SASSA Beneficiaries Are Moving To Private Banking

More and more SASSA beneficiaries have been moving to private banking to collect their grant funds.

In fact, in October 2023, TymeBank announced an increase in SASSA customers, about 200k signups every month, and over 8 million in total, at the time.

This means, there are problems with the current SASSA card system that beneficiaries struggle with, especially in remote areas.

Let’s break down the previous issues.

Previous System Glitches

In November 2022 PostBank systems had glitches that prevented beneficiaries from accessing their grant money in time.

In September 2023, SASSA grant holders struggled for more than 3 days to collect their money due to PostBank’s payment system glitch.

In October, TymeBank had more customers from SASSA looking for a better, reliable, and affordable banking solution.

Also, grant holders have been using expired SASSA Gold Cards because PostBank is uncertain about the procurement of a new supplier of the new cards.

These are some of the issues people in have been facing with SASSA withdrawals in remote areas, hence most are opting to open private bank accounts.

Why TymeBank is Winning SASSA Customers

TymeBank is known for its low-cost personal banking in South Africa. This benefit entices SASSA grant beneficiaries because they’ll get their full amount without extra charges.

Secondly, they offer a product called GrantAdvance, which allows grant beneficiaries to borrow a portion of the SASSA grant money before the payment date.

The TymeBank GrantAdvance is a great option for those in need of urgent cash to address important matters.

It’s more like a loan but at no extra interest charges, TymeBank will collect the full amount when SASSA sends payment into your account.

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