Company Overview of Cash Paymaster Services (Pty) Ltd.
Cash Paymaster Services (Pty) Ltd. offers mobile payment services. The company was incorporated in 1971 and is based in Kokstad, South Africa. Cash Paymaster Services (Pty) Ltd. operates as a subsidiary of Net 1 Ueps Technologies Inc.
43 Groom Street
Founded in 1971
27 39 727 3852
27 39 727 4742
Key Executives for Cash Paymaster Services (Pty) Ltd.
Cash Paymaster Services (Pty) Ltd. does not have any Key Executives recorded.
Cash Paymaster Services (Pty) Ltd. Key Developments
Moneyline Financial Services (Pty) Ltd and Cash Paymaster Services (Pty) Ltd Receives Favorable Judgments from National Consumer Tribunal
May 7 15
Net 1 UEPS Technologies Inc. announced that it has prevailed in administrative actions brought by the South African National Credit Regulator against two subsidiaries of the company. On September 23, 2014 the company announced that the NCR had applied to the National Consumer Tribunal to cancel the registration of Net1's subsidiary, Moneyline Financial Services (Pty) Ltd. for breach of the South African National Credit Act based on an investigation concluded by it. Pursuant to the investigation, the NCA also issued two Compliance Notices one to Cash Paymaster Services (Pty) Ltd. and one to Moneyline. CPS and Moneyline both objected to the Compliance Notices on the basis that they never contravened the NCA and applied to the Tribunal for a review of the Compliance Notices. Two separate hearings were held. The Tribunal has now delivered judgment in both the Moneyline and CPS cases and has granted the requested order that the Compliance Notices be set aside. In its judgments, the Tribunal stated that 'there appears to be no evidence to support the Respondent's (NCR) conclusion that CPS committed a contravention of section 68(1) of the Act' and 'The Applicant (Moneyline) has not been found to be engaging in an activity in a manner that is inconsistent with this Act, the National Credit Act.
Net 1 Ueps Technologies Inc. Names Cash Paymaster Services (Pty) Ltd. as Respondent in Notice of Motion Filed by Corruption Watch
Apr 2 15
Net 1 UEPS Technologies Inc. announced that Cash Paymaster Services (Pty) Ltd. (CPS), a subsidiary of the company, has been named as a respondent in a Notice of Motion filed by Corruption Watch. The Notice of Motion seeks an order from the High Court of South Africa for the reviewing and setting aside of the decision by the Chief Executive Officer of the South African Social Security Agency (SASSA) on April 25, 2014 to approve payment of ZAR 317 million (approximately USD 26.4 million at the current exchange rate) to CPS. Corruption Watch claims that there was no lawful basis for the SASSA CEOs decision, that the decision was unreasonable and irrational and that the decision did not comply with South African legislation. The Company announced on June 6, 2014 that it had received approximately ZAR 275 million, excluding VAT, (or USD 25.7 million at prevailing exchange rates) from SASSA, related to the recovery of additional implementation costs incurred during the beneficiary re-registration process in fiscal 2012 and 2013. At the time, SASSA requested Net1 to biometrically register all social grant beneficiaries (including all child beneficiaries), in addition to the grant recipients who were issued with the SASSA-branded UEPS/EMV smart cards. As a result, Net1 performed approximately 11 million additional registrations that did not form part of its monthly service fee and claimed a cost recovery from SASSA, supported by a factual findings certificate from an independent auditing firm. SASSA agreed to pay the ZAR 275 million as full settlement of the additional costs incurred. SASSAs decision to re-register all 21 million social grant beneficiaries has enabled it, through the use of Net1s biometric search engine and data analysis tools, to identify and remove any duplicate, invalid and non-existent grant recipients from the grant system.
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