The South African Social Security Agency is responsible for providing the payments to all the beneficiaries of either program under SASSA. The amounts are directly transferred to the bank accounts given by the beneficiaries while applying to either of the programs under SASSA. Although the most used portal for transferring SASSA Grants to the beneficiaries under SASSA is SAPO (South African Post Office) , recently in a parliament meeting, the SASSA presented that the most registered banks of the beneficiaries from either program under SASSA are commercial banks instead of postbanks. This has resulted in termination of contract (MASTER SERVICES AGREEMENT) which was a tie-up between SASSA and Postbank.
Which Bank Do SASSA Beneficiaries Use
Around 12 million people of South Africa receive the grants under SASSA programs every month as revealed during the Parliament meeting which is mentioned above. An amount of 19 million is distributed by SASSA every month to the registered bank accounts of eligible beneficiaries. If seen in South African currency then it goes at a number of R22.4 billion each month. Around 22 banks are registered by the beneficiaries where they receive the benefits under SASSA grant programs. Out of the R22.4 billion disbursement only R3 billion amounts are disbursed and received in Postbank by the beneficiaries which is very less in number as compared to the amount of SASSA payment received by the beneficiaries in commercial banks. To know the authenticity of the news, refer to the details provided in the article below.
services.sassa.gov.za SASSA Beneficiaries Most Registered Bank- Overview
| ASPECT | DETAILS |
| Name of the authority distributing the benefits | SASSA- South African Social Security Agency |
| Total amount disbursed every month | R22.4 billion |
| Total amount received by beneficiaries in commercial banks | R19 billion approx monthly |
| Amount received in Postbank by beneficiaries | R3 billion monthly |
| Country | South Africa |
| Type of programs under SASSA | SRD, Disability, Old Age, Child grants, war veterans, dependency grant, etc. |
| Category | Finance |
| Official site for SASSA | services.sassa.gov.za |
Registered Banks of SASSA Beneficiaries
The South African who are receiving the payment under any program of South African Social Security Agency SASSA are receiving their amounts in commercial banks for which the list was shown in the parliament meeting and list of those commercial banks with their disbursement amounts are given below:
| NAME OF THE BANK | AMOUNT DISBURSED TO BENEFICIARIES OF THE SASSA GRANTS |
| CAPITEC BANK | Around 40% (7564,066) |
| SA POSTBANK | 16% (3038,002) |
| AFRICAN BANK | 11% (2169,630) |
| TYME BANK | 7% (1656,928) |
| STANDARD BANK | 7% (1262,533) |
| FNB | 6% (1220,816) |
| NEDBANK | 6% (1107,903) |
| ABSA | 5% (880 910) |
| Others | 1% (111 730) |
How To Change Your Registered Bank Account Under SASSA?
- First, you must find a bank that meets your needs for opening a new bank account.
- After your bank account is successfully opened, collect your bank cards and go to official site of SASSA sassagrants.co.za
- Now, visit services.sassa.gov.za , on the homepage enter your ID number after which an SMS will be sent to your registered mobile number.
- Open the link and follow the steps for updating the details of your bank.
- Your bank account has been changed and you will start receiving the SASSA grants in your new bank account soon.
FAQs for Which Bank Do SASSA Beneficiaries Use
Which platform was mostly used by South Africa for dispatching payments under SASSA?
SAPO (South African Post Bank) was most used till last year by the beneficiaries of SASSA.
Which is the agreement between the SASSA and Postbank?
MSA (MASTER SERVICES AGREEMENT) was signed between the SASSA and Postbank.
Which site can be used by the beneficiaries to check the updates on the rumour?
services.sassa.gov.za can be used by the beneficiaries for the check on updates related to SASSA.