This major South African bank gets R403 million in fees from SASSA beneficiaries

Currently, 88% of South African Social Security Agency (SASSA) beneficiaries receive their grant through a bank.

The remaining 12% get their SASSA grant payments from Post Bank.

Banks are cashing in, looking to get a slice of the 12-million-strong beneficiary pie.

The Bank Winning the SASSA Race

Capitec Bank emerges as the bank relied on by 39% of South Africa’s grant beneficiaries.

As of July 2026, the financial institution banks 4.48 million SASSA beneficiaries.

The most of any other bank.

Additionally, SASSA beneficiaries make up 16.6% of the bank’s customers.

According to Capitec Bank’s annual results, the bank has 26.6 million active clients.

Capitec Bank’s flat fee of R7.50 per month means it’s earning millions.

At this rate, the bank receives R33.6 million a month in account fees from SASSA beneficiaries.

Annually, the bank receives R403.7 million from beneficiaries.

The next popular bank is African Bank.

SASSA’s most recent reporting data shows the bank has 1.94 million beneficiaries on its books.

The bank, which charged R7 per month for its MyWorld bank account until 30 September 2026, made R163 million a year in account fees from SASSA beneficiaries.

From 1 October 2026, when the bank’s fees rise to R7.50, it will get an additional R11.6 million a year from these same beneficiaries.

Next is Lesaka with 1.78 million beneficiaries.

Of the big four banks, Standard Bank wins, banking 921 000 SASSA beneficiaries.

BankClients Receiving SASSA Grants% of Total ClientsCapitec Bank 4 486 63916.6%African Bank1 942 62030.7%Lesaka1 798 41989.9%Standard Bank921 7044.7%FNB919 8169.2%Nedbank893 86311.2%ABSA671 7555.1%GoTyme387 1983.9%

Zero-Fee Banks are Losing Out

Zero-fee banks like Tyme Bank and Bank Zero aren’t gaining traction with grant beneficiaries, despite not having account fees.

Both banks are digital-first, meaning no physical branches.

Bank Zero, a mutual bank that launched in 2021, only has 278 SASSA beneficiaries on the books.

However, that will change with the Lesaka merger.

Tyme Bank (now GoTyme) has far more beneficiaries.

The bank, which officially launched in 2019, has 387 198 SASSA clients.

That’s 3.87% of the bank’s 10 million clients.

The SASSA market is huge.

About one in five South Africans receives a grant.

With 11.8 million active beneficiaries, banks can make billions.

A bank like Capitec, charging R7.50 a month in account fees, could make R1 billion a year from beneficiaries.