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Grindrod Bank

Profile:

The Bank has five primary areas of activity:

Treasury
Lending (Property and Receivables Finance)
Corporate Finance
Asset Management - including Private Clients,Institutional Fund Management Investment Products
Retail
Across these divisions are offered highly competitive financial products & instruments, including some of the most attractive deposit rates in the market.
With an added focus on Specialised Property Finance, personalised Private Client services and a variety of high-return Investment Products, Grindrod Bank is positioned to play a significant role in relationship-based banking.

With operations in Durban, Cape Town and Johannesburg, the Bank delivers personal and tailored financial services across the country, with a proven ability to grow it’s client asset base.

Overview:

Grindrod Bank is a national financial institution based in South Africa, with offices in Durban, Cape Town, Johannesburg and Pretoria.

For nearly two decades, Grindrod Bank has operated as a competitive investment bank offering a personalised approach to financial services through its established relationships with private, corporate and institutional investors. With our focus on leveraging a well-capitalised balance sheet with human intellect, Grindrod Bank has been able to build a solid client franchise and act strategically in navigating the evolving financial landscape.SASSA PROJECT

Grindrod Bank proudly provides banking services for the South African Social Security Agency (SASSA) grant recipients, paying 20.9 million grants to 9.77 million distinct cardholders amounting to R9.5bn per month in close association with Cash Paymaster Services (CPS) who provide the card technology and manage the card programme on behalf of the government of South Africa.

The re-registration of grant recipients and the use of fingerprint biometrics at registration to verify the identities of grant recipients has resulted in significant benefits to the country. The new grant disbursement system was designed to minimise fraudulent grant applications and collections in addition to reducing grant administration costs by distributing all grant payments electronically to eligible beneficiaries. This has resulted in direct savings, as enumerated by SASSA, amounting to R2bn for the 2012 financial year, and the termination of 650,000 questionable grant recipients from the SASSA database.

Each grant recipient has a Grindrod Bank account (Terms & Conditions), which is offered free of monthly charges and which provides full access to traditional banking services such as ATM’s, EFTs and POS transactions. The SASSA cardholder additionally benefits from this innovative solution by being able to transact offline in rural areas where there is no formal banking infrastructure. This project has resulted in the biggest banking-the-unbanked exercise in the history of South Africa, the biggest single enrolment project undertaken by MasterCard internationally, and the first MasterCard UEPS biometric –enabled debit card in World.

Grindrod Bank is a full participant in the National Payment System and a significant contributor to ATM and card volume in South Africa, processing 29% of ATM transactions switched through Bankserv Africa on a monthly basis.

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