ABSA's AllPay loses grants appeal

The Supreme Court of Appeals has dismissed an appeal by Absa’s AllPay division against listed payments specialist Net1 UEPS Technologies, which won a R10 billion government tender to distribute social grants. The court said it found nothing unlawful in the award of the contract in which AllPay was a rival bidder to Net1’s Cash Paymaster Services (CPS). Judge Robert Nugent said the SA Social Services Security Agency, the agency that awarded the tender, was entitled to have a solution that it required and CPS was able to provide that solution and “AllPay could not”. Net1’s shares leapt 10.9 percent to R60.99.

Source: www.iol.co.za

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