Summit in R188m deal to limit garnishee abuse

Sep 05 2013 14:35
Johannesburg - In a bid to protect consumers from garnishee (salary deductions) abuse, Summit Garnishee Solutions, a privately held company that operates in tandem with Summit Financial Partners, has made a R187.5m bid to buy Q Link from Business Connexion.

Q Link, a financial automation technology that enables a one-stop type collection of massive volumes of regular payments like monthly bank debits or payroll deductions, processes deductions from the salaries of some 2.4 million people in South Africa, according to Clark Gardner, founder and CEO of the Summit group.

"The technology enables the implementation of automated rules when processing large volume deductions from payrolls, and amongst other things this ensures the affordability and validity of these deductions.

"The Summit group's vision is to protect consumers and responsible industry players by eliminating abuse by unscrupulous or overly aggressive financial service providers.

"A platform like Q Link connects banking solutions with employee payrolls in a responsible and cost effective manner. This means that the technology has great potential both locally and in the rest of Africa," he said.

Summit Garnishee Solutions and Summit Financial Partners work with large companies and government to help restore employees to financial wellness through financial education, protection and mentoring. 

Garnishee orders are a legal instrument that forces employers to deduct funds from staff salaries to offset employee debts.

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