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Net1 to globalize its leading social benefits payment technology under leadership of newly appointed fintech veteran
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
(“Net1” or “the Company”)
Net1 to globalize its leading social benefits payment technology under the leadership
of a newly appointed fintech veteran
Johannesburg, November 10, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today
announced that it has entered into arrangements with Mr. Carl Scheible for him to lead
and partner in the development and implementation of a global expansion and
deployment of large scale UEPS/EMV projects for the Net1 group, specifically targeting
already identified developing economies.
Mr. Scheible has over 22 years of experience in the technology, financial services and
payments industry. Most recently, he served as Chief Commercial Officer at eNett
International, a leading provider of B2B travel payment solutions, based in London. Prior
to that, Mr. Scheible was Executive Vice President, Europe, Africa and CIS at
MoneyGram International, the global money transfer and payment services company.
Before MoneyGram, he was Vice President and Managing Director of PayPal in the UK,
during the period when PayPal globalized their business.
“This is a significant strategic move for the Company,” said Herman Kotze, CEO of
Net1. “It will enable Net1 to truly become a global leader in its space. Carl has intimate
knowledge and experience across multiple geographic markets as well as the payments
industry, and will lead a dedicated effort to execute our strategy.”
“It is not often that one comes across a commercial opportunity that is purpose driven
and can empower millions of people. I am very impressed with the technology Net1 has,
it is better than any of its kind that I have come across. This is the kind of opportunity
that I simply cannot ignore,” said Carl Scheible.
Net1 has built competence and a track-record in large scale payment system deployment,
as demonstrated by a faultless payment record in social benefit payments in South Africa.
Its technology enables the accurate identification of recipients and the seamless
disbursement of social benefits from cities to deep rural communities, enabling real-time
accessibility without infrastructure while also eliminating fraud.
“We are extremely excited to have Carl join us to drive our global vision,” added Herman
Kotze. “It will enable us to provide specific focus in a high growth segment. Large scale
payment system technologies and projects are complex and have high barriers-to-entry.
The upside potential of this move for the company is significant, considering the
estimated global market of more than 2.5 billion people,” he concluded.
Many governments struggle with payment issues in the areas of fraud, rural access,
financial literacy and accurate benefit disbursements to individuals. According to
MasterCard at the Money 20/20 conference last month, the fintech industry has been
working on financial inclusion for years, and while a lot of smart-tech has been
developed to help the un- and underbanked get access to the digitized world of payments,
at the current rate of progress, it would take 200 years to achieve financial inclusion.
Net1’s established and proven solutions thus create the opportunity to drive financial
inclusion globally.
Mr. Scheible will initially operate business development activities from London.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies.
The Company operates market-leading payment processors in South Africa and the
Republic of Korea. Through Transact24, Net1 offers debit, credit and prepaid processing
and issuing services for Visa, MasterCard, ChinaUnionPay, Alipay and WeChat in China
and other territories across Asia-Pacific, Europe and Africa, and the United States.
Through Masterpayment, Net1 provides payment processing and enables working capital
financing in Europe.
UEPS permits the Company to facilitate biometrically secure, real-time electronic
transaction processing to unbanked and under-banked populations of developing
economies around the world in an online or offline environment. Net1’s UEPS/EMV
solution is interoperable with global EMV standards that seamlessly enable access to all
the UEPS functionality in a traditional EMV environment. In addition to payments,
UEPS can be used for banking, healthcare management, payroll, remittances, voting and
identification.
Net1’s mobile technologies include its proprietary mobile payments solution - MVC,
which offers secure mobile-based payments, as well as mobile banking and prepaid
value-added services in developed and emerging countries.
Net1 has a primary listing on the NASDAQ and a secondary listing on the Johannesburg
Stock Exchange.
Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and
uncertainties. All statements, other than statements of historical fact, included in this
press release regarding strategy, future operations, future financial position, future
revenues, projected costs, prospects, plans and objectives of management are forward-
looking statements. The Company may not actually achieve the plans, intentions or
expectations disclosed in its forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations disclosed in the forward-
looking statements that the Company makes. Factors that might cause such differences
include, but are not limited to failure by the Company to realize the anticipated benefits
from these arrangements; and other factors, many of which are beyond the Company’s
control; and other important factors included in the Company’s reports filed with the
Securities and Exchange Commission, particularly in the “Risk Factors” section of the
Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017, as such
Risk Factors may be updated from time to time in subsequent reports. The Company does
not assume any obligation to update any forward-looking statements, whether as a result
of new information, future events or otherwise.
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt
Business Director – Burson-Marsteller South Africa
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com
Johannesburg
November 10, 2017
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
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