IFC buys share of Net1 for $107m
JSE-listed Net1 UEPS Technologies on Tuesday announced that the International Finance Corporation (IFC) had bought an 18% interest in the company for $107-million.
The IFC, the largest global development institution focused on the private sector in emerging markets, paid a 20.6% premium to Friday’s closing price on Nasdaq, where Net1 has its primary listing, for the shareholding.
Net1’s Universal Electronic Payment System (UEPS) facilitates biometrically secure, real-time electronic transaction processing in an online or offline environment to under-banked populations in developing economies. The company operates market-leading payment processors in South Africa and the Republic of Korea.
A member of the World Bank Group, the IFC has been investing in disruptive technologies around the world to help expand access to financial services. It has invested approximately $180-million in 26 financial technology companies servicing more than 220-million people since the beginning of March 2016.
Net1 said in a statement that it would use the funds primarily for international expansion.
The company’s chairman and chief executive officer Dr Serge Belamant said: “We are honoured that IFC has selected Net1 for its largest investment ever in the financial technology sector”.
Atul Mehta, IFC director of telecoms, media and technology, said: “Net1 has created impressive proprietary technology for the delivery of services and demonstrated its effectiveness in South Africa”.
Gavin ER Wilson, chief executive of IFC Asset Management Company, said: “Our goal is to help Net1 use its technology to broaden its product offering and expand its customer base to other countries”.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...
VISIT SHOWROOM
ECG provides specialised electrical engineering services to the Mining, Utilities, Materials Handling and Industrial industries, with extensive and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
