Lesaka Technologies

Lesaka Technologies (formerly Net 1 UEPS Technologies) is a publicly-traded South-African financial technology company that is listed on the NASDAQ (Nasdaq: UEPS) and Johannesburg Stock Exchange (JSE: NT1).[1] The company has managed Botswana and South Africa's social grant payment system.[2] The company is headquartered in Johannesburg.[3] By July 2012, Net1 had issued more than 2.5 million South African Social Security Agency (SASSA) debit MasterCards to social grant recipients in the country.[4]

Lesaka Technologies
Nasdaq: LSAK (formerly UEPS and NT1)
TypePublic
FounderSerge Belamant
Headquarters
Johannesburg
,
South Africa
Key people
Christopher G.B. Meyer, CEO
Websitelesakatech.com

History

It was founded by Serge Belamant who also developed its basic technology. He left the company in 2017 under a "separation agreement" filed with the Securities and Exchange Commission for $8 million.[5] Herman Kotze, the company's chief financial officer, became its CEO after Belamant's departure.[6]

Acquisitions

In 2010, the company announced that it would acquire KSNet, a Korean payment processor, for $233 million.[7] Net1 expanded into the United Kingdom with the acquisition of Zazoo in 2015.[8] It reached an agreement with MobiKwik, a mobile phone based payment system and digital wallet based in India, in 2016.[9]

Net1 sold KSNet to Stonebridge Capital and Payletter for $237 million in March 2020.[10] In September 2020, Cash Paymaster Services (CPS), a subsidiary of Net1, went into liquidation. It had been in a previous legal dispute over deductions from grant payments for micro loans‚ airtime and other financial services.[11][12]

In March 2022 Net1's R3.7 billion 100% acquisition of the Connect Group was approved by the South African Competition authorities.[13] Connect Group, which was founded in 2006, is one of the leading providers of fintech solutions in the country and services nearly 44 000 micro, small and medium enterprises in Southern Africa. The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group

References
  1. "Net1 UEPS Technologies sells payment processor unit for $237m". IOL. 28 January 2020.
  2. Admin (March 2018). "Plot thickens in P6bn Orphans, Destitute Fund Scandal". Botswana Gazette. Retrieved 2023-01-16.
  3. "Net1 must comply with 'spirit' of top court's order, Allan Gray urges". Business Day. 17 March 2017.
  4. "Net1 reaches biometric cards milestone". Business Tech. 30 July 2012.
  5. "Net1 to pay outgoing CEO Serge Belamant a cool R263-million". Mail & Guardian. 30 May 2017.
  6. "Altron CFO Alex Smith quits to join Net1". Tech Central. 1 December 2017.
  7. "Net1 to buy 99% of Korean payment processor KSNet". Finextra. 16 September 2010.
  8. "Net1 Launches ZAZOO in the UK" (Press release). Globe Newswire. 5 February 2015.
  9. "Net 1 and MobiKwik enter into subscription agreement in India". Telecomlead. 26 August 2016.
  10. "Net 1 UEPS Tech To Sell KSNET For About $237 Mln". Nasdaq. 27 January 2020.
  11. "New Net1 boss defends Belamant's $8- million golden handshake". Sunday Times. 2 June 2017.
  12. "Cash Paymaster Services to go into liquidation". Moneyweb. 30 September 2020.
  13. "Net1 gets green light for R3.7-billion Connect deal". TechCentral. 11 March 2022.
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