Net1 to spread its reach to rival banks
JSE-listed Net1, which is soon to be "released" from its social grants contract, says its network of branches and ATMs will soon rival SA’s biggest retail banks. "It is with great excitement that we are counting down the days to the end of our Sassa [SA Social Security Agency] contract on September 30," Net1 CEO Herman Kotze said, referring to the company’s controversy- ridden contract with the government, which has turned unprofitable. Once the contract ends, the group will redeploy the assets that its Cash Paymaster Services unit has been using to distribute grants. While some of its vehicles are nearly seven years old, it has enabled those that it could to be "fully interoperable with the banking system", Kotze said. "Specifically, the technology that we’ve deployed on these vehicles in the form of the cash dispensers and biometric readers … will certainly be redeployed as part of the EasyPay Everywhere initiative."
That initiative will result in Net1’s mobile ATM and point...