Net1 considers growth with BEE partner
CEO outlines future plans and mulls the sale of social-grant distribution technology and infrastructure
An impassioned, indignant and unapologetic Serge Belamant, CEO of Net1, has presented an upbeat growth plan for Net1 that includes the possible sale of the group’s social-grant distribution technology and infrastructure to a black empowerment partner. Belamant, who spoke to analysts on Friday about Net1’s quarterly results to end-March 2017, said the past few months had been challenging, "aggravated by the tarnishing of our reputation and questioning of our business practices due to frivolous and unsubstantiated public attacks". These are the first public comments he has made since the Constitutional Court ruling on March 17, which set the terms on which Net1 subsidiary Cash Paymaster Services (CPS) has to continue to pay social grants until the end of March 2018. By this date the South African Social Security Agency has to have appointed a grants distributor. While there has been public support for involving the agency with key support from the Post Office and backing from banks, B...
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