PAYMENT SYSTEMS
Net1 retains gains despite Sassa woes
The Net1 share price seems to have distanced itself from the continuing woes of the South African Social Security Agency (Sassa) contract. It has held on to recent gains made after the announcement early in November that it was going global with the technology behind its social grant payments system. On Friday, the company announced more good news. It has appointed a new chief financial officer. Alex Smith, who has been a director and chief financial officer at Altron since 2008, is set to take up the Net1 position with effect from March 2018. The finance chief position at Net1 has been vacant since the beginning of June when former chief financial officer Herman Kotze was appointed CEO to replace Serge Belamant who was forced to resign in the wake of the Sassa scandal. Kotze said he was thrilled that Smith was joining Net1. "His international background, familiarity with public capital and debt markets and financial management experience across a diverse multisite group are importa...
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