Increased use of EasyPayEverywhere ATMs helped boost Net1’s South African revenue by 7% to $64.1m in the three months to end-December. The South African division of the controversial US-based payment solution and transaction processing group also benefited from a rise in intersegment transaction processing activities. But the South African increase was insufficient to offset decline in other segments, with total revenue down 4% in rand terms in the period and earnings per share down a hefty 53% after an increase in shares in issue in February 2017. On the local front, Net1 management noted that revenue and operating income were "driven by ongoing EasyPayEverywhere adoption as we further expanded our customer base utilising our ATM infrastructure". In its presentation to analysts on Friday, management referred to last week’s application by the South African Social Security Agency (Sassa) for a six-month suspension of the invalidity of its contract with Net1 subsidiary Cash Paymaster ...
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