Net1 said on Friday it swung into a loss that is bigger than its market capitalisation in the year to end-June, after suffering the loss of its lucrative social grants contract as well as hefty impairments to its stake in Cell C.

Despite the $248m (R3.7bn) loss, the JSE- and Nasdaq-listed company said it was now eyeing profitability in 2020 as it shifts its strategic focus to fintech.

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