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.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now