Net1 takes profit hit from insurance claims and lower airtime sales
09 November 2021 - 07:51
Net1 UEPS, a payment processor and bill payment platform, says it continued to feel pressure from Covid-19 in its first quarter ending September, including due to SA banks waiving fees for customers using the ATMs of peers for two months.
Group revenue fell to $34.5m (R514m) to end-September, with Net1 also reporting pressure from an increase in insurance-related claims attributed to the Covid-19 pandemic. Its operating loss widened 4% year on year to $11.2m...
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