ON THE MONEY
STUART THEOBALD: Amid graft claims, Net1 UEPS survives with an image campaign and fierce litigation
Net1 UEPS, the company that is still distributing social grants, is nothing if not a survivor. Despite being dogged by allegations of corruption for well over a decade, it has escaped all regulatory investigations in SA and abroad, held on to its lucrative contracts and convinced investors it is worth backing. How has it done that? Part of the answer is a relentless image campaign, through which detractors are vigorously confronted, while the myth of the company as a technology "wunderkind" is carefully cultivated. CEO Serge Belamant vigorously embraces an image as a technology disrupter, complete with a doctoral degree he has bought from a diploma mill. Belamant rose to prominence when his brash negotiating style saw him corral the banks into the Saswitch system in the 1980s. Net1’s own beginning was as a joint venture among SA’s banks to develop payment systems, then called Aplitec. But Belamant fell out with his partners and ended up buying all of them out. He then fell out with ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.