Payment processing company Net1 UEPS is positioning itself to be a fintech services provider for the lower-income market, including social grant beneficiaries and small businesses, offering them loans, insurance, cardless cash withdrawals and bill payments.

The company, which is recovering from the reputational fallout from a controversial multibillion-rand social grants distribution contract, is shifting focus from being what its CEO Chris Meyer described as a logistical company moving cash for social grant payments to one that will be a one-stop shop for financial services products for the low-end market...

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