Just what is the ‘new Net1’?
Fintech firm Net1 is still trying to shake the image of a company fleecing social grant recipients. But winning back legitimacy isn’t that easy
"Rehabilitation is a journey. There’s been a lot of hurt and a lot of mistrust," says Lincoln Mali, the former Standard Bank executive now heading Net1’s SA division.
The hurt he describes stems from a dark period in SA’s recent business history, when Net1 unlawfully scored the contract to pay 17-million social grants every month between 2012 and 2018, and then fleeced the grant beneficiaries...