Net1 UEPS is often depicted — even, on occasion, unfairly — as the unacceptable face of modern SA capitalism. But CEO Serge Belamant makes a profound point when asked what is motivating the baffling ineptitude of social development minister Bathabile Dlamini. It is this ineptitude — doing zip to appoint any other company to distribute grants to 17m people every month, despite a constitutional court order in 2014 ordering it to do just this — that has led many to ask why Dlamini so desperately wants Net1’s subsidiary, Cash Paymaster Services (CPS), to keep the contract. Why? Unless money has changed hands, they say. Belamant argues that South Africans are quick to assume someone has been paid off when the reason for their behaviour is often rather more mundane.“There is something else that is more powerful than corruption: stupidity. You should never look for something that might not be there; first look at whether someone is making a decision because they don’t know what they’re doi...

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.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.