NET1 UEPS Technologies Inc. (“Net1” or the “Company”) is a South Africa-based provider of payment solutions and transaction processing services across a range of industries and in various geographies. Net1’s core offering is financial inclusion to the unbanked. On behalf of South Africa’ Social Security Agency (“SASSA”), the Company registered 21 million people in South Africa, opened bank accounts for 10 million and serves those through its payment processing systems based on chip-enabled smart card technology, which includes biometric verification, a multi-functional electronic wallet, and both online and offline processing capabilities. The Company’s technology enables the affordable delivery of financial services, especially in under-developed and/or rural locations. The Company plans to deepen its financial inclusion offering within South Africa and expand regionally, especially into countries where there is limited banking infrastructure and availability of financial services for the poorest segment of the population.
The Company is raising funds to finance its South African and international expansion which includes: (i) expanding the Company’s reach in South Africa by rolling out new financial services centers and ATMs in low-income areas; (ii) entering into partnerships that will allow the Company to replicate its business model outside South Africa; (iii) developing and rolling-out mobile centric solutions as alternative delivery channels for financial services; and (iv) strategic acquisitions of payment companies in other emerging markets.