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Net1 UEPS Technologies has signed a definitive agreement to acquire 100% of the Connect Group for approximately ZAR 3.7 billion (or $242 million). This acquisition is set to enhance Net1’s position as a leading fintech platform in South Africa, targeting underserved micro, small, and medium enterprises (MSMEs). The Connect Group boasts a customer base of 44,000 MSMEs and has shown impressive growth, with a 30% increase in EBITDA despite COVID-19 challenges. The acquisition, subject to regulatory approval, is expected to close by March 2022.
Net1 (NasdaqGS: UEPS) announced it will release its first quarter 2022 results on November 8, 2021, after market close. A conference call to discuss these results will be held on November 9, 2021, at 8:00 a.m. Eastern Time. Interested participants can join by dialing specified numbers for the US, UK, and South Africa. A webcast of the call will also be available on the Net1 website, with a replay option. The company, focused on financial inclusion in Southern Africa, emphasizes its technological capabilities to offer low-cost services to underserved markets.
Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) reported its Q4 2021 results, showing a revenue of $34.5 million, a 20% increase from Q3 2021, and an operating loss of $(13.6) million. The company added approximately 23,000 EasyPay Everywhere account holders in Q4, with an additional 61,000 in July and August 2021. Despite a non-cash fair value increase of $23.4 million in MobiKwik, the adjusted EBITDA loss narrowed to $8.2 million. As of June 30, 2021, the company held $199 million in unrestricted cash with no debt.
Net 1 UEPS Technologies, Inc. (UEPS) will announce its fourth quarter and year-end 2021 results after market close on September 13, 2021. A conference call to discuss these results is scheduled for September 14, 2021, at 8:00 a.m. Eastern Time. Participants can join the call by dialing various numbers depending on their location or through a webcast available on the Net1 website. The company focuses on financial technology, delivering low-cost financial services to underserved consumers and small businesses in Southern Africa.
Net 1 UEPS Technologies, Inc. has appointed Kuben Pillay as the new Chairman of the Board effective August 18, 2021, following the passing of Jabu Mabuza due to COVID-19 complications. Pillay, a non-executive director since June 2020, aims to continue the company's focus on ethical leadership and financial services for underserved communities. Additionally, Nonkululeko N. Gobodo has been appointed as an independent non-executive director, bringing over 35 years of experience in accounting and auditing. The company is committed to expanding financial inclusion in Southern Africa.
Net 1 UEPS Technologies has appointed Chris Meyer as the new Group CEO effective July 1, 2021. Meyer brings over 23 years of financial services experience, primarily with Investec Bank, where he led the international Corporate & Investment bank. The Board expressed confidence in Meyer's ability to drive growth and innovation within the company. He aims to enhance the financial offerings for the unbanked population in South Africa, emphasizing a mission of social impact alongside shareholder value. Alex Smith will revert to his role as CFO.
Net 1 UEPS Technologies announces the passing of its Chairman, Jabu Mabuza, who died on June 16, 2021. Mabuza, who joined the board in May 2020, brought invaluable experience in both public and private sectors, significantly contributing to corporate turnarounds. Under his leadership, the company focused on financial inclusion for underbanked communities in South Africa. Net 1, a financial technology firm, operates primarily in Africa and Asia, providing low-cost financial services. The company is listed on NASDAQ (UEPS) and JSE (NT1).
Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) announced their Q3 2021 financial results, reporting revenue of $28.8 million, down 17% year-over-year. The company experienced an operating loss of $(14.3) million and a GAAP EPS of $(0.11). Significant developments included a non-cash fair value increase of $10.8 million from MobiKwik, and the sale of Bank Frick for $30 million. The EasyPay Everywhere accounts grew by 27,000. At quarter's end, cash reserves stood at $208 million with no debt. The company is shifting focus to South Africa for future growth.
Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS) announced it will release its third quarter 2021 results after market close on May 6, 2021. A conference call will be held on May 7, 2021, at 8:00 a.m. ET to discuss these results. Participants can join the call by dialing specific numbers depending on their location and may pre-register for convenience. Net1, a financial technology company based in South Africa, focuses on delivering financial services to underserved consumers. For more information, visit www.net1.com.
Net1 UEPS Technologies has appointed Lincoln Mali as the Chief Executive Officer of Net1 Southern Africa, a new position which is effective from May 1, 2021. Mali, with over 25 years of experience in financial services, previously headed Group Card and Payments at Standard Bank and is also the chair of Diners Club South Africa. His leadership aims to enhance financial inclusion for the unbanked and underbanked populations in Africa. Net1 continues to look for a Group CEO and plans to keep stakeholders informed of developments.
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