Net1 obtains two Authorised Electronic Money Institution licenses in Europe
November 3, 2016 – Net 1 (NasdaqGS: UEPS; JSE: NT1), holding company of ZAZOO Limited, announced that it has obtained two Authorised Electronic Money Institution (“AEMI”) licenses – one in the United Kingdom, and one in Malta.
The UK AEMI license has been granted to Net1’s wholly-owned subsidiary, Transact24 Limited (“T24”), by the Financial Conduct Authority of the United Kingdom following a new application process. In Malta, the Malta Financial Services Authority (“MFSA”) approved the Company’s acquisition of the entire issued share capital of C4U-Malta Limited, a licensed MFSA-supervised electronic money institution, for approximately $3.9 million.
These licenses allow Net1 to issue electronic money and payment instruments, acquire transactions, perform money remittances, and act as a payment intermediary. Both AEMI licenses have been passported to all member countries of the European Union and the European Economic Area.
“Obtaining these AEMI licences in Europe, is a key part of our strategy to put in place the regulatory framework to expand our products globally, especially our virtual and prepaid card offerings. These AEMI licences will enable us to apply for membership of the card associations, and to become an issuer and acquirer in our own right. Our ownership of AEMI licenses in the UK and Malta provide us with the ability to operate across Europe and the UK. We will thus be able to offer better and more competitive products to our customers internationally,” said Serge Belamant, Chairman and CEO of Net1.
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