Net1 launches ZAZOO in the UK
Net 1 UEPS Technologies, Inc. (“Net1”) (Nasdaq: UEPS; JSE: NT1) today announced that it has established a new subsidiary in the United Kingdom called Zazoo Limited (“ZAZOO”) to oversee the global expansion of Net1’s mobile payments and value-added services businesses, including the activities currently conducted through its Net1 Mobile Solutions (“N1MS”) business unit based in Johannesburg, South Africa. ZAZOO’s management will focus on worldwide growth opportunities, especially in the UK, Europe, the USA, India and other developed and emerging markets. ZAZOO will coordinate all research and development, operations and marketing activities associated with Net1’s mobile businesses.
“Mobile presents one of the greatest untapped opportunities in the payments industry and we believe our mobile technologies and intellectual property are poised to capture these opportunities. With a dedicated brand, a focused management team and a strong sales pipeline, we are highly optimistic about driving the next leg of growth for Net1”, said Dr. Serge Belamant, Chairman and CEO of Net1.
“ZAZOO is well-positioned to become an exciting global technology company at the forefront of payment solutions, with a range of innovative products,” said Philip Belamant, Managing Director of ZAZOO. We intend to take Net1’s patented technology solutions to new markets and new clients, with London serving as a convenient hub from which we will coordinate all our global efforts, unlock the value of our products and solutions and build a technology company for the future. We chose the name ZAZOO and our new corporate logo because it’s catchy and memorable and evokes a sense of energy that reflects the spirit and passion of our business culture,” Belamant added.
Net1 acquired Pbel, an innovative young mobile technology company, in 2012. Net1 then combined Pbel with its FIHRST and Prism businesses in 2013 to create N1MS and unlock the inherent synergies of those businesses.
“N1MS has demonstrated robust growth in revenue and profitability over the last two years and has become a significant contributor to Net1’s results,” said Herman Kotzé, Chief Financial Officer of Net1. “We believe that we are only at the beginning of this growth trajectory and that there are multiple opportunities to capture significant commercial value from N1MS’ innovative technologies,” Kotzé added.
“N1MS has offered its customers access to highly relevant payment products and solutions. Our technology, security and infrastructure are the differentiators that have enabled solid relationships with our clients. We are first and foremost a technology company and we intend to continue to be a leading innovator in the payments solutions space” said Philip Belamant.
“We remain fully committed to the South African and African markets, to our local operations and employees. We look forward to entering multiple large markets and adding new products to our existing suite of innovative solutions” Belamant concluded.
The Evolution of Mobile Money
Watch Philip Belamant discuss the evolution of Mobile Money on CNBC Africa:
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