Net1 eyes global expansion | Fin24
Johannesburg – Net1 UEPS [JSE:NT1], parent company of Cash Paymaster Services – which manages the payout of SA’s social grants – has employed a fintech veteran to spearhead its global expansion plans.
With 22 years of experience in leadership of the industry, Carl Scheible will lead and partner in the development and implementation of a global expansion and deployment of large scale UEPS/EMV projects for the Net1 group, specifically targeting already identified developing economies.
Scheible previously served as Chief Commercial Officer at eNett International, a leading provider of B2B travel payment solutions, based in London.
Prior to that, he was Executive Vice President, Europe, Africa and CIS at MoneyGram International, the global money transfer and payment services company.
Before MoneyGram, he was Vice President and Managing Director of PayPal in the UK,
during the period when PayPal globalised their business.
Scheible said: “It is not often that one comes across a commercial opportunity that is purpose driven and can empower millions of people. I am very impressed with the technology Net1 has. It is better than any of its kind that I have come across. This is the kind of opportunity that I simply cannot ignore.”
Herman Kotze, CEO of Net1 said that it was a significant strategic move for the company.
“It will enable Net1 to truly become a global leader in its space. Carl has intimate knowledge and experience across multiple geographic markets as well as the payments industry, and will lead a dedicated effort to execute our strategy,” he said.
Net1’s contract for distribution SA’s social grants was extended until 2018 to ensure welfare payments didn’t stop.
The South African Social Security Agency (Sassa) recently said that it was in talks with National Treasury to provide additional funding so that it can comply with a Constitutional Court order and replace Net1 as the distributor of more than R150bn of welfare payments a year to at least 17 million people.