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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM
10-K
 
(Mark One)
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended
June 30, 2021
 
OR
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For the transition period from
To
 
Commission file number:
 
000-31203
 
 
NET 1 UEPS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 
Florida
98-0171860
(State or other jurisdiction
(IRS Employer
of incorporation or organization)
Identification No.)
 
 
President Place
,
4th Floor
,
Cnr. Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg
2196
,
South Africa
(Address of principal executive offices, including zip code)
 
Registrant’s telephone number,
 
including area code:
27
-
11
-
343-2000
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common stock, par value $0.001 per share
UEPS
NASDAQ
 
Global Select Market
 
Securities registered pursuant to Section 12(g) of the Act:
 
Indicate by check
 
mark if the
 
registrant is a
 
well-known seasoned issuer, as
 
defined in Rule
 
405 of the
 
Securities
Act.
 
 
Yes
 
 
No
 
 
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)
of
 
the
 
Act.
 
Yes
 
 
No
 
 
Indicate by check mark whether
 
the registrant (1) has filed
 
all reports required to be
 
filed by Section 13 or
 
15(d)
of
 
the
 
Securities
 
Exchange
 
Act
 
of
 
1934
 
during
 
the
 
preceding
 
12
 
months
 
(or
 
for
 
such
 
shorter
 
period
 
that
 
the
registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.
Yes
 
No
 
 
 
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data
 
File required
to
 
be
 
submitted
 
pursuant
 
to
 
Rule
 
405
 
of
 
Regulation
 
S-T
 
(§232.405
 
of
 
this
 
chapter)
 
during
 
the
 
preceding
 
12
months (or for such shorter period that the registrant was required to submit such files).
Yes
 
No
 
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated
filer, smaller
 
reporting company
 
or an
 
emerging growth
 
company. See the
 
definitions of
 
“large accelerated
 
filer,”
“accelerated
 
filer,”
 
“smaller
 
reporting
 
company,”
 
and
 
“emerging
 
growth
 
company”
 
in
 
Rule 12b-2
 
of
 
the
Exchange Act (check one):
 
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
 
If an
 
emerging
 
growth company,
 
indicate by
 
check mark
 
if the
 
registrant has
 
elected not
 
to use
 
the extended
transition
 
period for
 
complying with
 
any new
 
or revised
 
financial
 
accounting standards
 
provided pursuant
 
to
Section 13(a) of the Exchange Act.
 
 
 
Indicate
 
by
 
check
 
mark
 
whether
 
the
 
registrant
 
has
 
filed
 
a
 
report
 
on
 
and
 
attestation
 
to
 
its
 
management’s
assessment
 
of
 
the
 
effectiveness
 
of
 
its
 
internal
 
control
 
over
 
financial
 
reporting
 
under
 
Section
 
404(b)
 
of
 
the
Sarbanes-Oxley Act
 
(15
 
U.S.C.
 
7262(b)) by
 
the registered
 
public
 
accounting firm
 
that prepared
 
or
 
issued its
audit report.
 
 
Indicate by
 
check mark
 
whether the
 
registrant is
 
a shell
 
company (as
 
defined in
 
Rule 12b-2
 
of the
 
Exchange
Act). Yes
 
No
 
 
The
 
aggregate
 
market
 
value
 
of
 
the
 
registrant’s
 
common
 
stock
 
held
 
by
 
non-affiliates
 
of
 
the
 
registrant
 
as
 
of
December
 
31,
 
2020
 
(the
 
last
 
business
 
day
 
of
 
the registrant’s
 
most
 
recently completed
 
second fiscal
 
quarter),
based upon the closing price of the common stock as reported by The NASDAQ Global Select Market on such
date, was $
177,551,120
. This calculation
 
does not reflect
 
a determination that
 
persons are affiliates
 
for any other
purposes.
 
 
As of September 6,
 
2021,
56,996,214
 
shares of the registrant’s
 
common stock, par value
 
$0.001 per share, net
of treasury shares, were outstanding.
 
DOCUMENTS INCORPORATED BY REFERENCE
 
Certain
 
portions
 
of
 
the
 
definitive
 
Proxy
 
Statement
 
for
 
our
 
2021
 
Annual
 
Meeting
 
of
 
Shareholders
 
are
 
incorporated by reference into Part III of this Form 10-K.
 
2
PART
 
I
FORWARD
 
LOOKING STATEMENTS
 
In addition
 
to historical
 
information, this
 
Annual Report
 
on Form
 
10-K contains
 
forward-looking statements
 
that involve
 
risks
and uncertainties
 
that could
 
cause our
 
actual results
 
to differ
 
materially from
 
those projected,
 
anticipated or
 
implied in
 
the forward-
looking statements. Factors
 
that might cause or
 
contribute to such differences
 
include, but are not
 
limited to, those
 
discussed in Item
1A—“Risk Factors.”
 
In some
 
cases, you
 
can identify
 
forward-looking
 
statements by
 
terminology such
 
as “may,”
 
“will,” “should,”
“could,”
 
“would,” “expects,”
 
“plans,”
 
“intends,” “anticipates,”
 
“believes,”
 
“estimates,” “predicts,”
 
“potential”
 
or “continue”
 
or the
negative of such terms and other comparable terminology.
 
You
 
should not place undue reliance on these forward-looking statements,
which reflect our
 
opinions only as of
 
the date of this
 
Annual Report. We
 
undertake no obligation to
 
release publicly any revisions
 
to
the forward-looking
 
statements after
 
the date
 
of this
 
Annual Report.
 
You
 
should carefully
 
review the
 
risk factors
 
described in
 
other
documents we file
 
from time to time
 
with the Securities
 
and Exchange Commission,
 
or the SEC, including
 
the Quarterly Reports on
Form 10-Q to be filed by us during our 2022 fiscal year,
 
which runs from July 1, 2021 to June 30, 2022.
 
All references
 
to “the
 
Company,”
 
“we,” “us,”
 
or “our”
 
are references
 
to Net
 
1 UEPS
 
Technologies,
 
Inc. and
 
its consolidated
subsidiaries, collectively,
 
and all
 
references to
 
“Net1” are
 
to Net
 
1 UEPS
 
Technologies,
 
Inc. only,
 
except as
 
otherwise indicated
 
or
where the context indicates otherwise.
 
 
ITEM
 
1.
 
BUSINESS
 
 
 
Overview
 
Our
 
vision
 
is
 
to
 
build
 
and
 
operate
 
the
 
leading
 
South
 
African
 
full-service
 
fintech
 
platform
 
offering
 
payment
 
processing
 
and
financial services to underserved merchants and consumers.
 
Our
 
core
 
purpose
 
is
 
to
 
improve
 
people’s
 
lives
 
by
 
bringing
 
financial
 
inclusion
 
to
 
South
 
Africa’s
 
underbanked
 
customers
 
and
helping
 
small
 
businesses
 
access
 
the
 
financial
 
services
 
they
 
need
 
to
 
prosper.
 
We
 
will
 
achieve
 
this
 
through
 
our
 
unique
 
ability
 
to
efficiently digitize
 
the last
 
mile of financial
 
inclusion and
 
to provide
 
a full-service
 
fintech platform,
 
across cash
 
and digital, serving
the needs of both, while also facilitating the secular shift from cash to digital
 
that is taking place.
 
 
In South Africa,
 
our core competencies
 
are centered around
 
the provision of
 
low-cost financial services
 
to underserved consumers
and payment
 
processing.
 
We
 
have developed
 
and own
 
most of
 
our payment
 
technologies, and
 
we aim
 
to utilize
 
this technology
 
to
provide financial and value-added services to our customers by
 
including them into the formal financial system.
 
Low-cost
 
financial
 
services
 
to
 
consumers
—We
 
provide
 
a
 
suite
 
of
 
low-cost
 
financial
 
services
 
to
 
underserved
 
and
 
unbanked
customers today,
 
through a
 
combination of
 
digital and
 
brick-and-mortar distribution
 
platforms. We
 
provide unsecured
 
micro-credit,
transactional banking, funeral insurance and airtime and value-added
 
services.
 
 
Payment
 
processing
Our
 
core
 
technologies
 
leverage
 
biometric
 
authentication,
 
last
-
mile
 
distribution,
 
and
 
cash
 
handling/distribution to enable payments, while EasyPay is a transaction switch and bill payments platform. We also own and operate
POS and ATM
 
networks.
 
 
End-to-end
 
fintech
 
platforms
 
layer
 
multiple
 
services
 
into
 
their
 
merchant
 
and
 
consumer
 
propositions,
 
increasing
 
revenue
 
and
customer stickiness. We believe
 
our consumer proposition is well-positioned for organic growth, and we intend to rapidly expand our
cardholder base and our transacting network. Despite being well-positioned to serve the micro, small and medium-sized enterprise, or
MSME,
 
market,
 
our
 
MSME
 
merchant
 
offering
 
is
 
less
 
well-developed.
 
We
 
plan
 
to
 
substantially
 
grow
 
our
 
presence
 
in
 
the
 
MSME
merchant space through
 
a focus on building
 
a leading POS distribution
 
capability to MSMEs. We
 
will seek to achieve
 
this through a
combination of organic growth, acquisitions and partnerships,
 
as appropriate, in order to
 
accelerate the implementation of our
 
business
plan.
 
 
 
 
 
3
Building the Leading Full-Service Fintech Platform for South Africa
 
 
 
 
Market Opportunity
 
Secular
 
shift
 
to
 
electronic
 
payments:
Globally,
 
there
 
is
 
a
 
secular
 
shift
 
from
 
cash
 
and
 
checks
 
to
 
various
 
forms
 
of
 
electronic
payments and while
 
most developed economies
 
perform the
 
majority of their
 
consumer payments electronically, developing economies
remain
 
largely
 
cash
 
driven
 
countries.
 
South
 
Africa
 
too,
 
remains
 
predominantly
 
a
 
cash-based
 
economy,
 
with
 
an
 
estimated
 
60%
 
of
consumer payments made in cash.
 
 
Consumer financial services for the
 
unbanked:
 
Our focus is on the Living Standards
 
Measure, or LSM, 1-6 population in South
Africa, which represents approximately 26 million adults in the country. The total addressable market
 
for consumer financial services
is an estimated ZAR 57 billion including transactional banking,
 
short-term and unsecured lending, and insurance.
 
Total
 
Addressable Market for Consumer Financial Services in South Africa
 
for LSM 1-6
 
 
 
Source: South
 
African Reserve Bank Long-Term
 
Insurance Industry (2017), Solidarity
 
Bank Charges
 
Report (2019), Finscope South
 
Africa (2013), NCR
 
Consumer
Credit Report (2019)
 
 
 
 
4
Merchant payment
 
and financial services
 
for MSMEs:
 
Bill payments are
 
an attractive customer
 
acquisition channel and
 
we are
one of the leading
 
bill payment platforms in
 
South Africa. The total addressable
 
market for merchant payment
 
and financial services
is an estimated ZAR 100 billion including bill payments, merchant
 
payments, and merchant lending.
 
Total
 
Addressable Market for Merchant Payment and
 
Financial Services in South Africa for MSMEs
 
 
 
Source: Genisis Analytics (2018), BIS Data, Electrum, IFC Report (The Unseen
 
Sector – A report on the MSME Opportunity in South Africa)
 
We
 
believe there
 
is a
 
big opportunity
 
for neo-,
 
or challenger,
 
banks and
 
fintech companies
 
to improve
 
reach and
 
coverage for
MSMEs and accelerate access to, and reduce the cost of, banking and financial services. Estimates suggest that approximately 33% of
South Africa’s
 
700,000 formal MSMEs are unable
 
to accept electronic payments.
 
Tier 1 merchants are
 
actively serviced by the large
local
 
banks
 
while
 
Tier
 
2
 
to
 
4
 
merchants
 
are
 
underserved.
 
In
 
addition,
 
it
 
is
 
estimated
 
that
 
there
 
are
 
a
 
further
 
1.4
 
million
 
informal
merchants active in South Africa that have similar needs but are currently
 
largely ignored by the traditional market players.
 
Competition
 
We
 
intend to differentiate
 
our value proposition
 
for our end-users
 
by offering
 
a seamless financial
 
and technology platform
 
for
underserved
 
consumers
 
and
 
small
 
merchants
 
while
 
leveraging
 
a
 
multichannel
 
distribution
 
network.
 
In
 
South
 
Africa,
 
there
 
are
competitors
 
for
 
individual
 
products,
 
services
 
or technologies,
 
though
 
few,
 
if
 
any,
 
with an
 
end-to-end
 
offering,
 
particularly
 
for
 
our
target customer segments.
 
For consumers, there are
 
a number of
 
traditional and digital
 
providers of low-cost transactional
 
bank accounts and micro
 
financial
services. These
 
include the
 
large South
 
African banks
 
such as FNB,
 
Standard Bank,
 
Absa, Nedbank
 
and Capitec, the
 
South African
Post
 
Office,
 
or
 
SAPO,
 
and
 
digital
 
banks
 
such
 
as
 
Discovery
 
Bank,
 
African
 
Bank,
 
Tyme
 
and
 
Bank
 
Zero.
 
Other
 
financial
 
services
providers include Old Mutual, Sanlam, Capfin, Letsatsi, Bayport and
 
Finbond.
 
 
For
 
EasyPay,
 
our
 
South
 
African
 
transaction
 
processing
 
business,
 
competitors
 
include
 
BankservAfrica,
 
Pay@,
 
eCentric
 
and
Transaction Junction.
 
BankservAfrica is the
 
largest transaction processor
 
in South Africa, which
 
processes all transactions
 
on behalf
of the South African banks and processes more than 2.5 billion transactions
 
annually.
 
 
In
 
the
 
South
 
African
 
ATM
 
network
 
market,
 
we
 
compete
 
against
 
the
 
South
 
African
 
banks,
 
ATM
 
Solutions
 
and
 
Spark
 
ATM
Systems, which collectively have a market share in excess of 90%.
 
Intellectual Property
 
 
Our success depends
 
in part on our
 
ability to develop, maintain
 
and protect our intellectual
 
property.
 
We
 
rely on a combination
of patents, copyrights, trademarks and trade secret laws, as well as non-disclosure agreements to protect our intellectual property.
 
We
seek to protect new intellectual
 
property developed by us by filing
 
new patents worldwide. We hold a number of trademarks
 
in various
countries.
 
Human Capital Resources
 
We
 
have been able
 
to bring on
 
board high-caliber
 
individuals, from different
 
organizations, to
 
form our leadership
 
group. This
leadership group
 
is deeply committed
 
to building
 
a high-performance culture
 
that is based
 
on a foundation
 
of care and
 
development
for
 
our
 
people.
 
 
 
5
As such we are on path towards building an aspirational work environment
 
that is characterized by:
 
 
Open and honest engagements;
 
 
Flat organizational structures;
 
 
Humility and respect;
 
 
Embracing diversity,
 
inclusion and a sense of belonging;
 
 
A spirit of generosity for our people, customers and our communities;
 
 
A willingness to partner with our stakeholders towards common
 
goals;
 
A deep connection to our shared purpose of inclusive financial services; and
 
 
A culture of learning and curiosity.
 
Employee training and skills development
 
We strongly believe that learning
 
is an ongoing process and that the majority of learning is in the doing. As such, while we offer
a range of
 
formal programs (as
 
listed further below), more
 
importantly, we continue to build
 
a culture of
 
lifelong learning in everything
that we do.
 
Sustainable
 
employee
 
training and
 
development
 
programs impact
 
employee
 
retention,
 
and
 
we believe
 
that our
 
willingness to
invest
 
in
 
employee
 
development
 
contributes
 
to
 
employee
 
satisfaction
 
and
 
belonging.
 
This
 
increases
 
loyalty,
 
which
 
will
 
in
 
turn
contribute to employee retention. We
 
offer the following development programs to enhance employee
 
performance and skills:
 
 
unemployed and employed learnerships;
 
leadership development programs;
 
training programs;
 
mentorship programs;
 
other in-house and cross-functional training to aid with career advancement;
 
and
 
succession planning – training interventions.
 
Equal opportunity
 
Having an inclusive
 
and diverse workforce
 
which reflects our
 
economically active
 
population and society
 
in general, is
 
crucial
for helping the organization attract and retain talent and is important for long-term organizational
 
success. Our human resources team
emphasizes recruiting
 
and retaining
 
a talented
 
and diverse
 
workforce
 
with special
 
focus on
 
hiring previously
 
disadvantaged groups
whenever possible. We
 
are committed to hiring qualified candidates without
 
regard to their personal status, while taking into account
the
 
unique
 
circumstances
 
affecting
 
our
 
operations
 
in
 
South
 
Africa
 
and
 
the
 
need
 
to
 
uplift
 
previously
 
disadvantaged
 
groups.
 
This
commitment extends to all levels of our organization,
 
including within senior management and our board of directors.
 
As of June 30, 2021, the composition of our workforce was:
 
 
54% female and 46% male;
 
41% between 18 and 34 years old, 56% between 35 and 54 years old, and 3% over
 
55 years old; and
 
76% Black, 14% two or more races, 5% Indian and 5% White.
 
We have no
 
female named executive officers.
 
In the
 
last year
 
we have
 
taken positive
 
strides to
 
help build
 
a more
 
inclusive workforce
 
and to
 
enhance our
 
pay structures
 
by
taking
 
measures
 
to eliminate
 
potential
 
discrimination
 
in our
 
pay
 
structures
 
and
 
to help
 
close gender
 
pay
 
gaps in
 
order to
 
progress
towards gender equality
 
at work. We
 
have implemented a
 
job evaluation system that
 
allows the corporate
 
hierarchy and functions
 
to
be mapped
 
out in
 
an objective
 
manner.
 
In this
 
way,
 
remuneration levels
 
can be
 
set for
 
every function
 
with reference
 
to the
 
external
market, and people in similar functions can be paid equally.
 
Employee compensation programs
 
We
 
are committed to
 
ensuring that
 
all of
 
our employees
 
are paid
 
fair and
 
competitive remuneration.
 
To
 
that end,
 
we offer the
following to our employees:
 
 
 
Access to a comprehensive medical, dental, and vision plan that our
 
employees have the option to join;
 
Access to a defined contribution retirement plan that our employees have
 
the option to join;
 
Paid sick, annual and family responsibility leave;
 
Maternity benefits;
 
Life and disability insurance coverage;
 
Employee assistance programs; and
 
Product
 
discounts.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6
Annual
 
increases
 
and
 
incentive
 
compensation
 
are
 
based
 
on
 
merit,
 
which
 
is
 
communicated
 
to
 
employees
 
upon
 
hire
 
and
 
documented as part of our annual performance review process.
 
Our number of employees allocated on a segmental basis as of the years ended June
 
30, is presented in the table below:
 
Number of employees
2021
2020
2019
Management
164
167
179
Processing
(1)
1,108
1,141
1,227
Financial services
1,778
1,531
1,443
Technology
29
36
40
Total
3,079
2,875
2,889
 
(1) Processing includes employees allocated to corporate/ eliminations
 
activities.
 
 
On a
 
functional basis,
 
three of
 
our employees
 
were part
 
of executive
 
management, 17
 
were employed
 
in sales
 
and marketing,
116
 
were
 
employed
 
in
 
finance
 
and
 
administration,
 
175
 
were
 
employed
 
in
 
information
 
technology
 
and
 
2,768
 
were
 
employed
 
in
operations.
 
Health and safety laws and regulations
 
We
 
are
 
subject
 
to various
 
South
 
African
 
laws and
 
regulations
 
that
 
regulate
 
the health
 
and
 
safety of
 
our
 
South
 
African-based
workforce, including
 
those laws monitored
 
by the
 
South African
 
Department of
 
Employment and
 
Labour which
 
stipulates the
 
legal
framework within which we need to function. This framework comprises
 
the Occupational Health and Safety Act, Act 85 of 1993, or
OHSA,
 
the
 
Compensation
 
for
 
Occupational
 
Injuries
 
and
 
Diseases
 
Act,
 
Act
 
130
 
of
 
1993,
 
or
 
COIDA,
 
the
 
Basic
 
Conditions
 
of
Employment
 
Act, Act
 
75 of
 
1997, or
 
BCEA and
 
the Labour
 
Relations Act,
 
Act 66
 
of 1995,
 
or LRA.
 
Compliance with
 
COVID-19
regulations remains
 
regulated by
 
the National
 
Institute of
 
Occupational
 
Health, or
 
NIOH, and
 
the Occupational
 
Health Surveillance
System, or
 
OHSS, the
 
Centre for
 
Scientific Industrial
 
Research, or
 
CSIR and
 
the National
 
Institute for
 
Communicable Diseases,
 
or
NICD.
 
People
 
are ultimately
 
the most
 
important
 
assets in
 
any organization,
 
therefore successfully
 
managing health
 
and safety
 
in the
workplace remains paramount. Successfully managing health and safety in the workplace relies
 
on commitment, consultation, and co-
operation.
 
In order to maintain OHSA compliance, we ensure that:
 
 
 
Internal health and safety policies remain regularly updated and accessible
 
to all staff;
 
All departments/branches keep a summary of applicable Health and Safety legislation and display a
 
summary of such at their
respective premises for ease of reference;
 
Each of
 
our branches
 
has a
 
designated health
 
and safety
 
representative, a
 
first aider
 
and fire
 
marshal tasked
 
with ensuring
compliance as well as being able to assist in an emergency situation when required, each of whom is trained every two years
as per stipulated regulations.
 
Every
 
branch
 
manager
 
is
 
a
 
delegated
 
assistant
 
to
 
our
 
Chief
 
Executive
 
Officer:
 
Southern
 
Africa
 
who
 
ensures
 
OHSA
compliance and
 
that employees
 
have the
 
necessary knowledge
 
and understanding
 
of applicable
 
health and
 
safety rules and
procedures.
 
Quarterly inspections are
 
conducted by delegated officials
 
at the respective branches
 
so as to report
 
on any non-compliance
or health and safety issues which need tending to.
 
 
Quarterly meetings are conducted with our National Health and Safety Officer to
 
report in on company-wide compliance and
any health and safety issues which require tending to.
 
 
Managers are trained in in the correct reporting procedures and proper
 
incident/ accident investigation.
 
Our Executive Officers
 
The table below presents our executive officers, their
 
ages and their titles:
 
Name
Age
Title
Chris G.B. Meyer
50
Group Chief Executive Officer and Director
Alex M.R. Smith
52
Chief Financial Officer,
 
Treasurer, Secretary,
 
and Director
Lincoln C. Mali
53
Chief Executive Officer: Southern Africa
Chris
 
G.B.
 
Meyer
 
has
 
been
 
our
 
Group
 
Chief
 
Executive
 
Officer
 
of
 
since
 
July
 
1,
 
2021.
 
Prior to
 
joining
 
Net1, Mr.
 
Meyer
 
was
the Head of
 
Corporate &
 
Investment Banking
 
and Joint
 
Managing Director
 
at Investec
 
Bank Plc,
 
an LSE-listed
 
specialist bank
 
and
wealth
 
manager,
 
having
 
served
 
in
 
many
 
different
 
roles
 
within
 
the Investec
 
Group
 
since
 
2001.
 
He
 
was
 
also
 
an
 
executive
 
director
for various
 
international
 
and
 
regional
 
subsidiaries
 
of
 
Investec
 
Bank
 
Plc.
 
Mr.
 
Meyer
 
is
 
a member
 
of
 
the
 
South
 
African
 
Institute
 
of
Chartered Accountants,
 
holds an MSc
 
Finance from
 
the London
 
Business School and
 
a Post Graduate
 
Diploma in
 
Accounting from
the University of Cape Town.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7
 
Alex M.R. Smith
 
has been our
 
Chief Financial Officer,
 
Treasurer and
 
Secretary since March 1,
 
2018. Prior to
 
joining Net1, Mr.
Smith was employed
 
by Allied Electronics
 
Corporation Limited, or
 
Altron, a JSE-listed
 
company, from 2006 to 2018
 
and, from August
2008 until
 
February 2018,
 
served as a
 
director and
 
its Chief Financial
 
Officer.
 
Prior to joining
 
Altron, Mr.
 
Smith worked in
 
various
positions at
 
PricewaterhouseCoopers
 
in Edinburgh,
 
Scotland and
 
Johannesburg
 
from 1991
 
to 2005.
 
Mr.
 
Smith holds
 
a Bachelor
 
of
Law (Honours) degree from the University of Edinburgh
 
and is a member of the Institute of Chartered Accountants of Scotland.
 
Lincoln
 
C.
 
Mali
 
has
 
been
 
our
 
Chief
 
Executive
 
Officer:
 
Southern
 
Africa
 
since
 
May
 
1,
 
2021.
 
Mr.
 
Mali
 
is
 
a
 
financial
 
services
executive with over 25 years in the
 
industry. Until April 2021, he was the Head of Group Card
 
and Payments at Standard Bank Group,
and previously
 
served in many
 
different roles
 
within that organization
 
since 2001. Mr.
 
Mali chaired the
 
board of directors
 
of Diners