Brief: Net1 Partners With Zapper To Deploy QR Payment Technology Across Africa

Lesaka Technologies

04/10/2018 14:53

Oct 4 (Reuters) - Net 1 UEPS Technologies Inc  UEPS.O :
    * NET1 PARTNERS WITH ZAPPER TO DEPLOY QR PAYMENT TECHNOLOGY
ACROSS
AFRICA
    * NET 1 UEPS TECHNOLOGIES - NEWLY FORMED ENTITY CALLED V2
LIMITED
WILL BE AFRICA-FOCUSED TECHNOLOGY PROVIDER
    * NET 1 UEPS TECHNOLOGIES - ACQUIRED A 50% INTEREST IN V2
FOR $5
MILLION, WILL COMMIT ADDITIONAL $5 MILLION TOWARDS WORKING
CAPITAL FUNDING OVER PERIOD OF TIME
    * NET 1 UEPS TECHNOLOGIES - V2 OWNS 67% OF ZAPPGROUP AFRICA,
WHICH
HAS EXCLUSIVE LICENSE FOR ZAPPER'S QR TECHNOLOGY ACROSS KEY
AFRICAN COUNTRIES
    * NET 1 UEPS TECHNOLOGIES INC - ZAPPER WILL OWN REMAINING
33% OF
ZAPPGROUP
    * NET 1 UEPS TECHNOLOGIES INC - V2 WILL BE LED BY BARRY
LOBEL AS
CHIEF EXECUTIVE OFFICER, AND PAUL EDWARDS AS CHAIRMAN OF BOARD
    * NET 1 UEPS TECHNOLOGIES - CO WILL BE ACTIVELY INVOLVED
WITH
MANAGEMENT OF V2, AND WILL ALSO HAVE TWO REPRESENTATIVES ON
BOARD OF V2

Source text for Eikon:  ID:nGNX45tsHd 
Further company coverage:  UEPS.O 

 (Reuters.Briefs@thomsonreuters.com)