JSE-listed Net1 UEPS Technologies, the company running South Africa’s disputed social grants system, on Thursday announced plans to expand its operations in the UK with the establishment of a new subsidiary called Zazoo.
Zazoo, headed by MD Philip Belamant, will oversee the global expansion of Net1’s mobile payments and value-added services businesses, including the activities currently conducted through its Net1 Mobile Solutions business unit based in Johannesburg. Focus markets are the UK, the rest of Europe, the US and India.
“Zazoo will coordinate all research and development, operations and marketing activities associated with Net1’s mobile businesses,” Net1 said in a statement.
Net1 CEO Serge Belamant said a dedicated brand and focused management team would underpin the “next leg of growth” for the group.
Philip Belamant said Zazoo intends taking Net1’s patented technologies to new markets, with London serving as a hub.
Net1 Mobile Solutions was created following Net1’s acquisition of mobile technology firm Pbel in 2012 and the merger of Pbel with its FIHRST and Prism business a year later.
Despite establishing Zazoo in London, Philip Belamant said the business “remains fully committed to the South African and African markets, to our local operations and employees”.
Net1 was trading unchanged at R146/share in midmorning trade on Thursday. The counter has added 72% in the past 12 months. — © 2015 NewsCentral Media