Net1, the company that used to manage the payment of social grants in South Africa through its subsidiary Cash Paymaster Services and which is a minority shareholder in Cell C, has appointed former Telkom and Eskom chairman Jabu Mabuza as chairman-designate of its board.
Mabuza will replace Christopher Seabrooke as chairman next month. Seabrooke is retiring.
The company has also appointed Antony Ball, the founder of Brait, to the board, along with Ali Mazanderani, who is a former partner at private equity player Actis.
Ball is co-founder and chairman of Value Capital Partners, a private investment firm that has a stake in JSE-listed technology group Altron. VCP recently acquired a 12.7% stake in Net1.
He led Brait’s investment in Net1 in 2004 and served as a non-executive director of the company until 2012.
Ball was appointed “pursuant to a cooperation agreement signed between Net1 and VCP. The cooperation agreement aims to facilitate constructive engagement between Net1 and VCP on a range of topics, including strategy, governance and capital allocation,” Net1 said.
Prior to his career at Actis, Mazanderani was lead strategy consultant at First National Bank. He has served on the boards of a number of fintech and payments companies in Africa, South America, Asia, Europe and the US, and currently serves on the boards of StoneCo in Brazil, Network International in Dubai and 5 Star Loyalty in the US. — (c) 2020 NewsCentral Media
