UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 11,
2015
NET 1 UEPS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Florida |
000-31203 |
98-0171860 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
of incorporation) |
File Number) |
Identification No.) |
President Place, 4th Floor, Cnr. Jan
Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
(Address of principal executive
offices)
(ZIP Code)
Registrants telephone number, including area code:
011-27-11-343-2000
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12
under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
Item 7.01 Regulation FD Disclosure.
On June 11, 2015, Net1 issued a press release announcing that
it has acquired a 25% interest in One Credit Limited (One Credit), a leading
Nigerian consumer finance company focused on providing credit to unbanked,
salaried Nigerian consumers. Net1 has also agreed to provide One Credit with a
credit facility of up to US$10 million in the form of convertible equity-linked
loan notes. A copy of Net1s press release is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
|
NET 1 UEPS TECHNOLOGIES, INC. |
|
|
|
|
Date: June 11, 2015 |
By: /s/ Serge C.P.
Belamant |
|
Serge C.P. Belamant
|
|
Chief Executive
Officer |
Exhibit 99.1
Net1 makes strategic investment in Nigerian consumer finance
provider One Credit
Johannesburg, June 11, 2015 Net 1 UEPS Technologies, Inc.
(Net1 or the Company) (NasdaqGS: UEPS; JSE: NT1) today announced that it has
acquired a 25% interest in One Credit Limited (One Credit), a leading Nigerian
consumer finance company focused on providing credit to unbanked, salaried
Nigerian consumers. The Company has also agreed to provide One Credit with a
credit facility of up to US$10 million in the form of convertible equity-linked
loan notes.
One Credit was established three years ago to meet the needs of
the average Nigerian salaried worker who has limited, if any, access to formal
credit. The company has experienced tremendous demand for its consumer finance
product offering and has become one of the leading consumer lenders in the
highly fragmented Nigerian market. The Nigerian consumer finance market has
experienced 35% compounded annual growth from 2005-2012 and still remains
relatively under-penetrated with over 90% of Nigerians never having applied for
a loan. According to a recent McKinsey report, the Nigerian consumer finance
market is expected to grow in line with the consumer market and is estimated to
reach US$1.4 trillion by 2030 from US$400 billion in 2014.
Net1 believes that it can assist One Credit to grow its market
share through the provision of its financial technology products and services,
which have been designed to address the biggest challenge facing Nigerian
financial institutions the ability to provide seamless and cashless services
in an environment that poses significant logistical and infrastructural
obstacles. In addition, Net1s solutions will enhance One Credits credit risk
management and expand the current product offering to these customers. By
acquiring a significant minority stake, the Company will be able to actively
participate in the formulation and execution of the One Credit business plan,
including its delivery platforms.
We are very excited to enter Africas largest economy and most
populous country with One Credit as our partner, said Dr. Serge Belamant,
Chairman and CEO of Net1. The Nigerian consumer finance market, which is one of
the fastest growing industries in the world, presents a unique opportunity to
showcase the adaptability, scalability and robustness of our technologies. Our
mobile virtual card and variable PIN products are particularly well suited to
One Credits requirements and we look forward to the successful deployment of
our solutions by an experienced management team that has an in-depth
understanding of the Nigerian market, he concluded.
We are delighted to welcome Net1 as an investor and financial
technology provider, said Chijioke Dozie, co-founder and CEO of One Credit.
The business opportunities in the Nigerian consumer finance market are immense
as less than 10% of Nigerians have ever been able to apply for a loan due to the
lack of financial inclusion. Net1s expertise, technology and investment will
enable us to rapidly grow our market share in this underserved and dynamic
market, he concluded.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that
leverage its Universal Electronic Payment System (UEPS) or utilize its
proprietary mobile technologies. The Company operates market-leading payment
processors in South Africa and the Republic of Korea.
UEPS permits the Company to facilitate biometrically secure,
real-time electronic transaction processing to unbanked and under-banked
populations of developing economies around the world in an online or offline
environment. Net1s UEPS/EMV solution is interoperable with global EMV standards
that seamlessly enable access to all the UEPS functionality in a traditional EMV
environment. In addition to payments, UEPS can be used for banking, healthcare
management, payroll, remittances, voting and identification.
Net1s mobile technologies include its proprietary mobile
payments solution - MVC, which offers secure mobile-based payments, as well as
mobile banking and prepaid value-added services in developed and emerging
countries. The Company intends to deploy its varied mobile solutions through its
Zazoo business unit, which is an aggregation of innovative technology companies
and is based in the United Kingdom.
Net1 has a primary listing on the NASDAQ and a secondary
listing on the Johannesburg Stock Exchange.
About One Credit (www.one-cred.com)
Founded in 2012 and incorporated in Nigeria, One Credit,
through its subsidiary One Finance & Investments Limited, is a registered
finance company that is licensed by the Central Bank of Nigeria. One Credit
provides payroll based lending to employees of both the private and public
sectors and unsecured credit services to qualifying employees of private
companies. One Credit is headquartered in Lagos, Nigeria. The Companys mission
is to provide short-term and affordable consumer credit to individuals who have
limited access to finance.
Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. All statements, other than
statements of historical fact, included in this press release regarding
strategy, future operations, future financial position, future revenues,
projected costs, prospects, plans and objectives of management are
forward-looking statements. The Company may not actually achieve the plans,
intentions or expectations disclosed in its forward-looking statements. Actual
results or events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that the Company makes.
Factors that might cause such differences include, but are not limited to: the
possibility that the expected synergies from the transaction will not be
realized, or will not be realized within the expected time period; disruption
from the transaction making it more difficult to maintain business and
operational relationships; and other factors, many of which are beyond the
Companys control; and other important factors included in the Companys reports
filed with the Securities and Exchange Commission, particularly in the Risk
Factors section of the Companys Annual Report on Form 10-K for the fiscal year
ended June 30, 2014, as such Risk Factors may be updated from time to time in
subsequent reports. The Company does not assume any obligation to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
Investor Relations Contact:
Dhruv Chopra
Head of
Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
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