Net 1 Appoints Two New Directors to its Board
01 Dezember 2020 - 10:05PM
Net 1 UEPS Technologies, Inc. (“Net1” or the “Company”) (Nasdaq:
UEPS; JSE: NT1) today announced that it has appointed Messrs. Javed
Hamid and Monde Nkosi as independent non-executive directors to its
board effective December 1, 2020.
“I am very pleased to welcome Javed and Monde to
our Board,” said Mr. Jabu Mabuza, Net1’s Chairman. “They bring
broad global experience and expertise in banking, technology,
investment management, risk management and governance to Net 1
which will be invaluable as we expand our payments, financial
services and technology operations in South Africa to address the
needs of our unbanked citizens and businesses.”
Mr. Hamid is currently a senior advisor to the
International Executive Service Corps and held various positions
with the International Finance Corporation (“IFC”), a member of the
World Bank Group, and a major shareholder in Net1, from 1979
through to 2006. He has extensive international banking, investment
and project finance experience and a strong background in investing
in emerging markets, structuring investments, managing
international investment portfolios, and providing technical
assistance to companies in developing countries. He has a keen
interest in sustainable development and corporate governance
issues. Mr. Hamid holds a Master of Business Administration, from
Harvard Business School, a Master of Arts from the University of
Cambridge, a Bachelor of Arts in Economics, from the University of
Cambridge and a Bachelor of Arts in Economics, Mathematics and
Statistics, from the University of Punjab.
In terms of Net1’s policy agreement with the
IFC, it has the right to nominate one independent director to the
board of the Company. The IFC has advised the Company that it
regards Mr. Hamid as the independent director nominated by them
under the agreement.
Mr. Nkosi is an executive director of Value
Capital Partners (“VCP”), which is a leading South African
investment company and major shareholder in Net1. He was previously
on the investment team of FFL Partners, a San Francisco-based
private equity firm managing more than $2 billion. Prior to that,
Mr. Nkosi was a management consultant at Bain & Company,
focused on financial services and telecommunications clients across
Sub-Saharan Africa. Mr. Nkosi holds a Bachelor of Business Science
from the University of Cape Town, a Master of Arts in Education
from the Stanford Graduate School of Education, and an MBA from the
Stanford Graduate School of Business.
About Net1 (www.net1.com)
Net1 is a South African-focused financial
technology company with a presence in Africa, Asia and Europe. Net1
utilizes its proprietary banking and payment technology to
distribute low-cost financial and value-added services to
underserved consumers and small businesses. The Company also
provides transaction processing services, including being a payment
processor and bill payment platform in South Africa. Net1 leverages
its strategic investments in banks, telecom and mobile payment
technology companies to further expand its product offerings or to
enter new markets.
Net1 has a primary listing on NASDAQ (NasdaqGS:
UEPS) and a secondary listing on the Johannesburg Stock Exchange
(JSE: NT1). Visit www.net1.com for additional information about
Net1.
Investor Relations Contact:Dara Dierks Managing
Director – ICR Email: net1IR@icrinc.com
Media Relations Contact:Bridget
von HoldtBusiness Director – BCWPhone: +27-82-610-0650Email:
Bridget.vonholdt@bcw-global.com
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