Net1 UEPS Technologies has created a new UK subsidiary called Zazoo, which it says will oversee the global expansion of the dual-listed company's mobile payments and value-added services businesses.
This includes activities currently carried out through its Net1 Mobile Solutions business, based in Johannesburg. Zazoo's management will "focus on worldwide growth opportunities, especially in the UK, Europe, the US, India and other developed and emerging markets," says Net1 in a statement.
Zazoo will coordinate all research and development, operations and marketing activities associated with Net1's mobile businesses. "Mobile presents one of the greatest untapped opportunities in the payments industry and we believe our mobile technologies and intellectual property are poised to capture these opportunities," says chairman and CEO Serge Belamant.
The new company is an aggregation of technology firms and a provider of payment solutions and transaction processing services. Its product offering is consolidated into five primary business lines: mobile banking, mobile network operator solutions, third-party payments, cryptography, and chip.
Belamant adds Net1 is "highly optimistic" about mobile driving its next leg of growth.
Zazoo's new MD Philip Belamant explains the company intends taking Net1's patented technology solutions to new markets and new clients, "with London serving as a convenient hub from which we will coordinate all our global efforts, unlock the value of our products and solutions, and build a technology company for the future".
Philip Belamant, who headed up Net1 Mobile Solutions, before the creation of the new firm, explains Zazoo's name was chosen because "it's catchy and memorable and evokes a sense of energy that reflects the spirit and passion of our business culture".
Net1 Mobile Solutions was created in 2013. Net1 CFO Herman Kotz'e says the mobile business has become a "significant contributor to Net1's results".
"We believe that we are only at the beginning of this growth trajectory."
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