Nasdaq and JSE-listed tech firm Net1 on Friday announced that 600,000 EasyPay Everywhere accounts have been opened since the launch of this product in June 2015. By Staff Writer
The company said this milestone demonstrates the exponential take-up rate of the EasyPay Everywhere product, as it reported 350,000 EPE accounts at the end of October 2015.
EasyPay Everywhere is a fully transactional account created to serve the needs of South Africa’s unbanked and under-banked population, and is available to all consumers regardless of their financial or social status. It offers customers a comprehensive suite of financial and various financial inclusion services such as prepaid products, in a cost-effective, convenient and secure solution.
“We are very pleased with the positive market response to our EPE product,” said Serge Belamant, Chairman and CEO of Net1. “The sustained growth of our EPE account base demonstrates the high demand for a low cost, high-functionality account in our target market. We are also excited about the continued strong demand for our value-added services such as loans and pre-paid utilities, as well as the progress made with the roll-out of our insurance products.”
Two months ago,Net1, which facilitates payments between institutions and individuals without easy access to banking services, announced that it was ranked on Fortune’s 100 Fastest-Growing Companies list for 2015.
The Fortune magazine’s annual list of 100 Fastest-Growing Companies focuses on public companies with the most stellar three-year profit, revenue, and stock growth.
Net1 ranked 60th for EPS growth, 91st for revenue growth, 78th for total return and 99th overall.
The company also owns Zazoo, one of the fastest technology business that is expanding in the UK, India and the US.
The company has seen Zazoo’s global footprint expanding into 12 African countries, and it also has a presence in Colombia, India, Spain, South Korea, the Philippines, the UK and the US.
Zazoo plans to take Net1’s patented technology, such as mobile virtual card (MVC) payment app and soon-to-be launched Biometric Variable PIN, to new markets, using London as a convenient hub from which to coordinate all its global deals.