Quick Facts

Countries:
Where the impacts of the investment may be experienced.
  • South Africa
Banks:
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
  • International Finance Corporation (IFC)
Status: Active
Bank Risk Rating: B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Board Decision Date: 2016-04-11
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower or Client: NET 1 UEPS TECHNOLOGIES INC.
The holder of the loan, grant, or other investment.
Sectors:
The service or industry focus of the investment. A project can have several sectors.
  • Finance
Project Cost (USD): $ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

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Primary Source

Original disclosure @ IFC website
Updated in EWS: 2017-06-04
Disclosure Date: 2016-04-12
Nelson
IFC-37402

Project Description
This project involves a proposed equity investment by IFC and AMC of up to $100 million in Net1 UEPS Technologies, Inc. ("Net1" or the "company"). Net1 delivers welfare payments to more than 10 million people in South Africa, and offers a broad range of solutions that provide access to financial services for the un(der)banked, including mobile financial services and smart card technology designed for rural areas of Africa where there is limited infrastructure.Net1 has leased spaces in 226 office buildings in South Africa. Light assembly of equipment is performed at only one of those spaces. Net1 operates a payment network for customers in South Africa, including approximately 800 stationary ATMs and 600 mobile ATMs, moved around on trucks. IFC's investment will help to finance the company's plans to expand within South Africa, and possibly to other countries in Africa and in other emerging markets. The company also has some operations in South Korea, but since it is a Part I country, those operations are not subject to environmental and social review by IFC.
Investment Description
Contact Information
Paul Encarnacao Financial Manager Net1 Applied Technologies South Africa (Pty) Ltd e-mail: mailto:paule@net1.com Phone: +27 11 771 3889 Direct fax: +27 86 608 1681 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/
Bank Documents