Zapper, Net1 to roll out QR payments across Africa
5 October 2018
JSE-listed Net1 UEPS Technologies and QR-code payments specialist Zapper said on Thursday that they will launch a new company, called ZappGroup Africa, to white-label and expand Zapper’s technology across the continent.
The companies have formed a new entity, called V2 Limited, to focus on facilitating financial inclusion to the estimated one billion underbanked population on the continent.
Net1 has acquired a 50% interest in V2 for US$5-million (about R73.5-million) and will commit an additional $5-million towards working capital funding over time.
Traditional banks have struggled to service the unbanked population due to limited infrastructure and the high cost of providing last-mile connectivity
V2, which will own 67% of ZappGroup Africa, will license Zapper’s QR payment technology as well as Net1’s various payment solutions such as its UEPS/EMV and mobile virtual card products. It has a perpetual and exclusive licence for Zapper’s proprietary QR technology across key African countries, including Nigeria, Ghana, Kenya and Tanzania, Net1 said in a statement to shareholders. Zapper will own the remaining 33% of ZappGroup.