Fintech and payment operator Net1 UEPS has named banking executive Lincoln Mali as the new CEO for its Southern Africa business.
A 25-year financial services veteran, Mali, who is joining Net1 in May, is leaving Standard Bank where he has been head of group card and payments. He also serves as chair of Diners Club SA and is a member of the Central and Eastern Europe, Middle East and Africa Business Council for Visa.
The appointment comes as former CEO Herman Kotzé stepped down in September.
Net1, which is scaling down its international business, uses its banking and payment technology to distribute low-cost financial and value-added services to small businesses and consumers it says are underserved.
The company recently said its new strategy is to focus on growing its SA operations, having just sold off its remaining stake in Liechtenstein-based Bank Frick for $30m (R443m) and is looking to shut down its international payments group unit.
Net1 is searching for a group CEO.
Mali and the upcoming group CEO inherit a company fighting to repair its image having once been associated with the controversial social grants distribution contract in SA.
In a statement, Jabu Mabuza, chair of Net1, said, “After a thorough and rigorous search process, we are delighted that Lincoln Mali has agreed to join Net1 as the CEO of Net1 Southern Africa. He has a very strong track record in consumer and merchant financial services across SA and 16 other African countries. Furthermore, he is a highly ethical business leader who is strongly aligned with Net1’s vision and mission.”
Mali said, “Joining the Net1 team aligns with my purpose of making a difference in society, and I look forward to working with my new colleagues and other stakeholders to drive financial inclusion for the unbanked and underbanked market.”