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Net 1 UEPS (UEPS)

Participants
Dara Dierks Investor Relations
Chris Meyer Chie Executive Officer
Lincoln Mali South Africa Chie Executive Officer
Alex Smith Chief Financial Officer
Raj Sharma Riley Securities
Jeff Jokri Unicom Capital.
Call transcript
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Operator

[Indiscernible] ladies and gentlemen and welcome to Net1's UEPS Quarter Four of 2021 Earnings Call. [Indiscernible] and the attendees will be in a listen-only mode. There will be an opportunity to ask questions in prompt. [Operator Instructions]. Please note that this event is being recorded. the to hand Dierks. now will conference Dara over I Please ma'am. go ahead,

Dara Dierks

Mali, Fourth Welcome Chris earnings Lincoln supplementary and investor Operator. our release you, available Relations A Quarter Smith Meyer, Africa CFO. Alex to CEO, presentation are Thank and today website our XXXX at press netX.com. CEO, me call. Chris on are South Investor With ir.

will our I underlying the of cautionary call, we is operations our As in will be forward-looking trends in and during language investor's in African statements at results look non-GAAP. press this our rand, with assist we release and XX-K risks ask our business. discuss reminder, which results in the to and a rand forward-looking our you the associated regarding and Form we of contained analyze to making uncertainties Also, South understanding statements.

the the currency will by the on As U.S. will of be on significantly an Q&A with Therefore you affected strategy, results thereafter, and the African quarter. an Company's African operations, can update will then know, fluctuations update through the of fourth turnaround finally, between results session. the this call South have will provide a we the -- rand. the dollar start go and Chris Lincoln Alex South

So with that, let me turn the Chris. call over to

Chris Meyer

Dara. you, Thank

the the high-quality of NetX's journey including Pillay [Indiscernible] and conclusion Jabu passing. August, our earnings senior review the our that new Chairman, just our strategic year. Mabuza. afternoon. NetX's today. continuity of And morning. is If to with I've mentioned, the in as a board fourth-quarter tragic lastly thank appointment of relationships strong you, XXXX. the non-executive played just want And in Jabu's that you the June call following in critical renewal, of for various the Kuben Good everyone, that key us last can Good role change executives, passing on directors, me Jabu's earnings We're former changes have our has And hear joining occurred for journey. since And part providing joined to fortunate become first appointment Kuben okay. this tenure. I of stakeholders. is rebuilding call of Chairman during that recognize Kuben Jabu

country, was I've and NetX's I'm be our NetX tremendously the the elsewhere. difference part country. building real to So spent very And a I'm at And the CEO too this a put, businesses been unlocking in Group me career outside of proudly to months. mix year platform of much opportunity and for and the potential UK, as just CEO that The of presented to my to unique. is the opportunity on Group first quickly two earnings as opportunity apparent on opportunity ignore. in an take is by NetX. make the call excited earlier South the the I've to role in my it reposition see people, was of it important role capabilities, of was African, and to Simply the in mission growth.

the financial driving one and African consumers meaning and there me, personal inclusion of mission Our positioned a is has for merchants deep in better South for in than underserved no NetX. market

at for of CEO our strong months value a X,XXX unlocking Mali team, turnaround have critical a And a focus Company team force aim that who areas good, Our also today NetX, in a joined our May few we whilst for Smith, time assets shareholders. to and us joined also Being I From call I on observations African of X Southern wanted NetX's leader myself will journey. going have here incredibly forward. CFO, capabilities be to initial towards here is I Alex South in Lincoln Company at over NetX. incredible as with share people a work Africa. and lucky that has me in into consider and and to creating my

is offering build vision, our and African South consumers. vision the and and operate merchants our processing services Fintech full-service payment underserved leading to Firstly, to financial platform,

exist improve Our need small underserved services but core and prosper. people's to purpose customers is they bringing to financial helping to inclusions lives, South Africa's financial businesses the

to We provide across our secular shift and we the digital efficiently see of place. to digitize needs Fintech mile platform from inclusion financial that ability will to through cash a digital, while facilitating this cash achieve serving last of that taking the full-service both, also and

large XXX consumer more financial than Africa's adults providing an to small merchants. X, merchant XXX,XXX X X in services and We this of services and there target are estimated into South markets, providing LSMs merchants and rands, broadly which micro to than financial businesses, and X.X more informal Africa's million formal have a South billion million overlapping XX addressable time, to market split of

our it's is market Second, by adjustable and long-term supported tailwinds. growing

Africa cash-based XX% primarily approximately economy South with transactions cash. conducted still is in a of

secular cash worldwide, of Africa As towards And has it of this. is payment transition methods. from part there a shift is similar a as you countries. away middle-income South digital other know, phase And

And on shift. well-positioned is benefit are observation, core We leads to third our from me that which my competencies. that to

digital by various side, provide and consumer insurance and credits, transactional banks. to well services large unsecured the a value-added as as people currently we wallet, On banking, the underserved

in ability proprietary provide which environments. rural us Our to the is our technology, by consumer payment gives underpinned processing secure offering offline and unique

is ATMs. Our offering over a by consumer over XXXX network of and underpinned also XXX branches

urgent a colleague right significant will acquisition on focus million my on infrastructure the in consumer and And is XX [Indiscernible] profitable area actions less clients for therefore, over this area to As shortly. more is information Mali X and million you to know, through offering imperative We, clients us huge interventions customer of originally have and costs. now. Lincoln This provide on a strategic our loss-making. has large now products and service base were built make a the

operate payments services. financial side, bank to independent of terminals one integrations largest the currently in value-added On the we Africa and South switches for with over XX,XXX merchant both

and point-of-sale that for provide space. terminals parties is My on solutions. key reflection third managed offering cryptographic merchant it formal also We the well-positioned is in our various

team. addressed was by through NetX and communicated well earnings opportunity want Africa. leap of I here last we cash in in These this management. However, and with the are is addressed expectations of addressing at fully not strategy opportunity also of the building platform QX and merchant the small degree it new businesses, informal markets currently be are that and the in role, and and full and strategic consumers particular, year. leading on lending I we not we very in alignments board large South Being of on provide outcomes Part can micro a update to which and going are A perspective, addressing that be concluded Fintech organically, to opportunity, reflections acquisition. steam initial say aligned review the a our high management merchants, call of from the my can investor ahead part on product the acquiring the merchants for can And with NetX. two an to underserved tenure preceded that a

cash position. First, net a significant NetX is in

in working potential that have this say various through months market. Few within capital, responsibility in, Allocation custodians the shareholders. that was the support Committee we're established business in we invest XXXX. As the to or capital opportunities I of And high-return and cases business uses to to can in them for do the the the of of Capital return with

due continue will markets apply developments in to We allocation, the rigorous we and will capital course. update any material of

previous Second, of the million I by is address Getting frame. number scale, significant communication we - a that the break-even would December a longer and in therefore topic in XXXX. and 'XX account growth unit base of business within the was to which fixed that our a of by Life. Moneyline, This of target cost Smart in business, EasyPay it June time Everywhere requires question no EPE to monthly numbers financial continued losses order like in to X.X accounts sustain services break-even The realistic is is material reaching EPE, and that have.

country, an into senior place heads across in is than has X have anticipated. which provinces, longer entirely had now sales the but provincial new taken the to establish of we We new hiring X capability sales

the civil our and took marketing riots X quarter. though, were we significantly. been the X Africa. the Additionally, that up To in efforts These July. XX,XXX by experienced what of unrest were launched August, riots acquisition that achieving amount June sign-ups, be in growth were month in democratic we has in us ramped interrupted taking have South clear place for over In account unprecedented

and growth as time break-even reach top the business forward increase expect me in us that rate and will will I to account a you forward. the forward, So in expected executing what that is say we should the going you look investing take it more very and to taking significantly priority We growth guidance against break-even a coming going the bar focus position clarity plan for is from on the and still on to timelines on high guidance. to providing numbers months.

and clear transparent plan. business Province also should You reporting expect

to I I'm the are aligned on this colleague, Lincoln my in stage and hand full [Indiscernible] journey. we Mali such management the the And my African with it our on excited of NetX so now Board team will Lincoln. South the really focused strongly update over join Operations. pivotal and a turnaround to too execution. I'm with for strategy, in on absolutely

Lincoln Mali

with to business Chris. critical colleagues. can of together Thank X certainly joined NetX honor with incredible partnering personally on this it's be we you, that with as you, say work huge my and brother, May and in months try part been NetX our a at the the time. been sincerely an It's family I working you,

my have first already was NetX, the people stakeholders have role the some energy found highly our and organization in the right commitment the and right some while, to team. inclusion the that to months competent now months. step financial under the but the this all the within all coming our purpose. And culture ambition. key new especially a a many ensure few was For There's developments to reengaging with new last through areas. there stronger across to we're we our an new siege, I'd of take like I plans under operational of we growth for over our mood. you is My execute teams in

customers are I found and individuals the product add end, However, team the management page need skills of can has XX into we high-caliber, SASSA the posted greater well-regarded The every that the say the [Indiscernible] business, our contract customers new new however, to us ranks network especially as our And of Suffice requires month customers interest appointed deeply of needs of now investor that a months. hand included We enable we individuals and our technology, to great strengthened based management with logistics, our over to join a an humbled on solutions. on and significantly SASSA. at historically a successfully and the regarded to the several senior individuals. presentation, through supplementary Further, to on number buyers It of site. the by it so our historically million On [Indiscernible] to into last But to with new commercial showing understand been existing now, have the [Indiscernible] basis fixed the operations proposition addition main has last few requires offer clients task it in focus and to experienced, on to charter, their need to requires in client. within people focus service. retain that. customer that We've To we that on value whereas ownership. them for acquire with also our existing many clients NetX. up as base team we've that, also the all the quarter. appropriate added NetX's

change a is in manage are team to signs transition. through involved exercise good to members training There and of all taking currently this that hold. are far-reaching them for already our enable We cultural role modeling

in communication through and Chris in X EPE NetX back focus, African that raising changes radio July, are our during August. the EPE our languages set on accounts market advocate in as place internal is With has campaign campaign base. growth trajectory been products XX,XXX June, We in show said, stations XX,XXX our and our to for June, In civil and despite client an significantly the the XX,XXX we above-the-line available the the the of the then clients. X unrest in South unprecedented that in accounts and team month. that then ongoing, EPE already in And cultural accounts on embarked country

stages We're in we're X days, the is by products encouraged new clients. While for it launching early advanced exciting also this our extremely trajectory. of

Light. account banking The providing very services transaction is EMV other first entry at favorably banks. to with a low-cost aimed banking with physical in This will called compete the customers card all It unbanked EPE is with debit South the products Africa.

bank without one-time that second withdrawn ATMs. The new EasySend. using vouchers called It account NetX is a cash receive can enables product at individuals to be

Our growth. marketing have drive months. be in in products channel, taking and expect we traction, tests bottom-line on market we In steps ATM to strong to the several both shown few are the strategic the next them

buy We data, services are introducing firstly, consumers electricity, to value-added airtime, tickets, our vouchers. and ATM lotto, for onto

Cash our And recyclers for responding are what the to loans apply looking South will finally, talking merchants are for customers Chris we us. about because Secondly, was merchants introducing to be needs ATMs for, for also using we're able ATMs. that

we of to transparent to manner. that continue significant and Finally, clients, we're honest sold financial have show an our to low-cost invest in we'll citizen, time a offering services and responsible amount and corporate energy a

the proud to that And we financial was riots used the involved close in the of the in at in main was our table stakeholder is We are the infrastructure services. financial are now That sector. back the conversations that unrest key that we community very during gaps and civil industry facing. that are part

were clarity the lost it's and and the that in riot ATMs, XX for payments was important which national civil to Before our million that await provide been we on riots close of losses loss in damaged branches via And insurer. damages African damaged. unrest off, July. I were X.X claims. All XX ZAR branch ATMs of I place the destroyed. XXX is sustained million damages and or we took the XX.X damages. these think insurer at ATMs the [Indiscernible] submitted were to these South and have And across Sasria,

to Our South insurers progress. this platform the for is progress run now African some proceed of and we I remains additions. my focused replacement, have with Alex, hand significant it customer the providing also on last monthly materially about quarter improved In our brother, have work made in Lots to growth and given operation strongly us on the have we're to and will go-ahead rate the very NetX of and repairs conclusion, task. results. we over this over talk quarterly the in

Alex Smith

to Lincoln under looking take you, official opportunity Thank and your Chris. to And welcome exciting arrivals, your to all It's the I our wanted of your future people an since then forward months call. first and both an few are leadership. our on you earning's extend been to

to million of million, XX% increase closure to U.S. period. million, which for Now, the the EBITDA due XX% $X.X rand in XX% $X.X the onto to loss segment was $X.X loss The services operational Total of total result note? $XX.X was the which operations, from higher a pandemic. due insurance the primarily capacity. and weaker offset as $X.XX of charges prior the excluded gross to have a and so remains us earlier million. in Africa, share of revenue accounts fees, primarily XXXX, allowance a In volume-driven left $XX.X net for the had? Otherwise, a $X.X million, higher The $XXX,XXX. financial was significant million which was the in number prior increased of cost per compensation year-over-year share the sales. an a than of available financial active little compared rand X receivable million ago. per XX,XXX in significantly terms, quarter which encouraging profitability months losses increase period, Corporate 'XX consumer against million EBITDA increase the by accounts quarter core $X of $X.XX the $X.X discussed and in over our for highlights. to a transaction fourth EPE loss we stable, terms the adjusted has stock-based period, was due and African COVID million, in accounts of fourth South for South and by the clients reported prior with of We than the of the costs earnings. adjusted fourth linked of net with bank reversal during bank The the also seen we dollar XXXX about QX during hardware This over results. to related the IPG, reported was quarter XXXX accounts fiscal doubtful the revenue, have XXXX. fundamental to XX, This and on we loss impacted better lending our compared EBITDA was increased U.S. have reported should This of was X primarily base been fundamental year weaker XX,XXX EBITDA of which mainly The improved partially XXXX, the which June were loans XX% dollar quarter first compared a an call. quarter during quarter.

right of to network in continued like withdrawal in Our transactions. terms total ATM the transactions number utilization the has cash of trend and direction,

around than year. quarter, while quarter loan transaction quarter. the book were services to XXth, at X.X% X.X% up the that was year million infrastructure total compared million prevalent the In the by our same ZARXXX EasyPay values And last the were XXXX. on quarter impacted million June up our also was switch XXth volumes up ZARXXX customers of XXXX, Transaction COVID dated The and compared the ZARXXX quarter. the using quarter of unique transactions on of that The on through second versus XX fiscal XX% financial XXXX. the June, were quarter, by the XXXX XX% For prior increased was lock-downs prior our prior in higher prior on to X%. during business, X% up March, number

of from is The in number other increase XXX,XXX this its policies to contributor XXX,XXX which year business, our saw insurance segment active ago. a

increasing these XX increased financial [Indiscernible] due higher driver was meant closed the officially was in However QX effectively and during the this pandemic, the do continue quarter And Company IPG XXXX claims, on XX% to with main the chapter of that close we deregistrations various QX the now services. nature. was operation. and all can exiting this loss than We staff administrative business. processes, in in the liquidation in with which are

to investments, various provide updates. we Turning can following the our

Africa. fiscal equity-accounted During which our the our and this in May, reported XXXX, its year. has as losses we it which positions pandemic, included to exited investments in last from recovered the in of effects BX, XXXX South entire Frick compared results with further reduced substantially in Bank results respect Finbond fiscal particularly,

As to we half being recorded second losses a our its fiscal the its $X.X a result, February loss, for share XXXX. of million of year

loss However, a Maybe early million this in recorded respect of we with authorities in of was first draft Indian improvement to year. fiscal quickly perspectives on the filed half $X.X that July. the an relevant the

supportive they are process IPO are the of forward. move look seeing and forward We to Company the very following

$XXX current which on $XX with million June we valuations pre-money in million of of year, hold continue our noncash on our carrying the the June value This XXXX, This on XX, the XXXX. recent fair we lifted XXXX, raise Cell to increased in resulted $XX.X on value. the capital evaluation pretax During a MobiKwik in value million closed in a at fiscal value increase MobiKwik. QX is capital for Do by a investments XXXX by based raises the in pending C various based valuation. which to was investment investment the performed [Indiscernible] line most

a to Blue Operator, back ATM in per the after And our call its to however, share improving $XXX.X necessary turn from asset ATMs. were to that C. shareholder use cash we of dollar-denominated are credit Cell market announcement over by for sufficient to increased ATMs, we available prospects encouraged, order X.X the to no and Thank we'd to by facilitate We in continues believe current that Cell report Label have our total. our $XXX.X that, and X.X million cash This operate our balances improve recent to of respect position, you are billion Telecoms XXXX, to billion they our the are had only $X.XX C These and funding currently of fellow we're XX% XXXX, our is business. U.S. On optimally In recapitalization our of to in financial XX, stock performance. million once represents raised for access call. completed. future debt. optimistic net portion facilities July its facilities about short-term value. we of unrestricted June you. and Q&A the over like With the cash recapitalization

Operator

time queue ask much, question. a very question pause wait can you gentlemen, you we and sir. a Thank for this the Ladies at Instructions] as to moment build. We'll [Operator

The first Securities. Raj question B. Sharma of comes Riley from

Raj Sharma

sort the -- I set forward. is there's to accounts right players of that you the But the your morning. the took number seems -- of about that Lincoln. what added know Chris, for start of any 'XX. a aboard, addition are addition you of staff, indication on end adds what to geography. of going a I'll year. the account that that to of on questions your pleasure local on off target Chris the Hi, lot of a To fiscal any -- by with for like lot and But high a have It's and be I to sort in It a calls. Hi, going any bar know stated numbers you've the you bar hear I I have set a you welcome good is? few indication

Chris Meyer

-- mentioned got to but you try me respond to questions, Can have follow-ups a and comment I just Hi. you've let few Raj, that, you and -- if

Raj Sharma

Yes.

Chris Meyer

us, part journey days are tremendously you. of thank you seeing. the excited Thank be the We, for I to in Lincoln but Early what this we're for firstly, and excited both very about welcome. business. So

guidance, of terms In forwarding bar if the you and like.

as point, a in position I think said, to this at we're not I provide guidance.

guidance focused is the looking very been in come having it's early and on the X being that just in months, that We -- business. you I are a appreciate indications We achieve and for seat can we it hope providing can as that transparent the before momentum we're bar, and and very days a want your guidance underlying business really mean around formal And clear I off. clarity. form through own that's we views to by high more what

So remarks, on EPE growth. our hopeful The -- as and see building July and the momentum, continuing build. clearly said to of we terms in is a around step-up few momentum The we were And momentum. June. account we're numbers can very that in significant the from August

was what lot is underline It ways, Lincoln of replacing way framed business that point think delivering business. moving logistics senior maybe I saying, was a on ensuring I were sales The focused has is B A gone as would from was grants into and I hiring across -- a also and in paid. work, point the NetX many was this a say cash country. to is of execs and

to much big looking data to that's and months. the we're a going Our we change and that's to cute relationship come with our last that's to give clearer what's for focused really we client's -- this in to on and have that what through and shift, is to of in And the recognize business, only customer. to do see you numbers need but been not therefore challenge And acquisition over us be million-plus allow has guidance. confident X organization each a our and the a and culture one that been customers SASSA, reposition solutions-driven, starting client-focused

hope you where and in answers I and want the a that accountable we that future we the back I be question. sense numbers of would targets held that you to. come gives to focusing. give So And hope we're will

Raj Sharma

Right.

great be there it's to account to the see -- growth. or around So the Does the the should been the this was referencing infrastructure I expanding as have looking we costs -- that to and that of some additions that that. -- encouraging team. for is very But will going assume are mean -- higher be are I also see there's these well. sort costs

Alex Smith

few So, I costs. a on make points think to

shouldn't you service cost business expect no, So the to increase. in base financial this

increase. of drive base growth we one sales the business that in an investment the financial expect to reduced. to But leavers on. should a We It's of the see reducing services sales. activation. are culture focused the required focused organization we to you as really being The account And not acted an of of, to a cost and business. I've new the, is the already large financial investments the services, to some within To shift context the of it in and committed is said, investment in on number degree, roles, the country, are to upon seeing have people, costs really in replacement

Raj Sharma

space, that side I acquisitions it. are merchant already to on the sort of if that informal Got you in candidates to Is referring In any of on -- can in is color a there helps. identified Or have CapEx, possible sort move you, Thank of could the timelineOpera Any you would when in on possible size what that that we -- it something? if around be? sort thinking? the indication expect

Chris Meyer

we So said we remarks, Yeah opportunities that evaluating. a are have number in I as of my Sure.

our We of a gaps in discussing I the what's those time out have that capabilities at cross-referencing lot and spent was in there our to capabilities. markets looking

if than bring to And terms have we believe, good this say we have handle, that business we something, of the I a can't will to through We we as at very point that a announce, targets. potential but So we're few market. cases as looking in in more regard. have soon something that

Raj Sharma

be to become it. SASSA has There years. And quote-unquote card then a scheme cards X recruitable And the there Is was -- cards issue in to does just replaced big reputable cost. office XX for moving need scheme they SAPO, contender. million say Got search the over they need the big accounts. to to card a would post for assume on -- a next a issue this that NetX be about

Chris Meyer

Lincoln I'm going this come in in question ask mind, you to to Raj. on if particular,

Raj Sharma

Sure.

Chris Meyer

what's referring give Lincoln how good and you to working little SASSA a of Lincoln I a provide has us detail the repaired Lincoln, bit relationship think more as to been I to best placed is sense want if But with to think with that. here, take you important we're and we'll color. how earlier. was SASSA

Lincoln Mali

in decided tender. felt end, we in we've the our the Chris. that we we customer a a Raj, you, to got go looked go the with terms base the not not were tender the felt organically And quite still sense to commercial the tender we We in we for to we Thank grow at further us. the applied a of having thought procurement the of participate detail. lot to that to process acceptable because on of and through commercial that deal minds tender try a for make and us. could that without did momentum not lot

rebuilding deleted to commercial that. as all time that in the levels sense. we Chris back they declined with So couldn't whatever spent -- a available the did we done we the hand, fine. back and but to we've a customers we it's a there participating other to help And competitive to If clients offer saying, choice. a offer indicated we're And participate choice. to services policies politely coming But of our provinces, to also At are we like relationship transparent have that because why clients that's not on was and basis, see better make are they services, everybody local. lot go want organizations us. can than to us, therefore, see from that And we've ourselves have We a leadership to on good basis, other module we that to our else, can but able that's NASA think want and way SASSA.

that we tender So at pursue all. didn't

Raj Sharma

Got it.

to is lot available a customers. SASSA same NetX the the there to a So -- as still your opportunity of back accounts still, get

Lincoln Mali

indeed. Yes,

more in is and in that staff to of clients still So than saw past. engaged for that's exactly conversations many opportunity the do their transactions those us we the our come now

they As grant was the just the Chris conversation. paid in in saying, and engage not would the have past

had We've be the Now NetX our of are a and men service benefiting that know and us capable given are with years And and sense on And now of developer positions always through the they before. the basis the capabilities. that of are engaged back. is give in and XX they business in people given coming have they've conversation the back that a what staff are for clients and had those to most difficulties. our able customers those has now this best who've customer. been we XX, from continuously coming XX, They to the women our been of all

Raj Sharma

for back you. offline. Perfect, in Okay, I'll much queue you Thank thank take this so answering get my the questions. and

Chris Meyer

much. very Thanks

Operator

Instructions] Jeff The [Operator next question Jokri Capital. from of Unicom comes

Jeff Jokri

Roger's Alex, so accounts. a Just business of EPE to if Hi, to could you call, guys, in it's upsell? in the breakeven Jeff bit view a of sort great of in you Jokri. Lincoln, tapping you Welcome, I to to terms we on would curious, recent -- it's question, breakeven? well. on but and was the little accounts? back a Chris EPE maybe? on sort what be the could pickup have can as get provide as that general Congratulations

Chris Meyer

what in Jeff, terms to of in are different of from the indicated break even. get the the Hi, past, Yeah. accounts to number we've maturity EPE numbers on

to I got a to But for going mentioned, point. I see X.X it that whole as don't through this at million, So we differently we're South system. get Chris significantly X.X a break-even. think previously we've whole new million as to back Africa think

clearer So due perhaps course. that give around in certainly guidance and back we'll come

Jeff Jokri

Okay.

believe I most account one related was question that est it accounts suggested SASSA the Xrd change was XXth this more of this a temporarily to it's new your whether at better window September attitude Thanks. if you thinking method. easier to as is you -- to there Lincoln, the that related method as this for suggesting second think and quick will or shift account couple grant is, and the press affect SASSA had might opening a wondering be convenient also was make ad I the bank it a relief COVID? to is to to confirmed recent in and the saw The the COVID I period, reports related It receive grant. way recently the

Lincoln Mali

institutions within an these us sinking reminder That starting South deep we how to broadly think of think that align. solve kind I need And the and picture. financial riots the gave SASSA a intactible needs the sinking if I amongst another to problems one of of are African problem. are, us anyone

engagements of have financial other as now we part institutions. more So with SASSA the regular

that has SASSA it is approval the digitize to process. done grant what started So

to actually clients, SASSA a So What help time. account. those apply grants, the in portal done for you a rural is clients those X are X-day staff apply. to today, can we the therefore in our get all now And for opportunity And and is mainly going the SASSA apply clients in able without that to grant are bank areas, the for our doing turnaround new to using that branch.

for for could So done for want if it who new We that that's accounts. think clients, to a also bank clients be first positive change us. other that's done

for it did are everything XXX in done applications done SASSA grant, digitally. way where All Secondly, their a was digitally. the

well, So everything to our SASSA, which interest from do you can the to aligned is see digitally. swing as

we And to well. in so that starting participated applications from some those we're grant. XXX see as the And of

when we we side with of going that us us. our services And I around be gearing break-even. to And at with that's of also So variables ourselves would And that's good flowing SASSA. directionally, for something if we've account. more to to IT also is the think activation must to to see going one the in that of from be and be financial account turning be the could so digital. get and do more that able opened help looking accounts, SASSA And money are there more an

all working we're are the these on. variables So

we'll that we Chris into what are trying to are But the time, good saying, solve. guidance. give better As to was be these inputs able at right

I stars the so And think are aligned much now. more

Jeff Jokri

I in increase accounts. related And just That's guess in August. a very it's to follow-up would new the significant last the pretty uptake be encouraging. in

talked much give much you just staffing how how to some of this, of in the campaign, And can much. the August? sort for buckets do color you of -- then about new marketing Thank much would to put very on do sorts digitization SASSA, in so and how sort in attribute of from the each those they you you you accounts just of new sort terms the of attribute

Lincoln Mali

days yet. It's early probably

data new But through us is give leadership reporting the answers. in are role. the their We all the certainly, provinces those to playing

market. of We own got, more that are repurposing digital our branches, to infrastructure and our all using marketing we've our marketing, that, using our ATMs,

digital Our we own is And the staff's SASSA is getting then better. relationship also also And from SASSA. with obviously, have the improving. confidence play

and from what's do feedback we're branch difference mind, to in again the of So their we're makes of these It's want changing field, big also that. be more the for more lot which about to on a with of with in our big very with get And build all of days what's And us are that couple ground, trying we more they pulse a a just time a we all see was understand able to staff, our in that in big, time that's we with build what our If a this I managers contributors. SASSA spend to in and and spending attribute morning difference. get And culture. the -- understanding, provinces, can to it's to of of and we're improving. the clients, to our more ones to pinpoint get field lot want players, them organization, to. going in engaging the still early we more specifically on our and

Operator

Jeff, questions? conclude your does that

Jeff Jokri

very you Thank Yes. much.

Operator

I for closing now back and over to comments. Ladies will hand gentlemen, management you. it Thank

Chris Meyer

you much, Thank Operator. very

So the just thank to for you for again, in you conclude, our much us interest the joining everybody for to thank call. on the And Thank business. very you shown questions.

to operations-focused the across going momentum reactive, that a this activity South -- that momentum, in our we're one remarks acquisition, -- building really heard to from country levels in shift the building on client hopefully, the of excitement that make more leading to on branches focused underserved closing and think on and is merchants. starting activity consumers across and the those our I you business, we business Fintech platform feel focused as is Lincoln, the African building from

in much future more very committed this, you forward all to We joining very calls. journey to we Thank and are look sharing us. for on the

Operator

concludes event. gentlemen, that today's Ladies and you. Thank