Net1: FSB lifts ban on insurance subsidiary

Published Jul 2, 2015

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ELECTRONIC payments company Net1 UEPS Technologies has announced that the Financial Service Board (FSB) has lifted its ban on its subsidiary, Smart Life Insurance, to conduct new business. The company said it received notification from the FSB that the prohibition, put in place in February 2013, had been lifted. Last month Net1 withdrew from a social grants tender process following years of controversy. Net1 chief executive Serge Belamant said the FSB’s decision to lift the ban on Smart Life would allow the subsidiary to venture into new business and expand its low-cost insurance products. “We are delighted with the FSB’s decision after a process that took more than two years,” said Belamant. “The Smart Life team is eager to resume marketing and business development activities and will work closely with our EasyPay Everywhere and Zazoo deployment teams to ensure rapid distribution of our uncomplicated, low-cost life insurance products,” he added. Net1 shares on the JSE gained 0.47 percent yesterday to R215. – Sechaba ka’Nkosi

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