Net1 CEO retires


Cash Paymaster Services CEO Serge Belamant speaks to eNCA's Karyn Maughan about its part in the Sassa grant payment crisis.

JOHANNESBURG – Net1 founder and CEO Serge Belamant has retired a year earlier than expected.

Herman Kotze, who is the present Chief Financial Officer, will take over as CEO in June.

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Net1 has cited changes to its operating and management structures as the reason for Belamant's early retirement.

The company is the parent to Cash Paymaster Services and gained infamy during the Sassa debacle.

The payment of R17-million grants were at risk when the Constitutional Court found that Sassa's contract with CPS was unlawful.

Last month, Belamant gave up his dual role as chairperson and CEO and Christopher Seabrooke replaced him as chairman.

Belamant will stay on as a consultant for Net1 for a further two years.