Net 1 UEPS Technologies, a South Africa based provider of alternative payment systems, has received Authorised Electronic Money Institution (AEMI) licence in the UK and Malta.
These licences will enable Net1 to issue electronic money and payment instruments, acquire transactions, perform money remittances, and act as a payment intermediary.
In the UK, the Financial Conduct Authority (FCA) granted the licence to Net1's wholly-owned subsidiary, Transact24 (T24), following a new application process.
In Malta, the company received nod from Malta Financial Services Authority (MFSA) to acquire the entire issued share capital of C4U-Malta, a licenced MFSA-supervised electronic money institution, for approximately $3.9m.
Net1 chairman and CEO Serge Belamant said: "Obtaining these AEMI licences in Europe, is a key part of our strategy to put in place the regulatory framework to expand our products globally, especially our virtual and prepaid card offerings.
“These AEMI licences will enable us to apply for membership of the card associations, and to become an issuer and acquirer in our own right. Our ownership of AEMI licenses in the UK and Malta provide us with the ability to operate across Europe and the UK. We will thus be able to offer better and more competitive products to our customers internationally."