Net 1 UEPS Technologies, Inc. announced that one million EasyPay Everywhere (EPE) accounts have been opened since the launch of this product in June 2015. In addition, Net1 has repurchased 1,328,699 shares of its common stock under its recently replenished repurchase authorization.
EPE is a fully transactional account created to serve the needs of South Africa's un-banked and under-banked citizens, and is available to all consumers regardless of their financial or social status. The EPE account drives financial inclusion by providing a comprehensive suite of financial and value added services such as prepaid products, in a cost-effective, convenient and secure manner. EPE provides account holders with a UEPS-EMV debit MasterCard, mobile and internet banking services, ATM and POS services, as well as micro-finance, insurance, financial products and value-added services. EPE accounts attract no monthly account fees and account holders are only charged pay-per-use fees whenever the account is used to transact.
This one million EPE accounts milestone demonstrates the sustained adoption of its EPE product, as the Company last reported 830,000 EPE accounts at the end of January 2016.