RMB is a division of First National Bank of Namibia Ltd, Reg. No. 2002/0180. A subsidiary of FirstRand Namibia Limited.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
RMB is a division of First National Bank of Namibia Ltd, Reg. No. 2002/0180. A subsidiary of FirstRand Namibia Limited.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
MEDIA RELEASE
4 November 2021
RMB has acted as sole financial adviser and funder to the JSE and Nasdaq listed financial services and technology group Net1 UEPS Technologies on their R3.7bn purchase consideration (R4.8bn enterprise value), 100% acquisition of South African payments platform Connect Group.
The Connect Group is a full-service provider – across cash and digital – of financial and value-added services. It delivers four main product lines to its customer base under well-established, rapidly growing brands such as Kazang, Cash Connect, Capital Connect, Kazang Pay and Card Connect.
The merging of the businesses will create one of the largest fintech platforms in Africa and will be transformational for both groups.
The deal will allow Net1 to add nearly 44,000 micro, small and medium enterprises (MSMEs) in Southern Africa to its customer base, many of which are in the informal sector and which have historically been undeserved by traditional financial services. Combining Connect Group's mostly informal client base with Net1’s existing fintech business and know-how, will create a fintech group servicing the full value chain.
The acquisition also significantly expands Net1’s addressable market, merchant offering and footprint as it looks to build one of the leading fintech platforms in Southern Africa.
Says Arun Varughese, Head of TMT Advisory from RMB, “This merger is significant in that it expands financial inclusion across the continent by providing greater access to financial services to underserved businesses and communities. This ultimately drives sustained economic growth and will transform the financial services landscape. We’re proud to be part of this journey with Net1 and the Connect Group.”
The transaction is expected to conclude in Q1 2022.
End
Contact:
Kate Kelly l kate.kelly@rmb.co.za l +27 (0)79 637 4663