Serge Belamant, Founder Of NET1 Technologies
The founder of NET1 Technologies, Serge Belamant is a computer scientist born in Tulle, France. Serge Belamant and his family relocated to South Africa where he schooled up to the university. At the age of 22 years, Belamant worked with Matrix where he developed applications for analyzing water level in dams to predict and prevent cases of drought. Currently, Belamant is a managing director of a technology company based in London. He is credited with inventing several patents such as the universal electronic payment system (UEPS).
During the 1980s, Belamant joined SASWITCH and contributed towards the design, development, and implementation of South Africa’s national ATM switch. This switch linked to all banks in South Africa. In 1989, Serge Belamant founded NET1 Technologies. NET1 offers financial transaction systems which are used in most developing countries today. The company has changed how financial transactions are conducted between financial companies and individuals without a bank account.
In 1995, the company got a contract from Visa to design the Chip Offline Pre-Authorized Card feature which is still in use today. The feature is used for preventing against credit card fraud and misuse. It is also used for personal identification number verification. Successfully completing the contract triggered the company’s growth. Net1 bought the Cash Payment Services (CPS) which was being used for social security payment distribution across South Africa. Serge Belamant modernized CPS by integrating the UEPS which improved speed, security, and interoperability of the CPS system to effectively distribute the social security funds to over one million recipients in the country.
In 2005, Net1 technologies got listed on NASDAQ, and Serge Belamant became the company’s chairman and CEO. Seven years later, the company was given a contract by South Africa Social Security Administration to take charge of distributing all social security funds within the country which meant that the current system needed to be further modernized to meet the requirements of serving over ten million recipients each month. Deploying a number of solutions increased the reliability and overall performance of the system. Belamant left the company in 2018 and joined another technology company in London.
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