Nelson (IFC-37402)

Countries
  • South Africa
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 11, 2016
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
NET 1 UEPS TECHNOLOGIES INC.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Project Cost (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 4, 2017

Disclosed by Bank Apr 12, 2016


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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.
This project involves a proposed equity investment by IFC and AMC of up to $100 million in Net1 UEPS Technologies, Inc. ("Net1" or the "company"). Net1 delivers welfare payments to more than 10 million people in South Africa, and offers a broad range of solutions that provide access to financial services for the un(der)banked, including mobile financial services and smart card technology designed for rural areas of Africa where there is limited infrastructure.Net1 has leased spaces in 226 office buildings in South Africa. Light assembly of equipment is performed at only one of those spaces. Net1 operates a payment network for customers in South Africa, including approximately 800 stationary ATMs and 600 mobile ATMs, moved around on trucks. IFC's investment will help to finance the company's plans to expand within South Africa, and possibly to other countries in Africa and in other emerging markets. The company also has some operations in South Korea, but since it is a Part I country, those operations are not subject to environmental and social review by IFC.
Investment Description
Here you can find a list of individual development financial institutions that finance the project.

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Paul Encarnacao Financial Manager Net1 Applied Technologies South Africa (Pty) Ltd e-mail: mailto:paule@net1.com Phone: +27 11 771 3889 Direct fax: +27 86 608 1681 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/

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How it works