Serge Belamant
Serge Christian Pierre Belamant | |
|---|---|
| Born | May 23, 1953 Tulle, France |
| Nationality | South African |
| Occupation(s) | Entrepreneur, inventor |
| Known for | Universal Electronic Payment System (UEPS); Chip Offline Pre-authorised Card (COPAC) |
| Title | Founder of Net1 UEPS Technologies; Co-founder & chair of Zilch |
Serge Belamant (born 1953) is a French-born South African entrepreneur best known for designing the Universal Electronic Payment System (UEPS) and the Chip Offline Pre-authorised Card (COPAC).[1][2]
He founded cash-payments company Net1 UEPS Technologies in 1989, led it through dual listings on the NASDAQ and the Johannesburg Stock Exchange, and oversaw the contentious welfare-payments contract with the South African Social Security Agency (SASSA) until his retirement in 2017.[3] Since 2018 he has been non-executive chair of London-based buy-now-pay-later fintech Zilch.[1]
Early life and education
[edit]Belamant moved from France to South Africa with his family in 1967 and matriculated from Highlands North Boys’ High School, Johannesburg.[4] In 1972 he entered the University of the Witwatersrand to study civil engineering but switched to computer science and applied mathematics in his second year. He left the university without a degree and later took short courses in information systems at the University of South Africa (UNISA).[5]
Early career and SASWITCH (1981–1989)
[edit]Belamant worked for Control Data Corporation as a systems analyst for a decade before joining SASWITCH Ltd in 1985.[4] Economic sanctions had left the consortium’s national ATM network dependent on unsupported Christian Rovsing computers.[6] Belamant led a rebuild on fault-tolerant Stratus hardware and wrote protocol-translation software that allowed fourteen banks to connect without altering their host systems.[7]
By 1988 SASWITCH was handling about three million ATM transactions a month, according to the Competition Commission.[6] The switch—now run by BankservAfrica—remains the backbone of South Africa’s shared ATM network.[8]
Net1 UEPS Technologies (1989–2017)
[edit]Founding and UEPS
[edit]In 1989, Serge Belamant developed the Universal Electronic Payment System (UEPS), enabling secure, real-time transactions even in areas with limited connectivity. In the same year, he founded NET1 UEPS Technologies Inc., serving as its CEO and Director.[8]
COPAC for VISA
[edit]In 1995, VISA tasked Belamant with designing the Chip Offline Pre-authorized Card (COPAC), a technology still widely used in chip-enabled credit and debit cards.[9] A year later, he listed his company APLITEC (Applied Technology Holdings Limited) on the Johannesburg Stock Exchange.[10]
Listings and acquisitions
[edit]In 1999, Belamant acquired Cash Payment Services (CPS) from First National Bank of South Africa, modernizing its welfare payment system to serve millions in rural areas.[11] In 2005, he led NET1 Technologies to an IPO, listing it as NET1 UEPS Technologies Inc. on the Nasdaq. A secondary listing on the Johannesburg Stock Exchange (JSE) followed in 2008.[12]
SASSA contract
[edit]Under Belamant's leadership, NET1 managed welfare payments for the South African Social Security Agency (SASSA), handling payments for over 10 million beneficiaries monthly.[13] Despite criticism over handling the SASSA contract, investigations by the U.S. Department of Justice and the South African Constitutional Court found no wrongdoing.[14] Belamant retired in 2017, leaving NET1 with over 10,000 pay points and annual transaction volumes of 160 billion rand—15 to 20% of South Africa's national budget.[15]
Zilch (2018–present)
[edit]Belamant co-founded London-based “buy-now-pay-later” firm Zilch Technology in 2018 and serves as non-executive chair.[1] Zilch reported £145 million in annual-recurring revenue and 4.5 million customers in January 2025.[16]
Patents
[edit]Belamant is listed as inventor on more than a dozen payment-security patents, including:
- “Funds transfer system” (US RE36,788, 2000) – the basis for UEPS.[17]
- “Financial transactions with a varying PIN” (WO 2014/037869, 2014).[18]
References
[edit]- ^ a b c "South Africa's Blue Label pays $400 mln for Cell C stake". Reuters. 2016-10-27.
- ^ "Net1 Technologies and Its History of Financial Technology Innovation". Finsmes. 2020-08-30.
- ^ "Net1 Founder to Quit After South African Welfare Controversy". Bloomberg.com. 2017-05-25. Retrieved 2024-12-27.
- ^ a b "Serge Belamant's History with Net1 Technologies & Financial Technology". TMCNet. 2020-10-12.
- ^ "Serge Belamant's Profile". F6S.
- ^ a b [... "Net1's Serge Belamant: "Business is ugly—disrupt at your peril""]. BizNews (Interview). Interviewed by Alec Hogg. 9 Aug 2016. Retrieved 2025-05-19.
{{cite interview}}: Check|url=value (help) - ^ [... Banking Enquiry Report to the Competition Commissioner – Chapter 5: ATMs and Direct Charging] (Report). Competition Commission of South Africa. June 2008. Retrieved 2025-05-19.
{{cite report}}: Check|url=value (help) - ^ a b "Serge Belamant's Track Record Improving Society Through Technology". The Exeter Daily. 24 July 2020.
- ^ "Serge Belamant's History with Net1 Technologies & Financial Technology". TMCNet. 2020-10-12.
- ^ "Net1 CEO Says Doesn't Care About South African Court Challenge". Bloomberg.
- ^ "Net1 Technologies and Its History of Financial Technology Innovation". Finsmes. 20 August 2020.
- ^ "Can Net1 Be Rehabilitated After Its Social Grants Tender Debacle?". BusinessLive.
- ^ "SASSA Contract Judgment". SAFLII.
- ^ "The Legacy of Serge Belamant and Net1 Technologies". European Business Review. 27 October 2020.
- ^ "CEO Spotlight: Serge Belamant on Biometrics' Future". CEO World. 30 August 2020.
- ^ "How Zilch Has Disrupted the Fintech Space". Business Matters. 6 September 2022.
- ^ WO 2014037869A1, "Biometric electromechanical credential", published 2014-03-13
- ^ US RE36788E, "Self-decodable indicia marking for automatic machine reading", published 2000-04-18