Biography:Serge Belamant

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Serge Christian Pierre Belamant
Born (1953-09-22) September 22, 1953 (age 72)
Tulle, France
NationalitySouth African
OccupationEntrepreneur, inventor
Known forUniversal Electronic Payment System (UEPS); Chip Offline Pre-authorised Card (COPAC)
TitleFounder 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

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)

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)

Founding and UEPS

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

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

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

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)

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

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

  1. ↑ 1.0 1.1 1.2 "South Africa's Blue Label pays $400 mln for Cell C stake". 2016-10-27. https://www.reuters.com/article/cell-c-ma-blue-label/update-3-south-africas-blue-label-pays-400-mln-for-cell-c-stake-idUSL5N1CB15X/. 
  2. ↑ "Net1 Technologies and Its History of Financial Technology Innovation". 2020-08-30. https://www.finsmes.com/2020/08/net1-technologies-and-its-history-of-financial-technology-innovation.html. 
  3. ↑ "Net1 Founder to Quit After South African Welfare Controversy" (in en). Bloomberg.com. 2017-05-25. https://www.bloomberg.com/news/articles/2017-05-25/net1-founder-to-retire-after-south-african-welfare-controversy?embedded-checkout=true. 
  4. ↑ 4.0 4.1 "Serge Belamant's History with Net1 Technologies & Financial Technology". 2020-10-12. https://www.tmcnet.com/topics/articles/2020/10/12/446823-serge-belamants-history-with-net1-technologies-financial-technology.htm. 
  5. ↑ "Serge Belamant's Profile". https://www.f6s.com/member/sergebelamant. 
  6. ↑ 6.0 6.1 "Net1's Serge Belamant: "Business is ugly—disrupt at your peril"". BizNews (Interview). Interviewed by Alec Hogg. 9 Aug 2016. Retrieved 10 July 2025.
  7. ↑ Banking Enquiry Report to the Competition Commissioner – Chapter 5: ATMs and Direct Charging (Report). Competition Commission of South Africa. June 2008. https://www.compcom.co.za/wp-content/uploads/2017/11/5-ATMs-and-direct-charging_non-confidential1.pdf. Retrieved 2025-07-10. 
  8. ↑ 8.0 8.1 "Serge Belamant's Track Record Improving Society Through Technology". 24 July 2020. https://www.theexeterdaily.co.uk/news/business/serge-belamant%E2%80%99s-track-record-improving-society-through-technology. 
  9. ↑ "Serge Belamant's History with Net1 Technologies & Financial Technology". 2020-10-12. https://www.tmcnet.com/topics/articles/2020/10/12/446823-serge-belamants-history-with-net1-technologies-financial-technology.htm. 
  10. ↑ "Net1 CEO Says Doesn't Care About South African Court Challenge". https://www.bloomberg.com/news/articles/2016-08-30/net-1-ceo-says-doesn-t-care-about-south-african-court-challenge. 
  11. ↑ "Net1 Technologies and Its History of Financial Technology Innovation". 20 August 2020. https://www.finsmes.com/2020/08/net1-technologies-and-its-history-of-financial-technology-innovation.html. 
  12. ↑ "Can Net1 Be Rehabilitated After Its Social Grants Tender Debacle?". https://www.businesslive.co.za/fm/features/cover-story/2021-03-18-can-net1-be-rehabilitated-after-its-social-grants-tender-debacle/. 
  13. ↑ "SASSA Contract Judgment". https://www.saflii.org/za/cases/ZASCA/2019/131.html. 
  14. ↑ "The Legacy of Serge Belamant and Net1 Technologies". 27 October 2020. https://www.europeanbusinessreview.com/the-legacy-of-serge-belamant-and-net1-technologies/. 
  15. ↑ "CEO Spotlight: Serge Belamant on Biometrics' Future". 30 August 2020. https://ceoworld.biz/2020/08/30/ceo-spotlight-interview-with-former-net1-technologies-ceo-serge-belamant-on-the-future-of-biometrics/. 
  16. ↑ "How Zilch Has Disrupted the Fintech Space". 6 September 2022. https://bmmagazine.co.uk/business/how-philip-belamant-ceo-and-co-founder-of-revolutionary-payments-venture-zilch-has-disrupted-the-fintech-space/. 
  17. ↑ "Biometric electromechanical credential" WO patent 2014037869A1, published 2014-03-13
  18. ↑ "Self-decodable indicia marking for automatic machine reading" US patent RE36788E, published 2000-04-18



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