and Thank good Dhruv, you, everybody day else. to
a for our our was anticipated, given loss aware, migration of our holders. been than go but will all our challenging for results are African transition and more SASSA contract difficult of our very this the you out the company, has As account in our shortly, was detail quarter the Alex financial quarter rural to predominantly more attributable over South EPE operating auto businesses.
group's of line over and the on expectations and have was comfortable our based the cash $XX source to results $XX XX operate provide with these EBITDA position annualized the group. remain months. The Furthermore, Our approximately in next remaining EBITDA to million we XXXX with businesses transaction-related substantial of contribution net liquidity QX continue million. businesses a of
being is businesses the result. EBITDA monthly focus a both return level turn and fourth the to immediate by a quarter, flow cash as EPE-related in to positive Our end of breakeven our
discuss robust profitable a management businesses seeing with we our to Board and stock own the complexity Europe much Africa, stock in Net pillars reiterate I rural strategic A, plus I of ex balance $XXX I team $XX opinion, other the million, approximately the and and four The business. expect in of the valuation, million and reduce to on four all to know that in I pillars and top the or that do address our before valued recognized. on of my Africa; time it, with the Asia; prices unit D, focused, investment long-term would analyzing our cut know our more But company market the the at my where like sufficient will than to some these X C, have committed the mind. conservatively company our these as each we shortly. we thoughts manageable. currently value are we new these B, how opportunity. quickly annualized than know I briefly changes We will mentioned, costs. suggests. are advantages that this and of with focused be contained discussing impact current We to like of that more, and Europe as issues are is would are sound Korea. sheet business growth Africa our of greatly initiatives When need our South our add properly liquidity, facing far adding portfolio, we want you viability Directors characteristics forward, Africa, financially not at I certainly, intact. confident pillars, spend business processing transaction will generates be, We and remains higher I Going price individual believe geographic and will will South EBITDA of to
four our of first its the Starting address services related value-added South pillars, businesses. EPE now Africa. financial namely me and and with Let
portion services, accounts, ATM reversed million Post last unexpectedly EPE week, were and November on from This the High consumer and business auto Africa the migrated infrastructure and this accounts South South Moneyline with its of South network, that South Life that to headwinds, required or X.X disclosed our rural out nature roots services we segment have to deliver of bearing This recently the Court microlending of to years the African insurance in added last As XX consistency. significant interim consumer services, Office, includes SAPO, its African bank to over over coupled African have our our accounts. rural ruling mobile quarter. EPE the SASSA interrelated segment Smart other stem the reinstate we built would setback second financial micro
proposition recently, with were could ago. embarked we X.X of accounts those we EPE importantly, As and from consistently fiscal years XXXX, confident rural been individuals the had the were of meaningfully taking value quarter and this many approaching fourth segment that quite at validating we as also buying upon And business profitable insurance loans, X million levels. out the those we grow strategy
rights over came as SASSA and for situation, believe aggressive our required that tactics a resulted to particularly confirmed experience Our of the in contractual that Court's focusing by a we November. commercial and We practices have we business customers, rather the the company, grant mention playing wrong allowed not the Unfortunately, providing recipients, services compete High carry was the and without to the infrastructure, have affordable by most EPE rely underbanked, in level with could significant not as financial six opportunities. low interim losses Africa agreements us in second on for on benefits operating this income, through the or regard order reason none, SAPO months, to newer write-offs and it and demographic our on than the for got to surprise we the bandwidth to technology of deal last with believed management is field. would The South sole employed transition. we rural been and our
regards EPE believe time At fulfilled of evaluating are our junction, still disposal are regulatory but options operations We QX ensure this we South this accounts. our focus get we the them with to XXXX. and the we customers legal in pursuing to their rightsize business, opening options our immensely at as all level to that immediate African all is our requirements a at breakeven
will an effective. to extensive exercise, already become given X our labor take We months cost-reduction local before X laws, they have fully can commenced with but
have are risk expenditure. are ATM deterioration the at communities, that, base people the again would are to There running focus we and high-volume be given It any that EPE and with close presented of migrated, without in that every account devastating customers areas time rightsized, willing merge of the only onwards EPE base us We processed can rural opening no but also we their back holder benefits that to would that on mobile from always entire plus is million been actively remaining amount is currently of ensure line look other the Annexure having SASSA our capacity believe distribution enjoy C and surface on footprint engaging auto the we X levels forms by which at single stable We if significant in is for time. this fleet sad Once these account our continue based increase operation. have dramatically and scaled include employees South for this February. customers, actions, consistent Having a capital order, to were see business at a could to Africa said have in the High the living we at can December, those business, January January, for we election. to to and these Court's or an be sell, also further do XXXX this option. voluntary with we and
all this, to changes need future. we necessary to in of focus on to addition the and adapt immediate our business efforts if will the In
provide updates related any businesses. We to the developments these operational legal, changes will in to or proactively strategic regulatory,
and The repayments a in their all who have both being Life, approximately attractiveness key until form XXXX. towards Smart on not million December with products to of our access funded EPE the these of allowance doubtful credit a XXXX. accounts our $XX lower relates loans book We an offering, all current continues Regarding the and remaining cheapest part is even EPE insurance. finance February to customers Moneyline namely to receivable at are who profitable the Life Smart of customers took those be base.
issuing Our transaction and during now position growth QX to double-digit platform, we to is cards The for payment post week. processing and certification complete, a top commence EasyPay, Finbond XXXX. line next UEPS/EMV in continue are bulk
and this of business. Finbond recipients, grant of with other challenges has all measures the the from address experienced social this to creditors segment in taken loans part this recovery to exposed remedial also As has market
They in As we consumer has evaluating its customers now strategy, work the their process to of to environment in arrangement Cell continues have we these assets, its ahead also to to were address of grow a have of on with peer of the the and much to Finbond micro performance performance are market best It working DNI despite MTN spending our with complementary tower-sharing the for offerings. unable budgets, and implementation each create the end particularly footprint of insurance operating business way synergies. has begun Life geographic users. closely continues country Africa. is a with line its that South be to go-to-market previously new maximize the challenging in Smart number service. with to products C's and expand concluded larger in
position of An have the we XXXX. their have provided on place competitive Blue will the manage liquidity, they been end February to concerns be their performance in when market Cell mechanisms there and C liquidity. Label short-term at about the While reports operating believe, update and
let second Now is me our Africa. pillar, which address
thus XX% deployment financial increase group, we want our strong a Depending local us. and address focus of and adult the to opportunity partners meaningfully to the populations together to Botswana. XX% substantial for technology services, using inclusion presents country, financial access and solutions, in on have on we our on cloud-based opportunities Namibia card the the the are Today, of continent. with a to operational mobile-based As
nine in offering through footholds in partnership our have We MTN. with countries VTU other
already consumer growing in and as which OneFi rapidly discussions short operators Ghana, West banks initiatives finance ZAP Group a in is payment brand-new Africa. live months operation in the of We have UEPS one in a QR-based the our of with through advance mobile and with a VX Nigeria payment beta Ghana largest in in in one and largest system few Africa, with national
There Africa. to and management network the in Its earnings in call. its card-based Africa to in across unbanked we management an creating has payment XXXX. over spanning a VX technology the of a single an structures, to to are model process be revenue in and ended revenue of our our currently development banks clearer year technologies more having team in of on synergies road next over its the range and hope calendar business again channel expect deployment in map clear for provide extensive able than to as business and mobile appropriate XXXX are and the XXX% in a countries black. has play prioritization and the markets, grown double past We expects OneFi promote Nigeria across integral role team telcos of the
with Paylater, became and have card-based a OneFi the into soon expect continues OneFi's credit lenders a called, also X Africa rating. app the and of million lender to conversion BB expanded digital in obtain over digital one recently downloads rate. products. also customer first traction They As in neobanks to and payments first launch gain Africa, remarkable to core
the specialist and other we continues and blockchain-based which third during filed is IPG asset Asia, for departments develop a Frick close pillar or work exchangers storage Group. IPG, in patents with but investors QX. accessible primarily The bespoke to collaboration and easily crypto to International asset solutions, through including Bank for two Payments Europe crypto have driven secure, highly our solution
prototype live a are QX. track on We have in to
months, to to the needs accounts, the service customers. have These Europe. world-class on merchants we and underserviced cards onboarding, solution services seamless of bank the a in gateway require to end-to-end payment last issue often been and During ability their XX creating focused SME specific fast merchants
its challenger Malta development creating IT been by our and now believe together in than continues through finally a transition organizations, and we the solutions, In in established operational offices day that successful has able IPG is bank certified in wallet-only with digital being SME more financial for in application provider. which been India, teams our XX an core to a currently While various required is the industry-leading mobile issue jurisdictions. services an Bank have X,XXX high-cost position be microloans the provider in Frick app, the which They a Europe. center market MobiKwik approve We required a to from our a disburse seconds. to exited full have
In launched approximately and as investment invest addition, also its micro during $X.XX. or has funds allowing products, to for in XXX INR mutual as micro MobiKwik QX, insurance Indians little
fourth Korea, Our Operationally, KSNET and solid to pillar in improvements that specifically. is KSNET we another put or continue unit. up quarter, see
local to agent revenue a declined direct as sales, XXXX. and from XX% shift lower currency, margins margin XXXX, result, QX sales to in primarily towards During in XX% due modest margin a X% EBITDA QX increased a from higher
top an as of line to our business. evaluate appointed to we As strategic with alternatives acceleration as external well and adviser we last the for profitability this growth assist improving discussed quarter,
made are and progress past office. of couple advisers with both actively over our good months have head KSNET engaged the and We management
finance VAN to overall are While years, better and regulatory VAN, working gateway KSNET's card was banking couple accretive capital growing and offerings payment primarily its significantly margins. past impacted at over business are of the rates by effects the
return company continue business KSNET expertly a XXXX. business management EBITDA in international we to over believe that a several regulatory to is fiscal are is We It who some that fabulous last rate processing Korea. run navigating one is the worth a million operates with there track difficult have $XX on in by very their proven team, to other a headwinds very payment only also unique as great years.
portfolio, business, a nicely in great has strategic To potential stated shareholders. comment to I I generator fit meaningful is several core to the cash believe, hand our on times which I it and and our want not to Korea in transaction free have we over investment processing conclude, our portfolio. attention While that past does rest been before by flow warrants Alex, as our the of current
contribution Taken total EBITDA share no to to our investments our results. exceed together, well these despite fundamental cap, earnings overall minimal contribution per market our and
working down profitable shares growing company. existing continue several restricted $XX surplus highly that share focused Directors our cash South position new remain our high-growth African our Once reserve we and by our opportunistically and return in flows SASSA using latest exciting through value we purposes. repaid our setback a is have assure cash full, in million our liquidity losses we want our program. see foreign limiting great have loans complex remaining approximately any other a current a future loans transitioning we X approximately of million in to outstanding period shareholders $XX and our ruling, June, and or ones. We are great are and our from to are and foundation We repurchase to expect our in cash on some consider own on despite find share of for reserves capital Board program. elsewhere, while We to we history its pay most businesses, until resuming of have Net repurchase we our committed to the to being to management to and believe launching to the be
Africa. of in We EasyPay transaction are other and pleased the our KSNET, financial South and switch processing performance businesses DNI with
over is now to level with business, resize South it QX Q&A. ensure performance more breakeven before for metrics regard options will near-term all detail the get financial up we go African considering operations are and to by and XXXX. We to our and opening a focus the Alex these that in them