In July 2020 Ceevo’s parent company, Net1 UEPS Technologies, Inc. (“Net1”), decided to exit all activities with regards to the Ceevo Group, resulting in winding down of the Ceevo Group and its activities (including the closing of all Ceevo offices and retrenchment of staff). The official reason given by Net1 for this decision was as follows: “Following a strategic review of Net1’s activities, the board of Net1 has concluded that going forward, it wishes to focus its resources on its core market, South Africa.”
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