Payment Solutions International Snapshot
PSI - What We Believe
At Payment Solutions International, we believe firmly in the fundamental economic principle of Financial Inclusion.
According to The Banking Association of South Africa, “Financial Inclusion refers to access and usage of a broad range of affordable, quality financial services and products, in a manner convenient to the financially excluded, unbanked and under-banked, in an appropriate but simple and dignified manner with the requisite consideration to client protection. Accessibility should be accompanied by usage supported by financial education. The key principles of Financial Inclusion are access, affordability, appropriateness, usage, quality, consumer financial education, innovation, diversification and simplicity.”
The United Nations defines the goals of Financial Inclusion as follows:
access at a reasonable cost for all households to a full range of financial services, including savings or deposit services, payment and transfer services, credit and insurance;
sound and safe institutions governed by clear regulation and industry performance standards;
financial and institutional sustainability, to ensure continuity and certainty of investment; and
competition to ensure choice and affordability for clients
PAYMENT SOLUTIONS INTERNATIONAL LIMITED is a public company incorporated under the laws of the republic of South Africa with an issued share capital of 100 000 000 no par value ordinary shares and 1000 000 000 Preference Shares.
PSI has three core fintech businesses structured around its product offerings, arranged into operationally efficient business units in each of the markets it operates in.
These are the PSI Affordability and Deduction Management Platform (ADMP), PSI Loan Administration Platform (LAP) and PSI Loan Investment Fund (PSII).
PSI AFFORDABILITY AND DEDUCTION MANAGEMENT PLATFORM (ADMP)
PSI owns and operates, through its PSI Operational Subsidiaries in each country, the ADMP and contracts it’s services to governmental and large corporate employers and financial services providers.
PSI LOAN ADMINISTRATION PLATFORM (LAP)
LAP licenses technology to financial services providers that enables them to manage loan processing, loan book management and administration and earns revenue on every loan application processed by the financial services provider.
PSI LOAN INVESTMENT FUND (PSII)
As not all consumers have the same risk profile, PSII, a business unit of PSI, establishes relationships with independent licensed financial services providers. These providers agree to exclusively utilize the ADMP and LAP platforms & credit scoring methodologies to fairly assess consumers based on their affordability metrics. The providers then offer customized funding solutions and provide preferential credit guarantees to lenders in exchange for lower interest rates to consumers.
RIAAN ANTON SWART
Serial financial services technologist entrepreneur Riaan Anton Swart is a highly successful businessman whose portfolio spans mining, construction & finance.
Riaan co-founded and listed Blue Financial Services on the Johannesburg Stock Exchange. He spearheaded it’s international strategy and opened ten African markets before leaving to Payment Solutions International.
Understanding that the most complex problem facing emerging markets today is the lack of total financial inclusivity and the total cost of credit to the consumers, therefore Riaan is proud of being the founder of Payments Solutions International which is a FinTech Company changing the unsecured lending market in Africa through technology.
He is passionate that PSI allows low and middle income earners total financial inclusivity and access to new financial products that are unheard of in the unsecured lending market, giving all individuals the power to improve their lives holistically without sacrificing their future to fund one specific ambition (e.g funding the tertiary education of a child)
For Mr Swart, the true appeal of PSI is that it positively and powerfully impacts the lives of its customers because the engagement rules built into the system will ensure that employees do not over-commit their resources and do, in fact, maximize their income.
Further, in countries where much work still needs to be done to create broad financial literacy, he is convinced that a system which can provide the basics of financial management while allowing users to reap the benefits of fiscal responsibility is both compelling and necessary.
His knowledge of the micro lending industry started in 1998 being a founder of a company that sold white goods to the unsecured market with innovative lending products. Riaan believes that the future of this market worldwide, through the use of financial services technology is essential to mitigate risk for financial service providers, therefore placing them in a position to offer employees far cheaper, more affordable unsecured credit instead of the exhorbitant rates they face currently.
CEO - PSI Africa
Collins joined PSI in April 2014, where his extensive Africa management experience stands in him in good stead in helping to drive the PSI expansion across the continent while speaking directly to his driving passion to make a difference in people’s lives.
He is confident that PSI offers the right product at the right time, which allows for structured debt to be effectively managed and responsibly leveraged to provide low and middle income individuals the opportunity to create wealth for themselves and their families while laying the foundation for a better future.
Given that he has both lived and worked in the hugely divergent markets of South Africa, Nigeria, Botswana and Mauritius, Collins is convinced that understanding the unique problems and opportunities available in each African country, and being cognizant of the differences between them is vital to creating an impactful African business.
This complexity, set against the powerful idea that this is ‘the African century’, was one of the key reasons for Collins’ joining the PSI team, a move he is convinced allows him to make a vital contribution to moving the continent forward as it works to create long-lasting financial and developmental institutions, ultimately giving Africans more control over the African economy.
An outspoken advocate of policies that drive wider financial inclusion in which more Africans have access to reasonable credit, Collins’ believes that the PSI Payroll Deduction Management System will facilitate such access in a planned and sustainable manner, which ultimately has the power to transform their lives.
Further, he believes that financial inclusion will be the catalyst for the creation of other services and businesses, thus transforming the broader business landscape as well. He cites the case of buying a house as a prime example of where the PSI system offers real value – allowing an individual with no previous access to a mortgage to buy their own home, the opportunity to now seek one and gain the other. This in turn should gives rise to secondary industries in the insurance and construction sectors, which again serves to grow the market in its entirety.
COO - PSI International
Versatile and adaptable, Clint Mellet spent over a decade with leading South African retailer PicknPay in accountancy, management and ownership roles, before working as a consultant for retail giant Shoprite, where the knowledge he had previously gained franchising the popular 7/11 convenience store brand was a valuable asset. Among his other positions, Clint then spent two years as the Financial Director of The Lighting Warehouse, before moving on to head the African expansion efforts of Blue Financial Services, a company where he worked alongside Riaan Swart.
Given his vast operations background, Clint was uniquely placed to take on the demanding, logistics intensive role of Chief Operations Officer at PSI. A qualified accountant who graduated from the University of Pretoria, Clinton is well versed in the areas of finance and negotiation and has a proven ability to create and manage networks effectively, a highly evolved skill he brings to the PSI environment in its entirety.
During his time with Blue Financial Services, Clint was responsible for rolling out 13 branches across Zambia, where he was based for two years in a multi-function role, managing all aspects of the local business from staffing and roll out to banking and licensing. This, in addition to the two years he spent in a similar role in Tanzania, and coupled with his experiences in Botswana and Uganda, has allowed him a unique perspective on the best ways in which to create and implement new infrastructure in line with business requirements across highly diverse, emerging markets.
As a result of his wide exposure to commercial enterprise, Clint is strongly motivated by PSI clients who understand and support social responsibility initiatives that marry their ability to generate revenue with their desire to make a philanthropic contribution to society.
Playing a key integrated role at PSI means that Clint is at the centre of the daily running of the business, a position matched to his resilient character, his patient outlook and his unflagging conviction that putting in the time and constantly making the effort to improve will ultimately yield results.
Speaking to the merits of the PSI system, Clint says that in environments which are sometimes understandably resistant to change, the payroll deduction solution helps to foster greater transparency in the financial process and ensures that both the interests of the credit providing institutions and the aspirations of credit seeking individuals can be well balanced throughout the duration of their engagement with one another.
Clint is also an accomplished cook whose talent and love for combining ingredients in the kitchen echoes his natural propensity for bringing people and ideas together.
Group Legal Officer
With a soft spoken demeanor that belies a formidable legal mind and a witty intellect, Morne Stevenson is a highly qualified lawyer who holds a B.Proc and LLM Degree from the University of Pretoria, where he also went on gain a Certificate in Advanced Labour Law.
Having completed his articles at Van Huyssteen’s Commercial Attorneys in 1998, he spent close to ten years with the company, becoming a Partner in Commercial Litigation in 2002.
During his time with the Van Huyssteen’s he was involved in various high profile commercial litigation matters which included matters before South Africa’s Competition Tribunal as well as cross border litigation matters. Morne was also involved with various mergers and acquisitions in countries such as Cyprus, Ghana, Namibia, Botswana, Zambia, Malawi and Tanzania, and during this time he gained a wealth of experience and a fine understanding of the legal systems of these countries.
In 2008, having achieved all his objectives in his current environment, Morne bid a fond farewell to Van Huysteens and joined the Payment Solutions Groups where he is involved in, inter alia, setting up the corporate structures of both groups, drafting various high level commercial agreements and ensuring compliance. He is currently the Group Legal Officer, and as such is a key member of PSI’s executive management team.
With an abiding respect for the rule of law and the inherent value of legal regulation, Morne is dedicated to PSI because he feels that the services it provides for ‘unbanked’ or ‘under-banked’ populations to access money and products that they may never have had the opportunity to engage before, is vitally important.
Further, Morne holds a firm conviction that good governance, which PSI strongly supports, will bring untold benefits all stakeholders involved in business across emerging markets, from consumers to corporate clients and beyond.
An avid ‘catch and release’ fisherman, Morne enjoys travelling, especially to the coastal country of Mozambique where opportunities to enjoy his hobby are abundantly available.