XML 42 R22.htm IDEA: XBRL DOCUMENT
v3.21.2

Revenue | 12 Months Ended
--- | ---
Jun. 30, 2021
Revenue [Abstract] |
Revenue | 15. REVENUE The Company is a provider of transaction processing services, financial inclusion products and services and secure payment technology. The Company operates market-leading payment processors in South Africa. The Company offers debit, credit and prepaid processing and issuing services for all major payment networks. In South Africa, the Company provides innovative low-cost financial inclusion products, including banking, lending and insurance. Disaggregation of revenue The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2021: Processing Financial services Technology Total Processing fees $ 60,982 $ 2,338 $ - $ 63,320 South Africa 57,664 2,338 - 60,002 Rest of world 3,318 - - 3,318 Technology products 2,054 330 16,630 19,014 Telecom products and services 13,422 - - 13,422 Lending revenue - 20,672 - 20,672 Insurance revenue - 6,605 - 6,605 Account holder fees - 5,342 - 5,342 Other 1,204 318 889 2,411 Total revenue, derived from the following geographic locations 77,662 35,605 17,519 130,786 South Africa 74,344 35,605 17,519 127,468 Rest of world $ 3,318 $ - $ - $ 3,318 15. REVENUE (continued) The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2020: Processing Financial services Technology Total (as restated) (as restated) (1) Processing fees $ 55,992 $ 4,903 $ - $ 60,895 South Africa (1) 50,951 4,903 - 55,854 Rest of world 5,041 - - 5,041 Technology products 981 - 17,280 18,261 Telecom products and services 22,631 - - 22,631 Lending revenue - 19,955 - 19,955 Insurance revenue - 5,212 - 5,212 Account holder fees - 12,628 - 12,628 Other 4,024 626 67 4,717 Total revenue, derived from the following geographic locations 83,628 43,324 17,347 144,299 South Africa 78,587 43,324 17,347 139,258 Rest of world $ 5,041 $ - $ - $ 5,041 (1) Processing fees South Africa and Total columns have been restated for the error described in Note 1. The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2019: Processing Financial services Technology Corporate/ Total (as restated) Eliminations (as restated) (1) Processing fees $ 82,995 $ 95 $ - $ - $ 83,090 South Africa (1) 73,153 95 - - 73,248 Rest of world 9,842 - - - 9,842 Technology products 1,928 - 18,666 - 20,594 Telecom products and services 15,025 - - - 15,025 Welfare benefit distribution 3,086 - - - 3,086 Lending revenue - 27,512 - - 27,512 Insurance revenue - 5,858 - - 5,858 Account holder fees - 17,428 - - 17,428 Other 4,388 280 3,083 - 7,751 Revenue refund related to CPS - - - (19,709) (19,709) Total revenue, derived from the following geographic locations 107,422 51,173 21,749 (19,709) 160,635 South Africa 97,580 51,173 21,749 (19,709) 150,793 Rest of world $ 9,842 $ - $ - $ - $ 9,842 (1) Processing fees South Africa and Total columns have been restated for the error described in Note 1. As the Company previously disclosed, in June 2014, the Company received approximately ZAR 317.0 million, including VAT, from SASSA, related to the recovery of additional implementation costs its subsidiary, CPS, incurred during the beneficiary re- registration process in fiscal 2012 and 2013. After the award of the tender, SASSA requested that CPS biometrically register all social grant beneficiaries (including child grant beneficiaries) and collect additional information for each child grant recipient. CPS agreed to SASSA’s request and, as a result, it performed approximately 11 million additional registrations beyond those that CPS tendered for in the quoted service fee. Accordingly, CPS sought reimbursement from SASSA of the cost of this exercise, supported by a factual findings certificate from an independent auditing firm. SASSA paid CPS ZAR 317.0 million, including VAT, as full settlement of the additional costs CPS incurred. 15. REVENUE (continued) In March 2015, Corruption Watch, a South African non-profit civil society organization, commenced legal proceedings in the Gauteng Division, Pretoria of the High Court of South Africa (“High Court”) seeking an order by the High Court to review and set aside the decision of SASSA’s Chief Executive Officer to approve a payment to CPS of ZAR 317.0 million and directing CPS to repay the aforesaid amount, plus interest. Corruption Watch claimed that there was no lawful basis to make the payment to CPS, and that the decision was unreasonable and irrational and did not comply with South African legislation. CPS was named as a respondent in this legal proceeding. On February 22, 2018, the matter was heard by the High Court. On March 23, 2018, the High Court ordered that the June 15, 2012 variation agreement between SASSA and CPS be reviewed and set aside. CPS was ordered to refund ZAR 317.0 million to SASSA, plus interest from June 2014 to date of payment. On September 30, 2019, the Supreme Court declined CPS’ appeal and awarded costs against CPS. CPS is liable to repay SASSA ZAR 317.0 million, plus interest from June 2014 to date of payment. As a result, CPS recorded the liability at June 30, 2019, of $ 34.0 million (ZAR 479.4 million, translated at exchange rates applicable as of June 30, 2019, comprising a revenue refund of $ 19.7 million (ZAR 277.6 million), accrued interest of $ 11.4 million (ZAR 161.0 million), unclaimed indirect taxes of $ 2.8 million (ZAR 39.4 million) and estimated costs of $ 0.1 million (ZAR 1.4 million)). The Company reduced revenue by $ 19.7 million during the year ended June 30, 2019, because it interpreted the Supreme Court ruling as a price variation and not a nonreciprocal transaction. The Company deconsolidated the accrual for the refund of implementation costs in May 2020, following the deconsolidation of CPS (refer to Note 23).

X
- References No definition available. + Details
Name: | us-gaap_DisaggregationOfRevenueAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration