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Operating Segments
 12 Months Ended
Jun. 30, 2025
Operating Segments [Abstract]  
Operating Segments
21.
 
OPERATING SEGMENTS
Operating segments
The Company discloses segment information as reflected in the management
 
information systems reports that its chief operating
decision maker (“CODM”) uses in making decisions and to report certain entity-wide disclosures about products and services, and the
countries in which the entity holds material assets or reports material revenues.
Change to internal reporting structure and recast
 
of previously reported information
The
 
Company
 
currently
 
has
three
 
reportable
 
segments:
 
Merchant,
 
Consumer
 
and
 
Enterprise.
 
The
 
Company’s
 
CODM
 
is
 
the
Company’s Executive Chairman. During the second quarter of fiscal 2025, he changed
 
the Company’s operating and internal reporting
structures to present a new segment, Enterprise, separately. The
 
CODM has decided to analyze the Company’s operating performance
primarily based on these three operational lines, namely,
 
 
(i) Merchant, which focuses on
 
both formal and informal sector
 
merchants. Formal sector merchants are generally in
 
urban areas,
have higher
 
revenues and
 
have access
 
to multiple
 
service providers.
 
Informal sector
 
merchants, which
 
are often
 
sole proprietors
 
and
usually
 
have lower
 
revenues compared
 
with formal
 
section merchants,
 
operate in
 
rural areas
 
or in
 
informal urban
 
areas and
 
do not
always have access to a full-suite of traditional banking products;
 
(ii) Consumer,
 
which primarily
 
focuses on
 
individuals who
 
have historically
 
been excluded
 
from traditional
 
financial services
and to whom we offer
 
transactional accounts (banking), insurance,
 
lending (short-term loans), payments solutions
 
(digital wallet) and
various value-added services; and
(iii) Enterprise, which comprises large-scale corporate
 
and government organizations, including but not
 
limited to banks, mobile
network operators (“MNOs”) and municipalities, and,
 
through Recharger, landlords
 
utilizing Recharger’s prepaid electricity
 
metering
solution.
 
21.
 
OPERATING SEGMENTS
 
(continued)
Reallocation of certain activities among operating segments in Q2
 
2025
The
 
change
 
in
 
our
 
operating
 
segments
 
during
 
the
 
second
 
quarter
 
of
 
fiscal
 
2025
 
included
 
the
 
separation
 
of
 
Enterprise
 
out
 
of
Merchant.
 
The
 
Company
 
has also
 
allocated
 
the
 
majority
 
of Adumo’s
 
operations
 
to
 
Merchant,
 
with
 
a
 
smaller
 
part
 
of
 
its operations
focusing on the provision
 
of physical and digital
 
prepaid and secure payout
 
solutions for South African
 
businesses with large individual
end-users being allocated to Consumer.
 
Previously reported information has been recast.
The Merchant
 
segment includes
 
revenue generated
 
from the
 
sale of
 
ADP (select
 
prepaid solutions,
 
supplier-enabled payments,
international money
 
transfer and other)
 
and card-acquiring services
 
to informal sector
 
merchants. It also
 
includes activities related
 
to
the provision of goods and
 
services provided to corporate and
 
other juristic entities. The Company earns
 
fees from processing activities
performed (including
 
card acquiring
 
and the
 
provision of
 
a payment
 
gateway services)
 
for its
 
customers, and
 
rental and
 
license fees
from
 
the
 
provision
 
of
 
point
 
of
 
sales
 
(“POS”)
 
hardware
 
and
 
software
 
to
 
the
 
hospitality
 
industry.
 
The
 
Company
 
also
 
provides
 
cash
management
 
and
 
payment
 
services
 
to
 
merchant
 
customers
 
through
 
a
 
digital
 
vault
 
which
 
is
 
located
 
at
 
the
 
customer’s
 
premises
 
and
through which
 
the Company
 
is able
 
to provide
 
the services
 
which generate
 
processing fee
 
revenue. From
 
July 1,
 
2023, the
 
segment
includes fees earned from transactions performed by customers utilizing its ATM
 
infrastructure.
The Consumer segment
 
includes activities related
 
to the provision
 
of financial services
 
to customers, including
 
a bank account,
loans and
 
insurance products.
 
The Company
 
charges monthly
 
administration fees
 
for all
 
bank accounts.
 
Customers that
 
have a
 
bank
account managed by the Company are issued cards that can be utilized to withdraw funds at an ATM or to transact at a merchant POS.
The Company
 
earns processing
 
fees from
 
transactions processed
 
for these
 
customers. The
 
Company also
 
earns fees
 
on transactions
performed
 
by
 
other
 
banks’
 
customers
 
utilizing
 
its
 
ATM
 
(until
 
June
 
30,
 
2023)
 
or
 
POS. The
 
Company
 
provides
 
short-term
 
loans
 
to
customers in South Africa for which it earns initiation and monthly service fees, and interest revenue from the second quarter of fiscal
2025. The Company writes life insurance contracts, primarily funeral-benefit policies, and policy holders pay the Company a monthly
insurance premium.
 
The Company
 
also earns fees
 
from the provision
 
of physical and
 
digital prepaid
 
and secure payout
 
solutions for
South African businesses.
The Enterprise segment provides its business and
 
government-related customers with transaction processing services that involve
the
 
collection,
 
transmittal
 
and
 
retrieval
 
of
 
transaction
 
data.
 
Through
 
Recharger,
 
Enterprise
 
offers
 
landlords
 
access
 
to
 
Recharger’s
prepaid
 
electricity
 
metering
 
solution
 
through which
 
Enterprise
 
earns
 
commission
 
revenue
 
from
 
prepaid
 
electricity
 
voucher
 
sales
 
to
tenants recharging prepaid meters. This segment also includes sales of hardware and licenses to customers. Hardware includes the sale
of
 
POS
 
devices,
 
SIM
 
cards
 
and
 
other
 
consumables
 
which
 
can
 
occur
 
on
 
an
 
ad
 
hoc
 
basis.
 
Licenses
 
include
 
the
 
right
 
to
 
use
 
certain
technology developed by the Company.
The
 
Company
 
evaluates
 
segment
 
performance
 
based
 
on
 
segment
 
earnings
 
before
 
interest, tax,
 
depreciation
 
and
 
amortization
(“EBITDA”),
 
adjusted
 
for
 
items
 
mentioned
 
in
 
the
 
sentences
 
below
 
(“Segment
 
Adjusted
 
EBITDA”),
 
the
 
Company’s
 
reportable
segments’ measure of profit or loss.
 
The
 
Company
 
obtained
 
a
 
general
 
lending
 
facility
 
in
 
February
 
2025,
 
which
 
has
 
been
 
partially
 
used
 
to
 
fund
 
a
 
portion
 
of
 
its
Consumer
 
lending
 
during
 
the
 
four
 
months
 
ended
 
June
 
30,
 
2025,
 
and
 
interest
 
related
 
to
 
these
 
borrowings
 
have
 
been
 
allocated
 
to
Consumer.
 
The Company also
 
included an
 
intercompany interest expense
 
in its Consumer
 
Segment Adjusted
 
EBITDA for
 
the eight
months ended February 28, 2025.
 
The Company
 
does not allocate
 
once-off items,
 
stock-based compensation
 
charges, depreciation
 
and amortization,
 
impairment
of
 
goodwill
 
or other
 
intangible assets,
 
other
 
items
 
(including
 
gains or
 
losses on
 
disposal of
 
investments,
 
fair
 
value
 
adjustments
 
to
equity
 
securities),
 
interest
 
income,
 
certain
 
interest
 
expense,
 
income
 
tax
 
expense
 
or
 
loss
 
from
 
equity-accounted
 
investments
 
to
 
its
reportable segments. Group costs generally include: employee related costs in relation to employees specifically hired for group roles
and related directly to
 
managing the US-listed entity;
 
expenditures related to compliance
 
with the Sarbanes-Oxley Act
 
of 2002; non-
employee directors’ fees; legal fees; group and US-listed related audit
 
fees; and directors and officer’s insurance premiums. Once-off
items represent
 
non-recurring expense
 
items, including
 
costs related to
 
acquisitions and
 
transactions consummated
 
or ultimately not
pursued.
 
Unrealized
 
(loss)
 
gain
 
for
 
currency
 
adjustments
 
represents
 
foreign
 
currency
 
mark-to-market
 
adjustments
 
on
 
certain
intercompany accounts. Interest adjustment represents the
 
intercompany interest expense included in the Consumer
 
Segment Adjusted
EBITDA. The Stock-based
 
compensation adjustments reflect
 
stock-based compensation expense and
 
are excluded from
 
the calculation
of Segment Adjusted EBITDA and are
 
therefore reported as reconciling items
 
to reconcile the reportable segments’ Segment
 
Adjusted
EBITDA to the Company’s
 
loss before income tax expense.
 
Effective
 
from
 
fiscal
 
2025,
 
all
 
lease
 
charges
 
are
 
allocated
 
to
 
the
 
Company’s
 
operating
 
segments,
 
whereas
 
in
 
fiscal
 
2024
 
the
Company presented
 
certain lease charges
 
on a
 
separate line outside
 
of its operating
 
segments. Prior period
 
information has
 
been re-
presented to include
 
the lease charges
 
which were previously
 
reported on a
 
separate line in
 
the Company’s
 
Consumer and Merchant
(now Merchant, Enterprise and Consumer) operating segments.
 
21.
 
OPERATING SEGMENTS
 
(continued)
Reallocation of certain activities among operating segments in Q2
 
2025 (continued)
Our
 
CODM
 
does
 
not
 
review
 
the
 
components
 
of
 
segment
 
selling,
 
general
 
and
 
administration
 
expenses
 
and
 
is
 
presented
 
with
reports which include revenue, net revenue (a non-GAAP measure)
 
and segment adjusted EBITDA.
The table below presents
 
the reconciliation of revenue from
 
external customers to the
 
reportable segment’s
 
revenue, significant
expenditures, the Company’s reportable segment’s measure of profit or
 
loss, and certain other
 
segment information for the
 
years ended
June 30, 2025, 2024 and 2023, respectively,
 
is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
ended June 30, 2025
Merchant
Consumer
Enterprise
Unallocated
Total
Revenue from external customers
$
524,250
$
96,008
$
39,443
$
-
$
659,701
Intersegment revenues
2,348
-
3,113
-
5,461
Segment revenue
526,598
96,008
42,556
-
665,162
Less segment-related expenses:
Cost of goods sold, IT processing, servicing and
support
425,787
35,603
32,549
-
493,939
Selling, general and administration
(1)(2)
64,616
36,456
8,720
-
109,792
Segment adjusted EBITDA
$
36,195
$
23,949
$
1,287
$
-
$
61,431
Merchant
Consumer
Enterprise
Group costs
Total
Depreciation and amortization
$
10,997
$
968
$
371
$
21,385
$
33,721
Expenditures for long-lived assets
$
18,117
$
1,500
$
1,482
$
-
$
21,099
Year
 
ended June 30, 2024
Merchant
Consumer
Enterprise
Unallocated
Total
Revenue from external customers
$
456,069
$
69,211
$
38,942
$
-
$
564,222
Intersegment revenues
3,721
-
7,955
-
11,676
Segment revenue
459,790
69,211
46,897
-
575,898
Less segment-related expenses:
Cost of goods sold, IT processing, servicing and
support
393,618
23,165
37,424
-
454,207
Selling, general and administration
(1)(3)
37,002
33,367
6,542
-
76,911
Segment adjusted EBITDA
$
29,170
$
12,679
$
2,931
$
-
$
44,780
Merchant
Consumer
Enterprise
Group costs
Total
Depreciation and amortization
$
8,141
$
734
$
402
$
14,388
$
23,665
Expenditures for long-lived assets
$
11,202
$
1,317
$
146
$
-
$
12,665
21.
 
OPERATING SEGMENTS
 
(continued)
The table below presents
 
the reconciliation of revenue from
 
external customers to the
 
reportable segment’s
 
revenue, significant
expenditures, the Company’s reportable segment’s
 
measure of profit or loss, and certain other segment information for the year ended
June 30, 2023, is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year
 
ended June 30, 2023
Merchant
Consumer
Enterprise
Unallocated
Total
Revenue from external customers
$
416,562
$
62,801
$
47,139
$
1,469
$
527,971
Intersegment revenues
-
-
3,317
-
3,317
Revenue not allocated to segment
-
-
-
(1,469)
(1,469)
Segment revenue
416,562
62,801
50,456
-
529,819
Less segment-related expenses:
Cost of goods sold, IT processing, servicing and
support
351,754
29,465
39,176
-
420,395
Selling, general and administration
(1)
35,800
31,661
8,024
-
75,485
Segment adjusted EBITDA
$
29,008
$
1,675
$
3,256
$
-
$
33,939
Merchant
Consumer
Enterprise
Group costs
Total
Depreciation and amortization
$
6,749
$
1,114
$
673
$
15,149
$
23,685
Expenditures for long-lived assets
$
12,812
$
3,170
$
174
$
-
$
16,156
(1)
 
Selling,
 
general
 
and
 
administration
 
includes
 
human
 
capital-related
 
expenses
 
(including
 
base
 
salary
 
and
 
bonus),
 
IT-related
expenses
 
(including
 
software
 
licenses,
 
hardware
 
maintenance,
 
hosting,
 
and
 
communication
 
expenses),
 
professional
 
fees
 
(including
audit, legal,
 
consulting and
 
other fees),
 
lease and
 
utilities expenses,
 
the allowance
 
for credit
 
losses and
 
other operating
 
and support
expenses.
(2) Segment Adjusted
 
EBITDA for the
 
year ended June
 
30, 2025, includes
 
retrenchment and reorganization
 
costs for Merchant
of $
0.8
 
million (ZAR
15.7
 
million), Consumer of
 
$
0.1
 
million (ZAR
1.5
 
million) and Enterprise
 
of $
0.8
 
million (ZAR
13.6
 
million);
and
(3) Segment Adjusted EBITDA for the year
 
ended June 30, 2024, includes retrenchment costs
 
for Merchant of $
0.3
 
million (ZAR
4.9
 
million) and Consumer of $
0.2
 
million (
3.5
 
million).
 
21.
 
OPERATING SEGMENTS
 
(continued)
The reconciliation of the reportable segments’ measures of profit or loss to
 
loss before income taxes for the years ended June 30, 2025,
2024 and 2023, respectively,
 
is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2025
2024
2023
Reportable segments measure of profit or loss
 
$
61,431
$
44,780
$
33,939
Operating loss: Group costs
(10,743)
(7,844)
(9,109)
Once-off costs
(17,826)
(1,853)
(1,922)
Interest adjustment
2,195
-
-
Unrealized (Loss) Gain for currency adjustments
(23)
83
(222)
Stock-based compensation charge adjustments
(9,550)
(7,911)
(7,309)
Depreciation and amortization
(33,721)
(23,665)
(23,685)
Loss on disposal of equity-accounted investment (Note 9)
(161)
-
(205)
Impairment loss
(18,863)
-
(7,039)
Reversal of allowance for doubtful EMI debt receivable (Note 9)
-
250
-
Change in fair value of equity securities (Note 3)
(59,828)
-
-
Interest income
 
2,596
2,294
1,853
Interest expense
 
(21,453)
(18,932)
(18,567)
Loss before income taxes
 
$
(105,946)
$
(12,798)
$
(32,266)
The segment
 
information as
 
reviewed by
 
the chief
 
operating decision
 
maker does
 
not include
 
a measure
 
of segment
 
assets per
segment as all of
 
the significant assets are
 
used in the operations
 
of all, rather than
 
any one, of the
 
segments. The Company does
 
not
have dedicated assets
 
assigned to a
 
particular operating segment.
 
Accordingly,
 
it is not meaningful
 
to attempt an arbitrary
 
allocation
and segment asset allocation is therefore not presented.
Long-lived assets based on their geographic location as of June 30, 2025,
 
2024 and 2023, are presented in the table below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-lived assets
2025
2024
2023
South Africa
$
392,098
$
286,700
$
300,104
India - Investment in MobiKwik (Note 9)
-
76,297
76,297
Rest of world
3,055
2,548
2,197
Total
$
395,153
$
365,545
$
378,598