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We soon realised we were diffusing our senior management team too much and wanted to focus our resources on building Cash Converters for the next heritage secured personal loan years, so we sold Multiserv and PostNet. What they had left over was a 75-seater building in Midrand they owned but couldnt fill. We decided to let the offices to entrepreneurs needing one-seater office space. It generates additional income, explains Mukheibir. Come 2001, attention turned again to True North Holdings.
In the years after the sell-out, we were the first to introduce a multiple application device (MAD) which is a point of sale device like a bank terminal that sells things like pre-paid airtime and electricity. It taught us that tech could move money and information on a distributed basis economically.
When Sport For All founders approached True North Holdings looking to partner and convert their NGO into a franchise in 2004, we bought their front end and partnered for just over five years, using MAD tech and smart cards to form part of their business model.