UPAY, Inc. announced on February 3, 2022, Wouter Fouche resigned as Chief Executive Office. Wouter's resignation as Chief Executive Officer and Director was not in connection with any disagreement with management, operations, policies or practices. On February 3, 2022, Board of Directors accepted Wouter's resignation as Chief Executive Officer and Director.

On February 3, 2022, following the resignation of Fouche as Chief Executive Officer and Director, Board of Directors appointed Jaco Fölscher as Chief Executive Officer. Fölscher has been President, Chief Operating Officer and Director since January 25, 2015 and Chief Financial Officer/Chief Accounting Officer since June 10, 2016. Fölscher has been President, Chief Operating Officer and Director since January 25, 2015 and Chief Financial Officer/Chief Accounting Officer since June 10, 2016.

He is the cofounder and he has been the Operational director of Rent Pay (Pty) Ltd, since July 2008. Rent Pay (Pty) Ltd. He was also the founder of Isidingo Financial Services (“Isidingo”) in March 2009. Isidingo is a micro lending company operating in Pretoria South Africa and still in operation today.

From March 2006 to February 2009, Jacob Fölscher was the Regional Manager/Operations Manager of Credicor Financial Services, a micro lending firm operating in South Africa.