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Net1 Announces Updated Universal Shelf Registration Statement

(March 13, 2012)

JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 03/13/12 -- Net 1 UEPS Technologies Inc. ("Net1") (NASDAQ:UEPS)(JSE:NT1) today announced that it has filed a new universal shelf registration on Form S-3 with the United States Securities and Exchange Commission, which replaces and updates its current shelf registration statement. Like the current registration statement, the new registration statement would also allow Net1 to issue up to $500,000,000 of securities. At the present time, Net1 has no specific plans to sell any securities for its own account under either the new registration statement or the current registration statement.

In addition, because Net1 is required to register the 6,409,091 shares of Net1 common stock owned by investment funds affiliated with General Atlantic LLC under the terms of a registration rights agreement previously entered into by the parties, the registration statement includes such shares and permits those shareholders to sell their shares should they wish to do so in the future. In the case of a sale of any or all of these shares, Net1 would not receive any proceeds from such sale.

These securities registered under the new registration statement may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The registration statement is available without charge on the website of the Securities and Exchange Commission at and may also be obtained from Net1, Attn: Dhruv Chopra: Vice President of Investor Relations.

This press release is not an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 134 of the Securities Act of 1933, as amended.

About Net1 (

Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System, or UEPS, to facilitate biometrically secure real-time electronic transaction processing to unbanked and under-banked populations of developing economies around the world in an online or offline environment. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification.

Net1 operates market-leading payment processors in South Africa, Republic of Korea, Ghana and Iraq. In addition, Net1's proprietary Mobile Virtual Card technology offers secure mobile payments and banking services in developed and emerging countries while its MediKredit and XeoHealth subsidiaries provide its proprietary 5010 and ICD-10 compliant real-time claims adjudication system.

Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE Limited.

Forward-Looking Statements

Forward-looking statements in this press release and the prospectus and the documents incorporated by reference therein are based on the beliefs and assumptions of our management and on information currently available. Forward-looking statements include information about possible or assumed future results of operations in "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in our most recent Annual Report on Form 10-K, and other statements preceded by, followed by or that include the words "believes", "expects", "anticipates", "intends", "plans", "estimates" or similar expressions.

These forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed, implied or inferred by these forward-looking statements, such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, foreign currency risks, costs of capital, the ability to consummate and integrate acquisitions, and other risks detailed in our SEC filings. We undertake no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.

Net 1 UEPS Technologies Inc.
Dhruv Chopra
Vice President of Investor Relations

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