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Net1 Expects Negotiation of SASSA SLA to Be Concluded by February 6, 2012

(January 27, 2012)

JOHANNESBURG, SOUTH AFRICA -- (Marketwire) -- 01/27/12 -- Net 1 UEPS Technologies Inc. ("Net1") (NASDAQ:UEPS)(JSE:NT1) today announced that its wholly owned subsidiary, Cash Paymaster Services ("CPS") has commenced negotiation of the service level agreement with the South African Social Security Agency in terms of the award of the national payment tender as announced on January 17, 2012. The parties have agreed to extend the final signature date of the SLA by one week from January 31, 2012 to February 6, 2012.

About Net1 (www.net1.com)

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

This announcement contains forward-looking statements that involve known and unknown risks and uncertainties, including the risk of our being able to successfully conclude a service level agreement in a timely manner. A discussion of various factors that cause our actual results, levels of activity, performance or achievements to differ materially from those expressed in such forward-looking statements are included in our filings with the Securities and Exchange Commission. We undertake no obligation to revise any of these statements to reflect future events.

Contacts:
Investor Relations Contact: Net 1 UEPS Technologies Inc.
Dhruv Chopra
Vice President of Investor Relations
+1-212-626-6675
[email protected]
www.net1.com


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