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Net1 responds to National Credit Regulator press release
Net 1 UEPS Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: UEPS
JSE share code: NT1
ISIN: US64107N2062
(“Net1” or “the Company”)
Net1 responds to National Credit Regulator press release
Johannesburg, September 25, 2014 – Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE:
NT1) today responded to the press release issued by the South African National Credit
Regulator (“NCR”) on September 22, 2014. In its release, the NCR announced that it had
applied to the National Consumer Tribunal (“Tribunal”) to cancel the registration of Net1’s
subsidiary Moneyline Financial Services (Pty) Ltd (“Moneyline”) for breach of the South
African National Credit Act (“NCA”) based on an investigation concluded by it. The NCR’s
press release alleges, among other things, that Moneyline contravened the NCA by including
child support grants and foster child grants in the affordability assessments performed by
Moneyline prior to granting credit to these borrowers, and that the procedures followed and
documentation maintained by Moneyline are not in accordance with the NCA.
The Company has now received a copy of the NCR’s application to the Tribunal and believes
that it is riddled with factual inaccuracies. The Company is perplexed by the NCR’s decision
to issue a press release containing inflammatory allegations without first informing Net1 of
the conclusions reached by the NCR following its investigation, which we believe was
concluded months ago and before allowing Moneyline a fair opportunity to formally respond
these allegations.
“We strongly deny any contravention of the NCA and will oppose the NCR’s application. As
a South African and US-listed public company, we adhere to stringent internal controls and
compliance procedures and we are subjected to regular internal and external audits all of
which are documented and accessible for review by any regulator,” said Dr. Serge Belamant,
Chairman and CEO of Net1. “We reiterate our commitment to provide affordable,
responsible financial inclusion services to all citizens of South Africa, especially those who
have no other access to formal financial services and often require short term credit to
improve the lives of their family units,” he concluded.
About Net 1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“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. Net1's UEPS/EMV solution is
interoperable with global EMV standards that seamlessly permit access to all the UEPS
functionality in a traditional EMV 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 and the Republic of Korea.
In addition, Net1's proprietary MVC technology offers secure mobile payments and banking
services in developed and emerging countries.
Net1 has a primary listing on NASDAQ and a secondary listing on the Johannesburg Stock
Exchange.
Forward-Looking Statements
This announcement contains forward-looking statements that involve known and unknown
risks and uncertainties. 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.
Net1 Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Net1 Public Relations Contact:
Tribeca Public Relations
Keri Krug
Senior Account Director
Phone: +27 208 5530 or +27 83 344 6855
Email: kerik@tribecapr.co.za
Johannesburg
September 25, 2014
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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