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Net1 crosses one million EPE accounts milestone; Repurchases 1.3 million shares of stock
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 crosses one million EPE accounts milestone; Repurchases 1.3 million shares
of stock
Johannesburg, March 10, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today
announced that one million EasyPay Everywhere (“EPE”) accounts have been opened
since the launch of this product in June 2015. In addition, Net1 has repurchased
1,328,699 shares of its common stock under its recently replenished repurchase
authorization.
This one million EPE accounts milestone demonstrates the sustained adoption of its
EPE product, as the Company last reported 830,000 EPE accounts at the end of
January 2016. EPE is a fully transactional account created to serve the needs of South
Africa’s un-banked and under-banked citizens, and is available to all consumers
regardless of their financial or social status. The EPE account drives financial
inclusion by providing a comprehensive suite of financial and value added services
such as prepaid products, in a cost-effective, convenient and secure manner. EPE
provides account holders with a UEPS-EMV debit MasterCard, mobile and internet
banking services, ATM and POS services, as well as micro-finance, insurance,
financial products and value-added services. EPE accounts attract no monthly account
fees and account holders are only charged pay-per-use fees whenever the account is
used to transact.
“We are delighted to have crossed this important milestone,” said Mr. Serge
Belamant, Chairman and CEO of Net1. “I am also pleased that the expansion of our
insurance offering is gaining momentum, performing well ahead of its intended
business plan and has already issued around 57,000 new policies. The on-going
adoption of these new financial services by our customers further diversifies our
existing portfolio and reinforces our strategy to provide affordable financial products
and value-added services to all South Africans.” he concluded.
During February 2016, Net1 acquired 1.3 million shares of its common stock for
approximately $12.7 million, and since November 2015, has repurchased
approximately 2.1 million shares for $23.9 million.
About Net1 (www.net1.com)
Net1 is a leading provider of alternative payment systems that leverage its Universal
Electronic Payment System (“UEPS”) or utilize its proprietary mobile technologies.
The Company operates market-leading payment processors in South Africa and the
Republic of Korea. Through Transact24, Net1 now offers debit, credit and prepaid
processing and issuing services for Visa, MasterCard and ChinaUnionPay in China
and other territories across Asia-Pacific, Europe and Africa, and the United States.
UEPS permits the Company 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 enable 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’s mobile technologies include its proprietary mobile payments solution - MVC,
which offers secure mobile-based payments, as well as mobile banking and prepaid
value-added services in developed and emerging countries. The Company intends to
deploy its varied mobile solutions through its ZAZOO business unit, which is an
aggregation of innovative technology companies and is based in the United Kingdom.
Net1 has a primary listing on the 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.
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
March 10, 2016
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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