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Net1 Obtains Two Authorised Electronic Money Institution Licences in Europe
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 Obtains Two Authorised Electronic Money Institution Licences in Europe
Johannesburg, November 3, 2016 – Net1 (NasdaqGS: UEPS; JSE: NT1) today
announced that it has obtained two Authorised Electronic Money Institution
(“AEMI”) licenses – one in the United Kingdom, and one in Malta. The UK AEMI
license has been granted to Net1’s wholly-owned subsidiary, Transact24 Limited
(“T24”), by the Financial Conduct Authority of the United Kingdom following a new
application process. In Malta, the Malta Financial Services Authority (“MFSA”)
approved the Company’s acquisition of the entire issued share capital of C4U-Malta
Limited, a licensed MFSA-supervised electronic money institution, for approximately
$3.9 million.
These licenses allow Net1 to issue electronic money and payment instruments,
acquire transactions, perform money remittances, and act as a payment intermediary.
Both AEMI licenses have been passported to all member countries of the European
Union and the European Economic Area.
“Obtaining these AEMI licences in Europe, is a key part of our strategy to put in place
the regulatory framework to expand our products globally, especially our virtual and
prepaid card offerings. These AEMI licences will enable us to apply for membership
of the card associations, and to become an issuer and acquirer in our own right. Our
ownership of AEMI licenses in the UK and Malta provide us with the ability to
operate across Europe and the UK. We will thus be able to offer better and more
competitive products to our customers internationally,” said Serge Belamant,
Chairman and CEO of Net1.
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 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.
Through Masterpayment, Net1 provides payment processing and enables working
capital financing in Europe.
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.
T24
Philip Meyer
Managing Director
Phone: +852 2851 0145
Email: philip.meyer@transact24.com
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Johannesburg
November 3, 2016
Sponsor:
Deutsche Securities (SA) Proprietary Limited
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