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SASSA schedules meeting to discuss payment of social grants after March 31, 2017
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”)
SASSA schedules meeting to discuss payment of social grants after March 31,
2017
Johannesburg, February 24, 2017 –Net1 (NasdaqGS: UEPS; JSE: NT1) today
announced that, further to its press release dated February 9, 2017, its subsidiary,
Cash Paymaster Services (Pty) Ltd (“CPS”) has received a written confirmation from
SASSA that a formal meeting has been scheduled for March 1, 2017 to discuss the
payment of social grants beyond March 31, 2017 when the current contract between
CPS and SASSA terminates.
The Company looks forward to fair and transparent negotiations with the SASSA
delegation and is fully aware of the critical nature of the services it provides to
millions of South Africans and the need for uninterrupted service delivery. The
Company reiterates its commitment to assist social grant recipients, SASSA and the
South African government within the ambit of all relevant laws and regulations. The
Company cannot predict what the outcome of the meeting will be, whether any
agreement will be concluded or what the terms and conditions of any agreement will
be.
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 regarding the Company’s
future arrangements with SASSA that involve known and unknown risks and
uncertainties. A discussion of various factors that may affect these arrangements or
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
February 24, 2017
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
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