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NET 1 UEPS TECHNOLOGIES INC - Net1s CPS signs addendum with SASSA for provision of services for a further 12 months

Release Date: 31/03/2017 15:45
Code(s): NT1     PDF:  
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Net1’s CPS signs addendum with SASSA for provision of services for a further 12 months

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’s CPS signs addendum with SASSA for provision of services for a further 12
months

Johannesburg, March 31, 2017 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that its South African subsidiary, Cash Paymaster Services (Pty) Ltd (“CPS”), has
signed an addendum to its contract with the South African Social Security Agency
(“SASSA”).

The addendum extends the existing contract for a period of 12 months to March 31,
2018, under the current contract’s terms and conditions, and also includes the specific
terms as ordered by the Constitutional Court of South Africa in its March 17, 2017,
ruling.

The Company confirms that payment of the April grants to 10.5 million grant recipients
is on track and affirms its commitment to uninterrupted service delivery.

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.

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
grant distribution business 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
March 31, 2017

Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited

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