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Supreme Court of Appeal rules in favor of Net1 in debit order case
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”)
Supreme Court of Appeal rules in favor of Net1 in debit order case
Johannesburg, September 28, 2018 – Net1 (NasdaqGS: UEPS; JSE: NT1) today announced
that the Supreme Court of Appeal of South Africa (the “SCA”) has denied SASSA’s
application. SASSA and the Black Sash petitioned the SCA to grant them leave to appeal the
May 2017, High Court declaratory order sought by the Company that the Social Assistance
Act of 2004 and Regulations promulgated in terms thereof do not restrict social grant
recipients in their operation of their bank’s accounts.
The May 2017 declaratory order clarified that recipients may continue to initiate debit order
instructions with any service provider, including the Company and its subsidiaries, against
their bank accounts for the payment of goods and services. In accordance with industry
practice, recipients may also query and request the reversal of disputed debits.
SASSA, its Chief Executive Officer and the Minister of Social Development were ordered to
pay the costs of the application. The complete SCA judgment is available on the Company’s
website at www.net1.com.
“We welcome this order as it once again reaffirms that grant recipients may continue to
exercise their rights to choose any bank account to receive their grants, and to transact freely
with any service provider utilizing the full functionality of their bank accounts, including our
EasyPay Everywhere account,” said Herman Kotzé, Chief Executive Officer of Net1.
About Net1
Net1 is a leading provider of transaction processing services, financial inclusion products and
services and secure payment technology. Net1 operates market-leading payment processors
in South Africa and the Republic of Korea. Net1 offers debit, credit and prepaid processing
and issuing services for all major payment networks. In South Africa, Net1 provides
innovative low-cost financial inclusion products, including banking, lending and insurance,
and is a leading distributor of mobile subscriber starter packs for Cell C, a South African
mobile network operator. Net1 leverages its strategic equity investments in Finbond and
Bank Frick (both regulated banks), and Cell C to introduce products to new customers and
geographies. Net1 has a primary listing on NASDAQ (NasdaqGS: UEPS) and a secondary
listing on the Johannesburg Stock Exchange (JSE: NT1). Visit www.net1.com for additional
information about Net1.
Investor Relations Contact:
Dhruv Chopra
Head of Investor Relations
Phone: +1-917-767-6722
Email: dchopra@net1.com
Media Relations Contact:
Bridget von Holdt
Business Director – BCW
Phone: +27-82-610-0650
Email: bridget.vonholdt@bm-africa.com
Johannesburg
September 28, 2018
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
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