NET 1 UEPS TECHNOLOGIES INC - Net 1 Appoints Two New Directors to its Board

Net 1 Appoints Two New Directors to its Board

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
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Net1" or the "Company")

Net 1 Appoints Two New Directors to its Board

JOHANNESBURG, December 2, 2020 – Net1 (Nasdaq: UEPS; JSE: NT1) today announced that it
has appointed Messrs. Javed Hamid and Monde Nkosi as independent non-executive directors to its
board effective December 1, 2020.

"I am very pleased to welcome Javed and Monde to our Board," said Mr. Jabu Mabuza, Net1’s
Chairman. "They bring broad global experience and expertise in banking, technology, investment
management, risk management and governance to Net 1 which will be invaluable as we expand our
payments, financial services and technology operations in South Africa to address the needs of our
unbanked citizens and businesses."

Mr. Hamid is currently a senior advisor to the International Executive Service Corps and held various
positions with the International Finance Corporation ("IFC"), a member of the World Bank Group,
and a major shareholder in Net1, from 1979 through to 2006. He has extensive international banking,
investment and project finance experience and a strong background in investing in emerging markets,
structuring investments, managing international investment portfolios, and providing technical
assistance to companies in developing countries. He has a keen interest in sustainable development
and corporate governance issues. Mr. Hamid holds a Master of Business Administration, from
Harvard Business School, a Master of Arts from the University of Cambridge, a Bachelor of Arts in
Economics, from the University of Cambridge and a Bachelor of Arts in Economics, Mathematics
and Statistics, from the University of Punjab.

In terms of Net1’s policy agreement with the IFC, it has the right to nominate one independent director
to the board of the Company. The IFC has advised the Company that it regards Mr. Hamid as the
independent director nominated by them under the agreement.

Mr. Nkosi is an executive director of Value Capital Partners ("VCP"), which is a leading South
African investment company and major shareholder in Net1. He was previously on the investment
team of FFL Partners, a San Francisco-based private equity firm managing more than $2 billion. Prior
to that, Mr. Nkosi was a management consultant at Bain & Company, focused on financial services
and telecommunications clients across Sub-Saharan Africa. Mr. Nkosi holds a Bachelor of Business
Science from the University of Cape Town, a Master of Arts in Education from the Stanford Graduate
School of Education, and an MBA from the Stanford Graduate School of Business.

About Net1 (www.net1.com)

Net1 is a South African-focused financial technology company with a presence in Africa, Asia and
Europe. Net1 utilizes its proprietary banking and payment technology to distribute low-cost financial
and value-added services to underserved consumers and small businesses. The Company also
provides transaction processing services, including being a payment processor and bill payment
platform in South Africa. Net1 leverages its strategic investments in banks, telecom and mobile
payment technology companies to further expand its product offerings or to enter new markets.

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:
Dara Dierks
Managing Director – ICR
Email: net1IR@icrinc.com

Media Relations Contact:
Bridget von Holdt
Business Director – BCW
Phone: +27-82-610-0650
Email: Bridget.vonholdt@bcw-global.com

Johannesburg
December 2, 2020

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

Date: 02-12-2020 07:05:00
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