Net 1 UEPS Technologies Inc.
NASDAQ : UEPS
JSE : NT1

Net 1 UEPS Technologies Inc.

September 15, 2014 07:02 ET

Net1 Mobile Solutions' Pasavute Service Surpasses 20 Million Airtime Advances in Six Months in Malawi

JOHANNESBURG, SOUTH AFRICA--(Marketwired - Sept. 15, 2014) - South Africa-based Net1 Mobile Solutions ("N1MS"), a business unit of Net 1 UEPS Technologies, Inc. (NASDAQ:UEPS)(JSE:NT1) in partnership with Supa Pesa, has serviced more than 20 million airtime advance requests for the advance airtime service called Pasavute, which is offered by Telekom Networks Malawi ("TNM"). This major milestone was achieved only six months after the launch of Pasavute in Malawi, a country with a population of approximately 16 million people, with as many as 201,000 loan requests being received and processed in a single day.

"The overwhelming response to Pasavute from 748,000 subscribers of TNM is a resounding endorsement that this innovative solution responds directly to a problem faced by Malawians on a daily basis," says Philip Belamant, Managing Director of N1MS. "Pasavute makes it possible for subscribers to stay connected when they need it the most, setting TNM apart as a network that takes care of its customers in their time of need."

The service allows subscribers of TNM to purchase airtime in advance and pay the face value of the airtime voucher at a later stage. A subscriber can purchase one advance airtime voucher at a time and is charged a nominal service fee per airtime voucher purchased. N1MS's unique and innovative pre-qualification and scoring engine evaluates whether or not a customer qualifies for the airtime advance service, and the commensurate voucher value for which they qualify. Subscribers are therefore able to borrow only what they can afford to repay.

Pasavute is available via the USSD and SMS channels provided by TNM, and both channels are free to the customer. The TNM subscriber is only charged a service fee when an advance airtime voucher is purchased.

N1MS is also introducing its innovative technological solutions to people worldwide via its Mobile Virtual Card (a one-time fraud free, anonymous mobile virtual payment card) and Third Party Payment Solutions offerings. In addition, it recently launched its solar lamp, branded Sun-e-light, which includes a built-in phone charger. Phase two of Sun-e-light will include Wifi capabilities and is expected to follow shortly.

Notes to Editors

About Net1 Mobile Solutions (www.net1mobile.com)

Net1 Mobile Solutions is a South African-based technology entity encompassing a combination of world class solutions tailored to the specifically identified needs of the global market. Its diverse product offering is consolidated into five primary business lines, namely: Mobile Banking, MNO Solutions & Prepaid Vending, 3rd Party Payments, Smart Card Technologies and Cryptography.

About Supa Pesa (www.supapesa.com)

Supa Pesa is rapidly growing, privately owned mobile marketing and VAS company in Africa, with a footprint across 20 countries on the African continent, partnering with most of the leading Mobile Network Operators. Supa Pesa is a young, vibrant company with a keen entrepreneurial spirit also specializing in mobile content, advertising, sports betting and lotteries.

About Net1 (www.net1.com)

Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System ("UEPS"), 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 permit 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 operates market-leading payment processors in South Africa and the Republic of Korea. In addition, Net1's proprietary MVC technology offers secure mobile payments and banking services in developed and emerging countries.

Net1 has a primary listing on the Nasdaq and a secondary listing on the Johannesburg Stock Exchange.

Contact Information

  • Net1 Mobile Solutions
    Philip Belamant
    Managing Director
    +27 11 463 7233
    philipb@net1.com

    Tribeca Public Relations
    Keri Krug
    Senior Account Director
    +27 11 208 5530
    +27 83 344 6855
    kerik@tribecapr.co.za