SOURCE: Net 1 UEPS Technologies, Inc.

Net 1 UEPS Technologies, Inc.

February 24, 2017 06:00 ET

SASSA schedules meeting to discuss payment of social grants after March 31, 2017

JOHANNESBURG, SOUTH AFRICA--(Marketwired - February 24, 2017) - Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ: 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.

Contact Information

  • Investor Relations Contact:
    Dhruv Chopra
    Head of Investor Relations
    Phone: +1-917-767-6722
    Email: dchopra@net1.com