FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Belamant Serge 		2. Issuer Name and Ticker or Trading Symbol

NET 1 UEPS TECHNOLOGIES INC [ UEPS ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Chief Executive Officer
(Last)          (First)          (Middle)

PRESIDENT PLACE, 4TH FLOOR CNR., JAN SMUTS AVENUE AND BOLTON ROAD 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/8/2008
(Street)

ROSEBANK, JOHANNESBURG, T3 
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   (1) 10/8/2008     C    1150823   A $0   1374335   D    
Common Stock                  800799   (2) I   By CI Law Trustees Limited for the San Roque Trust  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Special Convertible Preferred Stock     (1) 10/8/2008     C        1150823      (1)   (1) Common Stock   1150823   $0   0   D    

Explanation of Responses:
( 1)  On October 8, 2008, Net 1 UEPS Technologies, Inc. listed its common stock on the JSE Limited. The listing resulted in the automatic conversion of all of Net 1's special convertible preferred stock issued on June 7, 2004, including all of the 1,150,823 shares of special convertible preferred stock held by The Aplitec Holdings Participation Trust for the benefit of Dr. Belamant, on a one-for-one basis, into shares of common stock. Dr. Belamant now owns all 1,374,158 shares of common stock directly. Dr. Belamant's ownership of the special convertible preferred stock had previously been reported on Table I of Form 4 because the special convertible preferred stock was substantially identical to common stock. For the sake of clarity, this Form 4 shows the conversion of the special convertible preferred stock on Table II and the acquisition of the underlying common stock on Table I.
( 2)  800,799 shares of common stock are held by the CI Law Trustees Limited for the San Roque Trust dated 8/18/92. Dr. Belamant, as proxy of CI Law Trustees, has the power to vote all of the CI Law Trustees' shares.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Belamant Serge
PRESIDENT PLACE, 4TH FLOOR CNR.
JAN SMUTS AVENUE AND BOLTON ROAD
ROSEBANK, JOHANNESBURG, T3  		X
Chief Executive Officer

Signatures
/s/ Serge Belamant 1/12/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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