Net1's Continuing Success in Iraq Results in a New Order for 1.2 Million UEPS Smart Cards for Deployment Into Existing and New G
July 26 2010 - 3:05PM
Marketwired
Net 1 UEPS Technologies Inc. (NASDAQ: UEPS)(JSE: NT1) ("Net1" or
the "Company") today announced that its wholly-owned subsidiary,
Net1 Universal Electronic Technological Solutions (Pty) Ltd
("NUETS"), has received an order for a further 1.2 million
Universal Electronic Payment System ("UEPS")-enabled smart cards.
NUETS expects the delivery of these cards to commence towards the
end of September 2010 at the rate of 200,000 cards per month.
Since the project's inception in August 2008, and including this
new order, NUETS will have provided a total of 3.45 million UEPS
smart cards to the Iraqi consortium for the distribution and
payment of government grants to war victims, government pensioners
and beneficiaries of the Ministry of Women affairs, as well as
salary and wage payments to employees of the two Iraqi state
banks.
"We are extremely pleased and excited about the significant and
accelerating progress made by our partners since the inception of
our UEPS technology in Iraq," said Brenda Stewart, Managing
Director of NUETS. "Our UEPS system is now fully operational in all
the branches of both Rashid and Rafidain banks. In addition, an
operational exercise is currently underway to evaluate how cash
merchants could assist in alleviating the operational pressure
being encountered in bank branches during payment cycles."
Over 1.5 million UEPS smart cards have been issued to
beneficiaries to date with monthly grant payments reaching 600,000
beneficiaries per month, as payments are effected by Government on
alternative months.
Within the next month, a pilot project involving Net1's "Offline
Smart Card Registration" application for issuing smart cards to
military personnel will be initiated, followed by the distribution
of the associated monthly salary/wages payments on the UEPS cards.
This new card order includes 400,000 cards which have been set
aside for the payment of military wages.
About Net1 (www.net1.com)
Net1 provides its universal electronic payment system, or UEPS,
as an alternative payment system for the unbanked and under-banked
populations of developing economies. Net1's market-leading system
enables the estimated four billion people who generally have
limited or no access to a bank account, to enter affordably into
electronic transactions with each other, government agencies,
employers, merchants and other financial service providers. Net1's
universal electronic payment system, or UEPS, uses smart cards that
operate in real-time but offline, unlike traditional payment
systems offered by major banking institutions that require
immediate access through a communications network to a centralized
computer. This offline capability means that users of the Net1
system can enter into transactions at any time with other card
holders even in the most remote areas so long as a portable offline
smart card reader is available. In addition to payments and
purchases, UEPS can be used for banking, healthcare management,
international money transfers, voting and identification.
Net1 also focuses on the development and provision of secure
transaction technology, solutions and services and offers
transaction processing, financial and clinical risk management
solutions to both funders and providers of healthcare. Its core
competencies around secure online transaction processing,
cryptography and integrated circuit card (chip/smartcard)
technologies are principally applied to electronic commerce
transactions in the telecommunications, banking, retail, petroleum
and utilities market sectors.
Net1 has a primary listing on the Nasdaq and a secondary listing
on the JSE Limited.
Forward-Looking Statements
This announcement contains forward-looking statements that
involve known and unknown risks and uncertainties. A discussion of
various factors that could cause the Company's actual results,
levels of activity, performance or achievements to differ
materially from those expressed in such forward-looking statements
are included in the Company's filings with the Securities and
Exchange Commission. The Company undertakes no obligation to revise
any of these statements to reflect future circumstances or the
occurrence of unanticipated events.
NET 1 UEPS TECHNOLOGIES INC.
4th Floor, North Wing,
President Place, Cnr. Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
Tel: 011-27-11-343-2000 Fax: 011-27-11-880-7080
Contacts: Net 1 UEPS Technologies Inc. Dhruv Chopra Vice
President of Investor Relations +1-212-626-6675 dchopra@net1.com
www.net1.com
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