Net1 Concludes SASSA Contract and Service Level Agreement

Net 1 UEPS Technologies Inc UEPS today announced that its wholly owned subsidiary, Cash Paymaster Services has signed a contract and service level agreement with the South African Social Security Agency in terms of the award of the national payment tender as announced on January 17, 2012. Under these agreements, CPS will effect payment, on behalf of SASSA, of social grants to all persons who are entitled to receive such grants in all of South Africa's provinces. CPS' primary services include the enrollment of all eligible recipients, issuance of a smart card to each recipient and the biometric validation and payment of social grants to such recipients. The term of the agreements commences on April 1, 2012 and terminates on March 31, 2017.