Net1/IFC to Close Transaction on May 11, 2016

JOHANNESBURG, SOUTH AFRICA--(Marketwired - April 25, 2016) -  Net 1 UEPS Technologies, Inc. ("Net1" or the "Company") (NASDAQ: UEPS)(JSE: NT1) today announced that all the closing conditions for the share subscription transaction with the International Finance Corporation ("IFC") and three funds managed by IFC Asset Management Company ("AMC", and together with IFC, the "IFC Parties"), as announced on April 11, 2016, have been met and approval of same has been received from the IFC Parties. Pursuant to the terms of the subscription agreement, the transaction is expected to close on May 11, 2016.

The IFC Parties have agreed to subscribe for 9.98 million shares of the Company's common stock at a subscription price of $10.79 per share, for total proceeds of $107.7 million. The subscription price represented a 20.6% premium over the closing price of the Company's shares on Nasdaq on April 8, 2016 (the trading day before the agreement was concluded). The IFC Parties will have an 18% interest in the Company following the transaction. Net1 will use the proceeds of the investment primarily for the expansion of its business and technological solutions in emerging markets across the globe.

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.