Share repurchase authorized by Net1

Board of Directors at NET 1 UEPS Technologies Inc. authorized the repurchase of up to $50 million of the Company's common stock at any time and from time to time through December 31, 2009. The share repurchase authorization will be used at management's discretion in accordance with limitations imposed by SEC Rule 10b-18 and other legal requirements and price and other internal limitations established by the Board.

According to reports the repurchase will be funded from the Company's available cash. However, it is not assured that the Company will purchase any shares or any particular number of shares.

Still, the authorization may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, liquidity and other factors that management finds appropriate. As of November 6, 2008 Net1 had a total of approximately 58,399,595 shares of common stock issued and outstanding.