Net 1 Announces Official Launch of UEPS Technology in Iraq
04 August 2008 - 8:20PM
Marketwired
JOHANNESBURG, SOUTH AFRICA ("Net1" or the "Company") is pleased
to announce the successful implementation of Net1's Universal
Electronic Payment System ("UEPS") in Iraq. The first UEPS
transaction was performed on Sunday, August 3, 2008, in Baghdad,
Iraq, during the official launch of the UEPS smart card technology
with the two state banks namely, Rafidain Bank and Rasheed
Bank.
The official launch, attended by invitees from Rafidain Bank,
Rasheed Bank, the Iraqi Government, War Victim Ministry and
Martyrdom Ministry, demonstrated smart card registration, biometric
enrolment and issuing of UEPS cards, offline loading of wage
payments and government grants to the UEPS cards and dispensing of
cash.
The pilot project involving 100,000 beneficiaries is now ready
for implementation across selected bank branches and will enable
the distribution and payment of government grants to war victims
and martyrdom beneficiaries, as well as salary and wage
distribution and payment to employees of the two state banks.
Brenda Stewart, Net1 Senior Vice President Sales and Marketing,
said, "From the entire team at Net1, we congratulate the Iraqi
consortium on this historic achievement and look forward to the
successful implementation of the various projects already
identified for implementation, as well as the projects currently in
business development. Net1 is proud that the development of its
core technology, from which it creates end-user products that
satisfy the requirements of its customers, can change the way
business is conducted leading to the improvement of people's lives.
We share the belief of our Iraqi partners that our technology can
play a fundamental role in the upliftment of the economy. The
success of any technology should be measured, not only by the
profits it generates for its inventors, suppliers and users, but
also by the difference that it makes to the lives of people,"
Stewart concluded.
About Net1 (www.net1ueps.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. The Company believes that it
is the first company worldwide to implement a system that can
enable 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. To accomplish
this, the Company has developed and deployed the UEPS. This system
uses secure 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 Net1's system can enter into transactions at any time
with other cardholders in even the most remote areas so long as a
portable offline smart card reader is available. In addition to
payments and purchases, Net1's system can be used for banking,
health care management, international money transfers, voting and
identification.
The Company also focuses on the development and provision of
secure transaction technology, solutions and services. The
Company's core competencies around secure online transaction
processing, cryptography and integrated circuit card (chip/smart
card) technologies are principally applied to electronic commerce
transactions in the telecommunications, banking, retail, petroleum
and utilities market sectors. These technologies form the
cornerstones of the "trusted transactions" environment of Prism, a
South African based subsidiary of the Company, and provide the
Company with the building blocks for developing secure end-to-end
payment solutions.
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. Ilja Graulich Vice
President Investor Relations +27-11-343-2019 or Mobile:
+27-83-604-0820 Email: iljag@net1ueps.co.za Net 1 UEPS Technologies
Inc. William Espley Investor Relations (604) 484-8750 or Toll Free:
1-866-412-NET1 (6381) Website: www.net1ueps.com
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