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Net1 to bid again for Sassa contract

Apr 21 2011 10:43 I-Net Bridge

Company Data

NET 1 UEPS TECHNOLOGIES INC [JSE:NT1]

Last traded 92.51
Change 2.5
% Change 0.03
Cumulative volume 1128
Market cap 5.40bn

Last Updated: 24/04/2014 at 03:15. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Electronic payments provider Net 1 UEPS Technologies [JSE:NT1] said on Thursday that the South African Social Security Agency (Sassa) had invited bids for payment services for social grants.

It said it already supplied such a service in five provinces and would participate in the bidding process.

"There can be no assurance that the invitation-to-bid process will be completed as per the announced timetable, or that Net1 will be the successful bidder for any or all of the provinces to be ultimately awarded by the South African Security Agency," it said.

In addition to payments, Net1 could be used for banking, healthcare management, payroll, remittances, voting and identification.

Net1 operates payment processors in SA, the Republic of Korea, Ghana and Iraq.

In addition, Net1's proprietary mobile virtual card technology offers secure mobile payments and banking services in developed and emerging countries, it said.

The group has its primary listing on the Nasdaq, with a secondary listing on the JSE.
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