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Johannesburg - Net 1 UEPS Technologies [JSE:NT1], a supplier of chip card technologies and electronic payment systems, announced on Thursday that it had secured a six-month extension of its contract for the payment of social welfare grants with the South African Social Security Agency (Sassa).
The extension agreement is on the same terms and conditions as the existing agreement, which is scheduled to expire on March 31.
"Sassa has indicated that it intends to commence with a new tender process shortly and has requested the six-month extension to allow it to conclude the tender process," said Net1.
Net1 promotes its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked.
The extension agreement is on the same terms and conditions as the existing agreement, which is scheduled to expire on March 31.
"Sassa has indicated that it intends to commence with a new tender process shortly and has requested the six-month extension to allow it to conclude the tender process," said Net1.
Net1 promotes its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked.
