Exhibit 99.1

Net1 Reports Third Quarter 2012 Results

• Commenced grant payment process for approximately 9.2 million beneficiaries nationally on April 2, 2012;

• Revenue of $90.7 million, increased 10% in constant currency;

• Fundamental earnings per share of $0.28, decreased 18% in constant currency

JOHANNESBURG, May 10, 2012 – Net 1 UEPS Technologies, Inc. (Nasdaq: UEPS; JSE: NT1) today announced results for the third quarter of fiscal 2012.

Summary Financial Metrics

(1) Fundamental net income and earnings per share is a non-GAAP measure and is described below under “Use of Non-GAAP Measures—Fundamental net income and fundamental earnings per share.” See Attachment B for a reconciliation of GAAP net income (loss) to fundamental net income and earnings (loss) per share.

Factors impacting comparability of our Q3 2012 and Q3 2011 results

• Unfavorable impact from the strengthening of the US dollar: The US dollar appreciated by 12% against the ZAR during the third quarter of fiscal 2012 which negatively impacted our reported results;
• SASSA implementation costs and cash bonuses paid as a result of our recent SASSA tender award: We commenced implementing our new SASSA contract during the third quarter of fiscal 2012 and incurred additional implementation and staff costs, of $6.8 million, which includes cash bonuses of $5.4 million to key executives and employees involved in the successful tender award;
• Lower effective tax rate due to the replacement of STC with a dividends withholding tax in South Africa: As a result of a recent change in South African tax law that replaced STC with a dividends withholding tax, our fully distributed tax rate decreased to 28% from 34.55% which positively impacted our results; and
• Fiscal 2011 intangible asset impairment and transaction-related expenses: During the third quarter of fiscal 2011, we impaired intangible assets related to the Net1 UTA acquisition of $41.8 million and incurred transaction- related expenses of $0.5 million, primarily for the acquisition of KSNET.

Comments and Outlook

“We are extremely pleased with the progress made thus far on the implementation of our new SASSA contract. As a result of our efforts, we successfully commenced social grant payment on schedule as of April 2, 2012, said Dr. Serge Belamant, Chairman and Chief Executive Officer of Net1. “The first phase of our implementation process involved issuing 2.5 million temporary MasterCard branded debit cards to grant recipients and establishing the payment infrastructure to pay all beneficiaries that we did not pay under our old contract. I am particularly pleased with the commitment displayed by our implementation teams during the first phase and the focus over the next few months will be to replicate the same success through the second phase of implementation,” he concluded.

“Our quarterly performance for the next two to three quarters will be difficult to predict given the timing and quantum of investments and start up costs to be incurred to ensure the implementation of our SASSA contract,” said Herman Kotzé, Chief Financial Officer of Net1. “However, for fiscal year 2012, we expect fundamental earnings per share to be at least $1.40, assuming the constant currency base of ZAR 7/$1 and using our third quarter-ended share count of 45 million shares. As always, fundamental earnings exclude amortization of intangibles, stock-based charges and other one-time items,” he concluded.

First phase of our new SASSA contract implementation

We successfully initiated the national grant payment process for approximately 9.2 million beneficiaries on April 2, 2012 having commenced implementation during Q3 2012. The implementation will be conducted in two phases. The first phase involved issuing approximately 2.5 million MasterCard-branded debit cards to beneficiaries that we did not serve under our previous contract in order to establish the payment process to pay all social grants in the country. The second phase will commence during June 2012 and will require the re-registration of all 9.2 million beneficiaries.

During Q3 2012 we incurred direct first phase implementation expenses of approximately $7 million including bonuses, staff, travel, premises hire for enrollment, stationery, delivery and advertising costs. We also incurred implementation related capital expenditures of approximately $7 million during Q3 2012, primarily for payment vehicles. We anticipate cumulative capital expenditures of $45 - $50 million tied to the implementation for our new national contract.

Results of Operations by Segment and Liquidity

Our frequently asked questions and operating metrics will be updated and posted on our website (www.net1.com).

South African transaction-based activities

Segment revenue was $46.4 million in Q3 2012, down 2% compared with Q3 2011 in USD but up 10% on a constant currency basis. In ZAR, the increase in segment revenue was largely due to higher prepaid airtime sales resulting primarily from the Eason acquisition and increased transaction volumes in merchant acquiring and FIHRST. Revenue from our pension and welfare operations was relatively stable on a year-over-year basis. Segment operating income margin was 19% and 39%, respectively, and declined primarily due to implementation costs and cash bonuses paid, and the inclusion of increased low-margin prepaid airtime sales as well as Eason intangible asset amortization. Excluding amortization of acquisition-related intangibles, Q3 2012 segment operating income margin was 23%, compared to 42% during Q3 2011.

International transaction-based activities

KSNET continues to contribute the majority of our revenues in this operating segment. Revenue was $28.2 million in Q3 2012, up 14% compared with Q3 2011 in USD and 29% on a constant currency basis. Operating margin for the segment is lower than most of our South African transaction-based businesses and was negatively impacted by start-up expenditures related to our XeoHealth launch in the United States, MVC activities at Net1 UTA and on-going losses at Net1 Virtual Card, but these expenses were partially offset by revenue contributions from KSNET, and to a lesser extent from XeoHealth and NUETS’ initiative in Iraq. Segment operating income margin remained consistent at 1%. Excluding the amortization of intangibles but including the start-up costs referenced above, Q3 2012 operating income margin was 12% compared to 14% during Q3 2011.

Smart card accounts

Segment revenue was $7.6 million in Q3 2012, down 9% compared with Q3 2011 in USD but up 3% on a constant currency basis. Operating income margin remained consistent at 45%.

Financial services

UEPS-based lending contributes the majority of the revenue and operating income in this operating segment. We continue to incur start-up expenditures related to our SmartLife business and other financial services offerings. Segment revenue was $2.3 million in Q3 2012, up 5% compared with Q3 2011 in USD and 19% higher on a constant currency basis, principally due to an increase in lending activities. Q3 2012 segment operating income margin was 55% compared with 71% during Q3 2011 and decreased primarily due to start-up expenditures incurred by SmartLife.

Hardware, software and related technology sales

Segment revenue was $6.2 million in Q3 2012, down 40% compared with Q3 2011 in USD and 33% lower on a constant currency basis. The decrease in revenue and operating income was due to a lower contribution from all contributors to hardware and software sales. Excluding amortization of all intangibles, and the intangible asset impairment in Q3 2011, segment operating loss margin was 19% compared to and operating income margin of 1% during Q3 2011.

Cash flow and liquidity

At March 31, 2012, we had cash and cash equivalents of $88 million, down from $95 million at June 30, 2011. The decrease in cash was due to a strengthening in the USD against the ZAR, the repayment of principal under our KSNET debt and the acquisition of SmartLife and the Eason prepaid electricity and airtime business, offset by cash generated from operations and a net settlement received from the former shareholders of KSNET. For Q3 2012, we generated net cash of $22.0 million from operating activities, compared to $28 million in Q3 2011. Excluding the impact of interest paid under our Korean debt, the decrease in cash provided by operating activities resulted from timing of receipts of accounts receivable in our South African transaction-based activities operating segment and the payment of implementation costs and bonuses related to our recent SASSA award. Capital expenditures for Q3 2012 and 2011 were $14 million and $5.0 million, respectively, and have increased primarily due to acquisition of payment vehicles for of our new SASSA contract, payment processing terminals in Korea and POS devices to service our merchant acquiring system in South Africa.

Use of Non-GAAP Measures

US securities laws require that when we publish any non-GAAP measures, we disclose the reason for using the non-GAAP measure and provide reconciliation to the directly comparable GAAP measure. The presentation of fundamental net income and fundamental earnings per share and headline earnings per share are non-GAAP measures.

Fundamental net income and fundamental earnings per share

Fundamental net income and earnings per share is GAAP net income (loss) and earnings (loss) per share to adjusted for (1) the amortization of acquisition-related intangible assets (net of deferred taxes), (2) stock-based compensation charges and (3) unusual non-recurring items, including the effects of a change in South African tax law and the creation of a valuation allowance related to foreign tax credits, intangible asset impairments, amortization of KSNET debt facility fees and transaction-related costs. Management believes that the fundamental net income and earnings per share metric enhances its own evaluation, as well as an investor’s understanding, of our financial performance. Attachment B presents the reconciliation between GAAP and fundamental net income and earnings per share.

Headline earnings per share (“HEPS”)

The inclusion of HEPS in this press release is a requirement of our listing on the JSE. HEPS basic and diluted is calculated using net income which has been determined based on GAAP. Accordingly, this may differ to the headline earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.

HEPS basic and diluted is calculated as GAAP net income (loss) adjusted for the loss (profit) on sale of property, plant and equipment, net of related tax effects, the loss attributable to the sale of 10% of SmartLife, the profit on liquidation of SmartSwitch Nigeria and the impairment of intangible assets. Attachment C presents the reconciliation between our net income used to calculate earnings per share basic and diluted and HEPS basic and diluted.

Conference Call

We will host a conference call to review Q3 2012 results on May 11, 2012, at 8:00 Eastern Time. To participate in the call, dial 1-800-860-2442 (U.S. only), 1-866-605-3852 (Canada only), 0-800-917-7042 (U.K. only) or 0-800-200-648 (South Africa only) ten minutes prior to the start of the call. Callers should request “Net1 call” upon dial-in. The call will also be webcast on our homepage, www.net1.com. Please click on the webcast link at least ten minutes prior to the call. A webcast of the call will be available for replay on our website through June 4, 2012.

About Net1 (www.net1.com)

Net1 is a leading provider of alternative payment systems that leverage its Universal Electronic Payment System, or UEPS, 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. In addition to payments, UEPS can be used for banking, healthcare management, payroll, remittances, voting and identification.

Net1 operates market-leading payment processors in South Africa, 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 while its MediKredit and XeoHealth subsidiaries provide its proprietary 5010 and ICD-10 compliant real-time claims adjudication system.

Net1 has a primary listing on the Nasdaq and a secondary listing on the JSE Limited.

Forward-Looking Statements

This announcement contains forward-looking statements that involve known and unknown risks and uncertainties. A discussion of various factors that cause our actual results, levels of activity, performance or achievements to differ materially from those expressed in such forward-looking statements are included in our filings with the Securities and Exchange Commission. We undertake no obligation to revise any of these statements to reflect future events.

(1) – This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during Q3 2012 also prevailed during Q3 2011 and Q2 2012.

Nine months ended March 31, 2012 and 2011

(1) – This information shows what the change in these items would have been if the USD/ ZAR exchange rate that prevailed during year to date fiscal 2012 also prevailed during year to date fiscal 2011.

Net 1 UEPS Technologies, Inc.

Attachment B

Reconciliation of GAAP net income (loss) and earnings (loss) per share, basic, to fundamental net income and earnings per share, basic:

Three months ended March 31, 2012 and 2011

Nine months ended March 31, 2012 and 2011

Net 1 UEPS Technologies, Inc.

Attachment C

Reconciliation of net income (loss) used to calculate earnings (loss) per share basic and diluted and headline earnings per share basic and diluted:

Three months ended March 31, 2012 and 2011

Nine months ended March 31, 2012 and 2011