-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LC/a6hoXZB9fAD9tw/gOvZ8FghwuyT4e4uHxG9somGh3z2wHCGvuOctGV3xQgh4O
 I/V6y2McWhDGoa7qoi7+6Q==

<SEC-DOCUMENT>0000893750-04-000446.txt : 20040825
<SEC-HEADER>0000893750-04-000446.hdr.sgml : 20040825
<ACCEPTANCE-DATETIME>20040825154657
ACCESSION NUMBER:		0000893750-04-000446
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20040607
FILED AS OF DATE:		20040825
DATE AS OF CHANGE:		20040825

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Belamant Serge
		CENTRAL INDEX KEY:			0001301354

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-31203
		FILM NUMBER:		04996459

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		27113432000

	MAIL ADDRESS:	
		STREET 1:		4TH FLOOR, NORTH WING, PRESIDENT PLACE
		STREET 2:		CNR JAN SMUTS AVENUE, ROSEBANK
		CITY:			JOHANNESBURG
		STATE:			T3
		ZIP:			RSA

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NET 1 UEPS TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0001041514
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-BUSINESS SERVICES, NEC [7389]
		IRS NUMBER:				650903895
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0630

	BUSINESS ADDRESS:	
		STREET 1:		507-700 WEST PENDER ST
		STREET 2:		VANCOUVER BRITISH COLUMBIA
		CITY:			CANADA V6C 1G8
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		8887962233

	MAIL ADDRESS:	
		STREET 1:		507-700 WEST PENDER ST
		STREET 2:		VANCOUVER BRITISH COLUMBIA
		CITY:			CANADA V6C 1G8
		STATE:			A1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>serge_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-06-07</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001041514</issuerCik>
        <issuerName>NET 1 UEPS TECHNOLOGIES INC</issuerName>
        <issuerTradingSymbol>NUEP.OB</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001301354</rptOwnerCik>
            <rptOwnerName>Belamant Serge</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4TH FLOOR, NORTH WING, PRESIDENT PLACE</rptOwnerStreet1>
            <rptOwnerStreet2>CNR JAN SMUTS AVENUE, ROSEBANK</rptOwnerStreet2>
            <rptOwnerCity>JOHANNESBURG</rptOwnerCity>
            <rptOwnerState>T3</rptOwnerState>
            <rptOwnerZipCode>RSA</rptOwnerZipCode>
            <rptOwnerStateDescription>SOUTH AFRICA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chief Executive Officer</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Special Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F6"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-06-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>11593671</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2004-06-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-06-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11593671</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>11593671</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By the Aplitec Holdings Participation Trust</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Incentive Plan</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.0</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-06-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2000000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <value>2014-06-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2000000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2000000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Incentive Plan</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>0.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2004-06-07</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F5"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionTotalValue>
                    <value>500000</value>
                </transactionTotalValue>
                <transactionPricePerShare>
                    <footnoteId id="F6"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <value>2015-06-07</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock, par value $0.001 per share</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>500000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>500000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Dr. Belamant received the shares of Special Convertible Preferred Stock in exchange offer for shares of common stock of Net 1
Applied Technology Holdings Limited</footnote>
        <footnote id="F2">The shares of Special Convertible Preferred Stock are held by The Aplitec Holdings Participation Trust for the benefit of Dr.
Belamant and are convertible, on a one-for-one basis, into shares of common stock of Net 1 UEPS Technologies, Inc. at the
discretion of Dr. Belamant.</footnote>
        <footnote id="F3">The options are exercisable in five equal annual installments beginning on June 7, 2004.</footnote>
        <footnote id="F4">The options are exercisable in five equal annual installments beginning on June 7, 2005.</footnote>
        <footnote id="F5">The stock opton was granted in connection with the acquisition of Net 1 Applied Technologies South Africa Limited on June 7,
2004.</footnote>
        <footnote id="F6">None</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Serge Belamant</signatureName>
        <signatureDate>2004-08-16</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----