Exhibit C



28 May 2004

Serge Belamant
Chairman

Net 1 UEPS Technologies Inc.
Suite 325 - 744 West Hastings Street
Vancouver
British Columbia
Canada

V6C 1A5

Dear Serge

BRAIT GROUP OPTION

On 30 April 2003, Net 1 UEPS Technologies Inc. ("Net 1") formally retained an
affiliate of the Brait Group as its financial advisor to develop the structure
and implementation of a possible acquisition of Net 1 Applied Technology
Holdings Limited ("Aplitec"), including the raising of the funds necessary to
finance such an acquisition. The agreement (and subsequent amendments) between
the Brait Group and Net 1 provides that in exchange for the Brait Group's
services, it will receive a fee based on the percentage of capital raised to
finance the Aplitec acquisition, in addition to a fee for corporate finance
services. In lieu of receiving a cash payment, the Brait Group has the option of
receiving part of its fee in the form of shares of Net 1 common stock calculated
at a price of US$0.50 per share up to a maximum of 5 million shares.

The Brait Group, through Brait International Limited, will be exercising this
option upon completion of the transactions which is anticipated to take place on
7 June 2004. Brait International Limited hereby elects to receive US$ 2.5
million receivable from NUEP in lieu of the capital raising fee, in the form of
5 million shares of Net 1 common stock at a price of US$0.50 per share.

Yours faithfully

Dhanraj Boodhoo
Director


(BRAIT LETTERHEAD)