Activity Description: Net1 is a provider of smart card technologies and systems that create a secure and affordable transacting channel between formal businesses and the “un-banked” and “under-banked” populations of developing countries who have no or limited access to traditional banking facilities.

Net1 has developed the UEPS (Universal Electronic Payment System) that makes use of their patented FTS (Funds Transfer System) methodology to provide a fully integrated payment, switching and settlement system suitable for multiple applications and services, meeting the requirements of the un-banked and under-banked populations.

Given the lack of a payment system addressing the needs of the un-banked and the under-banked populations, Net1 founded the company with the mission to provide a secure, universal and affordable transacting system, utilizing existing infrastructure within the financial services industry, which enables people, regardless of income, to have access to goods and services that were previously unattainable.