8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 3, 2005

NET 1 U.E.P.S. TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

Florida	000-31203	65-0903895
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

President Place, 4^th Floor, Cnr. Jan Smuts and Bolton Avenue
Rosebank, Johannesburg, South Africa
(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code:    011-27-11-343-2001

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a -4(c))

Item 5.02 (d) Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers

(1) Effective January 31, 2005, the Net 1 U.E.P.S. Technologies, Inc. Board of Directors appointed Mr. C. S. Seabrooke as a Non-Executive Director of the Company.

(2) None.

(3) Mr. Seabrooke will chair the audit committee.

(4) None.

Item 9.01 Financial Statements and Exhibits

c) Exhibits

99.1 Press release on February 3, 2005 - Net1 UEPS Technologies, Inc Announces appointment of Christopher Seabrooke as Non-Executive Director.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NET 1 U.E.P.S. TECHNOLOGIES, INC.
	(Registrant)
	By: /s/ Serge Belamant
	Serge Belamant, Chief Executive Officer
Date: February 3, 2005

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release on February 3, 2005 - Net1 UEPS Technologies, Inc Announces appointment of Christopher Seabrooke as Non-Executive Director.

EX-99

NET 1 UEPS TECHNOLOGIES INC.
4^th Floor, North Wing
President Place, Cnr. Jan Smuts Avenue and Bolton Road
Rosebank, Johannesburg, South Africa
Tel: 011-27-11-343-2000 Fax: 011-27-11-880-7080
Symbol: NUEP

FOR IMMEDIATE RELEASE:

February 4, 2005 -- Net1 UEPS Technologies, Inc. Announces appointment of Christopher Seabrooke as a Non-Executive Director

Net 1 UEPS Technologies, Inc. (OTCBB:NUEP) announced today that it has appointed Mr. Christopher Stefan Seabrooke to its Board of Directors as a non-executive director. Mr. Seabrooke will be serving as the chairman of the Audit Committee. The appointment increases the size of the board to 5 members.

Mr. Seabrooke is the Chief Executive of Sabvest Limited, an investment and finance group listed on the JSE Securities Exchange in South Africa.

Mr. Seabrooke also serves on the following boards of other JSE listed companies:

• Non-executive Chairman: Massmart Holdings Limited, a South African based group of consumer retail and wholesale chains;
   
• Non-executive Chairman: MGX Holdings Limited, a South African information technology company;
   
• Datatec Limited, an international information technology company with major distribution and service operations in the USA, UK and Europe;
   
• Primedia Limited, a South African based media and entertainment group;
   
• Setpoint Technology Holdings Limited, a South African industrial technology and distribution group.

Mr. Seabrooke has over the years served on 20 boards of listed companies and has just completed his term of office as Chairman of the South African State Theatre.

He has degrees in Economics and Accounting from the University of Natal and an M.B.A from the University of the Witwatersrand.

About Net1 (www.net1ueps.com)
Net1 is a provider of 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 Universal Electronic Payment System (“UEPS”) that utilizes smart card technology 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. The company, through its subsidiaries, employs the UEPS to add efficiency to a myriad of commercial activities that involve banking and payment systems, money transfers and other electronic data applications. The company’s payment system enables its customers to effect transactions “off-line” in underdeveloped areas where traditional financial institutions and their services have limited penetration or are otherwise unavailable due to the lack of, or limited branch, Automated Teller Machines (or “ATM”), Point Of Sale, support and communications infrastructures.

Contact William Espley at Net1 Investor Relations at:

Telephone:	(604) 484-8750
Toll Free:	1-866-412-NET1 (6381)