Net 1 UEPS Technologies, Inc. - Exhibit 12.1

		Year ended June 30,
		2014		2013		2012		2011		2010
		(in thousands, except for ratio of earnings to fixed charges)

Fixed charges
Interest expensed and capitalized	$	7,473	$	7,966	$	9,345	$	8,672	$	1,047
Amortized premiums, discounts and capitalized expenses related to indebtedness						-		-		-
Estimate of the interest within rental expense		709		1,430		678		628		472
Preference security dividend requirements of consolidated subsidiaries		-		-		-		-		-

Fixed charges		8,182		9,396		10,023		9,300		1,519

Earnings
Add		117,324		36,675		70,404		45,710		80,399
Pretax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees		109,142		27,279		60,381		36,410		78,880
Fixed charges		8,182		9,396		10,023		9,300		1,519
Amortization of capitalized interest		-		-		-		-		-
Distributed income of equity investees		-		-		-		-		-
Your share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges		-		-		-		-		-

Less		-		-		-
Interest capitalized						-		-		-
Preference security dividend requirements of consolidated subsidiaries						-		-		-
Non-controlling interest in pre-tax income of subsidiaries that have not incurred fixed charges						-		-		-

Earnings	$	117,324	$	36,675	$	70,404	$	45,710	$	80,399

Ratio of earnings to fixed charges		14.34		3.90		7.02		4.92		52.93