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EXHIBIT 21

SUBSIDIARIES OF REGISTRANT

The
following is a list of subsidiaries of the Company as of June 30, 2009, omitting
subsidiaries which, considered in the aggregate, would not constitute a
significant subsidiary.

|NAME                                                              | WHERE ORGANIZED         
|----------------------------------------------------------------- | ------------------------
|                                                                  |                         
|Net1 Applied Technologies South Africa
      Limited              | Republic of South Africa
|                                                                  |                         
|Net1 Universal Electronic Technological
      Solutions (Pty) Ltd | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Service (Pty) Limited                              | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Services (Eastern Cape)
      (Pty) Limited        | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Services (Northern) (Pty)
      Limited            | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Services (KwaZulu Natal)
      (Pty) Limited       | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Services (Northern Cape)
      (Pty) Limited       | Republic of South Africa
|                                                                  |                         
|Cash Paymaster Services (North West) (Pty)
      Limited          | Republic of South Africa
|                                                                  |                         
|Net1 Finance Holdings (Pty) Limited                               | Republic of South Africa
|                                                                  |                         
|Moneyline Financial Services (Pty) Limited                        | Republic of South Africa
|                                                                  |                         
|Prism Holdings Limited                                            | Republic of South Africa
|                                                                  |                         
|Prism Payment Technologies (Pty) Limited                          | Republic of South Africa
|                                                                  |                         
|EasyPay (Pty) Ltd                                                 | Republic of South Africa
|                                                                  |                         
|SmartSwitch Netherlands CV                                        | Netherlands             
|                                                                  |                         
|Net1 Applied Technologies Netherlands BV                          | Netherlands             
|                                                                  |                         
|Net1 Applied Technologies Austria GmbH                            | Austria                 
|                                                                  |                         
|BGS Smartcard Systems A.G.                                        | Austria                 
|                                                                  |                         
|OOO BGS Smartcard Systems                                         | Russian Federation      
|                                                                  |                         
|OOO Smart                                                         | Russian Federation      
|                                                                  |                         
|NUEP Holdings S.a.r.l.                                            | Luxembourg              
|                                                                  |                         
|SmartSwitch Nigeria Limited                                       | Federation of Nigeria   

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