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Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO
RULES 13A-14(A) AND 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS
AMENDED

I, Serge Belamant, certify that:

1. I have reviewed this annual report on Form 10-K of Net 1
UEPS Technologies, Inc. (Net1) for the year ended June 30, 2010;

2. Based on my knowledge, this report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
report;

3. Based on my knowledge, the financial statements, and other
financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of Net1
as of, and for, the periods presented in this report;

4. Net1s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for Net1
and we have:

(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to Net1, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of Net1s disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in Net1s internal control
over financial reporting that occurred during Net1s most recent fiscal quarter
(Net1s fourth fiscal quarter in the case of an annual report) that has
materially affected, or is reasonably likely to materially affect, Net1s
internal control over financial reporting; and

5. Net1s other certifying officer and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to
Net1s auditors and the Audit Committee of Net1s Board of Directors (or persons
performing the equivalent functions):

(a)
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect Net1s ability to record, process, summarize and report
financial information; and

(b)
Any fraud, whether or not material, that involves management or other employees
who have a significant role in Net1s internal control over financial reporting.

|Date: August 26, 2010 | /s/ Serge Belamant         
|--------------------- | ---------------------------
|                      | Serge Belamant             
|                      | Principal executive officer

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