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UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.
20549

FORM 10-K /AAmendment No. 1

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2011

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the transition period from_______ to________

Commission file number: 000-31203

NET 1 UEPS TECHNOLOGIES,
INC.(Exact name of registrant as specified in its
charter)

|Florida                           | 98-0171860         
|--------------------------------- | -------------------
|(State or other jurisdiction      | (I.R.S. Employer   
|of incorporation or organization) | Identification No.)

President Place, 4thFloor, Cnr. Jan
Smuts Avenue and Bolton Road Rosebank, Johannesburg 2196, South
Africa(Address of principal executive offices)

Registrants telephone number, including area code:
27-11-343-2000

Securities registered pursuant to section 12(b) of the Act:

|Title of Each Class        | Name of Each Exchange on Which Registered
|-------------------------- | -----------------------------------------
|Common Stock,              |                                          
|par value $0.001 per share | NASDAQ Global Select Market              

Securities registered pursuant to section 12(g) of the
Act:None

Indicate by check mark if the registrant is a well-known
seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ]    No
[X]

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Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act. Yes [ ]    No
[X]

Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filings requirements for the past 90 days. Yes [X]    No [ ]

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (§232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the registrant was required to submit and post such files).
Yes [X]    No [ ]

Indicate by check mark if disclosure of delinquent filers
pursuant to Item 405 of Regulation S-K (§229.405) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [X]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer,
accelerated filer, and smaller reporting company in Rule 12b-2 of the
Exchange Act (Check one):

|[ ] Large accelerated filer                   | [X] Accelerated filer        
|--------------------------------------------- | -----------------------------
|                                              |                              
|[ ] Non-accelerated filer                     | [ ] Smaller reporting company
|(Do not check if a smaller reporting company) |                              

Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

The aggregate market value of the registrant's common stock held
by non-affiliates of the registrant as of December 31, 2010 (the last business
day of the registrants most recently completed second fiscal quarter), based
upon the closing price of the common stock as reported by The Nasdaq Global
Select Market on such date, was $408,272,810. This calculation does not reflect
a determination that persons are affiliates for any other purposes.

As of August 27,  2011, 45,152,805 shares of the registrants
common stock, par value $0.001 per share were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain portions of the definitive Proxy Statement for our 2011
Annual Meeting of Shareholders are incorporated by reference into Part III of
this Form 10-K.

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EXPLANATORY NOTE

This Amendment No. 1 on Form
10-K/A (Amendment No. 1) amends the Annual Report on Form 10-K of Net 1 UEPS
Technologies, Inc. (the Company, we or us) for the fiscal year ended June
30, 2011, as originally filed with the Securities and Exchange Commission
(SEC) on August 25, 2011 (the Original Filing). This Amendment No. 1 is
being filed solely to revise Item 15 of the Original Filing to include an
additional material agreement as Exhibit 10.20.

This Form 10-K/A has not been
updated to reflect other events occurring after the Original Filing or to modify
or update those disclosures affected by subsequent events. In addition, pursuant
to the rules of the SEC, Item 15 of the Original Filing has also been amended to
contain currently dated certifications from the Companys Chief Executive
Officer and Chief Financial Officer, as required by Sections 302 and 906 of the
Sarbanes-Oxley Act of 2002, and is attached as Exhibits 31.1, 31.2, and 32 to
this report.

Except for the foregoing amended
information, this Form 10-K/A continues to speak as of the date of the Original
Filing, and the Company has not updated the disclosures contained herein to
reflect events that occurred at a later date. Other events occurring after the
filings of the Original Filing or other disclosures necessary to reflect
subsequent events will be addressed in any reports filed with the SEC subsequent
to this filing.

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PART IV

ITEM 15. EXHIBITS and FINANCIAL STATEMENT SCHEDULES

|a) | The following documents are filed as part of this report
      1. Financial Statements               
|-- | -----------------------------------------------------------------------------------------------------
|   |                                                                                                      
|   | The following financial statements are included on pages
    F-1 through F-51 to the Original Filing.

|Report of the Independent Registered Public
      Accounting Firm  Deloitte & Touche (South Africa)          | F-2 
|------------------------------------------------------------------------------------------------------------- | ----
|Consolidated balance sheets as of June 30, 2011 and 2010                                                      | F-3 
|Consolidated statements of operations for
      the years ended June 30, 2011, 2010 and 2009                  | F-4 
|Consolidated statements of changes in equity for the years
      ended June 30, 2011, 2010 and 2009           | F-5 
|Consolidated statements of comprehensive
      income (loss) for the years ended June 30, 2011, 2010 and 2009 | F-7 
|Consolidated statements of cash flows for the years ended
      June 30, 2011, 2010 and 2009                  | F-9 
|Notes to the consolidated financial
      statements                                                          | F-10

2. Financial Statement Schedules

Financial statement schedules have been
omitted since they are either not required, not applicable, or the information
is otherwise included.

|(b) | Exhibits
|--- | --------

|        |  |                                                                                                                                                                            |  |          |  | Incorporated by Reference Herein
|------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- |  | --------------------------------
|Exhibit |  |                                                                                                                                                                            |  | Included |  |                                 
|No.     |  | Description of Exhibit                                                                                                                                                     |  | Herewith |  | Form                            
|        |  |                                                                                                                                                                            |  |          |  |                                 
|3.1     |  | Amended and Restated Articles of Incorporation                                                                                                                             |  |          |  | 8-K                             
|3.2     |  | Amended and Restated By-Laws of Net 1 UEPS Technologies,
      Inc.                                                                                                        |  |          |  | 8-K                             
|4.1     |  | Form of common stock certificate                                                                                                                                           |  |          |  | S-1                             
|10.1    |  | Distribution Agreement, dated July 1, 2002, between Net 1
    UEPS Technologies, Inc. and Net 1 Investment Holdings (Pty) Limited                                          |  |          |  | S-4                             
|10.2    |  | Patent and Technology Agreement, dated June 19, 2000, by
    and between Net 1 Holdings S.a.r.1. and Net 1 UEPS Technologies, Inc.                                         |  |          |  | S-4                             
|10.3    |  | Technology License Agreement between Net 1 Investment
      Holdings (Proprietary) Limited and Visa International Service Association                                      |  |          |  | S-1                             
|10.4    |  | Product License Agreement between Net 1 Holdings S.a.r.1.
      and Net 1 Operations S.a.r.1.                                                                              |  |          |  | S-4/A                           
|10.5    |  | Non Exclusive UEPS License Agreement between Net 1
      Investment Holdings (Proprietary) Limited and SIA Netcards                                                        |  |          |  | S-4/A                           
|10.6    |  | Assignment of Copyright and License of Patents and Trade
      Marks between MetroLink (Proprietary) Limited and Net 1 Products
      (Proprietary) Limited                |  |          |  | S-1                             
|10.7    |  | Agreement between Nedcor Bank Limited and Net 1 Products
      (Proprietary) Limited                                                                                       |  |          |  | S-1/A                           
|10.8    |  | Patent and Technology Agreement by and among Net 1
      Investment Holdings (Proprietary) Limited, Net 1 Applied Technology
      Holding Limited and Nedcor Bank Limited |  |          |  | S-1                             

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|10.9   |  | Patent and Technology Agreement by and among
      Net 1 Holdings S.a.r.1., Net 1 Applied Technology Holdings Limited and
      Nedcor Bank Limited                                                                                                                                                                                                    |  |   |  | S-1/A |  | 10.19 |  | July 19, 2005     
|------ |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |  | - |  | ----- |  | ----- |  | ------------------
|10.10  |  | Agreement by and among Nedbank Limited, Net 1
      UEPS Technologies, Inc., and Net 1 Applied Technologies South Africa
      Limited                                                                                                                                                                                                                 |  |   |  | S-1/A |  | 10.20 |  | July 19, 2005     
|10.11  |  | Banking Facility between Nedbank Limited and
      Net 1 Applied Technologies South Africa Limited dated as of April 30, 2010                                                                                                                                                                                                                          |  |   |  | 10-K  |  | 10.13 |  | August 26, 2010   
|10.12* |  | Amended and Restated Stock Incentive Plan of
      Net 1 UEPS Technologies, Inc.                                                                                                                                                                                                                                                                       |  |   |  | 14A   |  | A     |  | October 28, 2009  
|10.13* |  | Form of Restricted Stock Agreement (employees)                                                                                                                                                                                                                                                                                                         |  |   |  | 10-K  |  | 10.40 |  | August 29, 2007   
|10.14* |  | Form of Stock Option Agreement, under Amended
      and Restated Stock Incentive Plan                                                                                                                                                                                                                                                                  |  |   |  | 10-Q  |  | 10.48 |  | November 6, 2008  
|10.15* |  | Form of Restricted Stock Agreement (non-
    employee directors)                                                                                                                                                                                                                                                                                       |  |   |  | 10-K  |  | 10.15 |  | August 25, 2011   
|10.16  |  | Share Purchase Agreement, dated as of September
      14, 2010, by and among Net 1 UEPS Technologies, Inc., Payment Services
      Asia LLC and H&Q NPS Van Investment, Ltd.                                                                                                                                                                           |  |   |  | 8-K   |  | 2.1   |  | September 17, 2010
|10.17  |  | Senior Facilities Agreement dated October 29,
      2010, between Net 1 Applied Technologies Korea, as borrower, Hana Daetoo
      Securities Co., Ltd., as mandated lead arranger, Shinhan Bank and Woori
      Bank, as co-arrangers, the financial institutions listed therein as
      original lenders and Hana Bank, as agent and security agent |  |   |  | 8-K   |  | 10.51 |  | November 3, 2010  
|10.18 |  | Service Level Agreement, dated as of August 24,
      2010, between the South African Social Security Agency and Cash Paymaster
      Services (Pty) Limited                                                                                                                                                                                           |  |   |  | 10-Q  |  | 10.52 |  | November 9, 2010  
|10.19  |  | Employment agreement dated September 17, 2010
      between KSNET, Inc. and Phil-Hyun Oh                                                                                                                                                                                                                                                               |  |   |  | 10-K  |  | 10.19 |  | August 25, 2011   
|10.20  |  | Lease Agreement between Net 1 Applied
      Technologies South Africa Limited and Siyathenga Properties One (Pty) Ltd
      (unsigned but the Company and lessor have been operating under the terms
    of this agreement despite lack of execution)                                                                                                  |  | X |  |       |  |       |  |                   
|14     |  | Amended and Restated Code of Ethics                                                                                                                                                                                                                                                                                                                    |  |   |  | 8-K   |  | 14    |  | August 27, 2009   
|21     |  | Subsidiaries of Registrant                                                                                                                                                                                                                                                                                                                             |  |   |  | 10-K  |  | 21    |  | August 25, 2011   
|23     |  | Consent of Independent Registered Public
      Accounting Firm                                                                                                                                                                                                                                                                                         |  |   |  | 10-K  |  | 23    |  | August 25, 2011   
|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                                                                                                                                                                                               |  | X |  |       |  |       |  |                   
|31.2   |  | Certification of Principal Financial Officer
      pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange
      Act of 1934, as amended                                                                                                                                                                                               |  | X |  |       |  |       |  |                   
|32     |  | Certification pursuant to 18 USC Section 1350                                                                                                                                                                                                                                                                                                          |  | X |  |       |  |       |  |                   

 Confidential treatment has been granted for certain portions
of this Exhibit pursuant to Rule 24b-2 of the Exchange Act, and thus, such
portions have been omitted.* Indicates a management contract or compensatory
plan or arrangement.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned, thereunto duly authorized.

NET 1 UEPS TECHNOLOGIES, INC.

By: /s/ Serge C.P. Belamant

Serge C.P. Belamant Chief Executive
Officer, Chairman of the Board and Director

Date: April 3, 2012

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