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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, 2006;

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 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 29, 2006 | /s/ Serge Belamant         
|--------------------- | ---------------------------
|                      | Serge Belamant             
|                      | Principal executive officer

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