---

EXHIBIT 21

SUBSIDIARIES OF REGISTRANT

The following is a list of subsidiaries of the Net 1 UEPS
Technologies, Inc. as of June 30, 2008:

|NAME                                                        | WHERE ORGANIZED               
|----------------------------------------------------------- | ------------------------------
|                                                            |                               
|Net1 Applied Technologies South Africa
      Limited        | 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
|                                                            |                               
|Cash Paymaster Services (Gauteng) (Pty)
      Limited       | Republic of South
      Africa
|                                                            |                               
|Net1 Finance Holdings (Pty) Limited                         | Republic of South
      Africa
|                                                            |                               
|Moneyline Financial Services (Pty) Limited                  | Republic of South
      Africa
|                                                            |                               
|New World Finance (Pty) Limited                             | Republic of South
      Africa
|                                                            |                               
|Friedland 035 Investments (Pty) Limited                     | Republic of South
      Africa
|                                                            |                               
|Siyeza Security Services (Pty) Limited                      | Republic of South
      Africa
|                                                            |                               
|Sinqobile Security Services (Gauteng) (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 Nigeria Limited                                 | Federation of
      Nigeria   
|                                                            |                               
|NUEP Holdings S.a.r.l.                                      | Luxembourg                    

---