Document:

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                                                                   EXHIBIT 10.13
                          PROVINCE OF THE EASTERN CAPE

                        DEPARTMENT OF SOCIAL DEVELOPMENT

                                     [LOGO]

                          OUTSOURCING OF THE PAYMENT OF
                             SOCIAL SECURITY GRANTS

                             Service Level Agreement
                                       CPS

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                     HEADING                                    PAGE
<S>                                                             <C>
1.  Introduction                                                  3
2.  Parties                                                       3
3.  Definitions                                                   3
4.  Record                                                        5
5.  Compatibility of two payment systems                          5
6.  Interface with HANIS project                                  6
7.  Duties of the service provider                                6
8.  Training                                                     18
9.  Communication plan                                           19
10. Information                                                  20
11. Financial                                                    21
12. Monthly / daily reconciliation with SOCPEN                   25
13. Implementation                                               25
14. Affirmative action & other economic empowerment plans        25
15. Service provider remuneration                                26
16. Electronic payment system                                    28
17. Sub contractors / partners in consortium                     28
18. Customer Satisfaction                                        28
19. Phasing out of contract                                      29
20. Adjustments                                                  29
21. Contract regulation and management                           29
22. Force Majeure                                                34
23. Determination of disputes                                    34
24. Variation / Modification / Waiver                            37
25. Waiver of rights                                             37
26. Domicilia citandi et executandi                              38
</TABLE>

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1.    INTRODUCTION

The principles, philosophies and objectives governing the granting of and the
regulation of this service are set out in this agreement. The Agreement serves
as the framework of the rights and obligations which will be reflected as
substantive provisions in the agreement. Should any matter of a material
importance to the performance and implementation of the service have been
omitted from this Agreement, the Department of Social Development, Eastern Cape
Province, and the Service Provider shall in good faith consider any additional
clauses and/or amendments and reduce same in writing.

2.    PARTIES

The parties to this agreement are:

2.1   DEPARTMENT OF SOCIAL DEVELOPMENT
      PROVINCE OF THE EASTERN CAPE

      And

2.2   CPS EASTERN CAPE (PTY) LTD
      4TH FLOOR
      PRESIDENT PLACE
      ROSEBANK
      JOHANNESBURG

3.    DEFINITIONS

IN THIS AGREEMENT, UNLESS THE CONTEXT OTHERWISE INDICATES, THE WORDS AND
EXPRESSIONS SET FORTH BELOW SHALL BEAR THE MEANINGS AS DEFINED. IT MUST BE NOTED
THAT IN THIS DOCUMENT:

-     reference to any one gender shall include the other gender

-     a natural person includes an artificial person and vice versa

-     the singular includes the plural and vice versa

BENEFICIARIES / APPLICANTS   Any person to whom social assistance is rendered
                             under the Social Assistance Act, 1992, as
                             amended

COMMUNITY                    People who ordinarily reside in the Province of the
                             Eastern Cape

DEPARTMENT                   The Department of Social Development in the
                             Administration of the Eastern Cape Government

ENROLMENT                    Electronic registration process of the
                             identifying details, composing of fingerprints,
                             capturing of a digital photo and issuing of a
                             pension data card to each beneficiary in the
                             Province of the Eastern Cape

HANIS                        Home Affairs National Identification System

IDENTITY DOCUMENT            A beneficiary shall be identified at enrolment
                             by using

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                             his/her 13 Digit bar-coded RSA identity document

IMPLEMENTATION TIMETABLE     The implementation plan as mutually agreed upon
                             by the Department and the Service Provider, in
                             accordance with the specifications set in the
                             Tender Document

IDENTIFICATION               13 digit bar-coded RSA Identity Document shall
                             be used

MANAGEMENT COMMITTEE         The team that shall represent the Department and
                             the Service Provider

PAYMENT MONTH                A calendar month

PAY POINTS                   Designated venues at which the payment of grants
                             may be undertaken. These may be:
                             Mobile - payment equipment mounted in vehicles,
                             adapted to the terrain
                             Fixed - ATM type services for payment at mutually
                             agreed upon venues
                             Portable - payment equipment which is easily
                             transportable, and which can be used in a
                             variety of venues
                             The list of pay points is attached to this Service
                             Level Agreement/Contract as Annexure A

PROVINCE                     The province of the Eastern Cape

SECURITY SERVICES            The security services (both cash in transit and
                             guarding) that shall be provided to the Service
                             Provider in terms of the agreement contained in
                             the tender documents

SERVICE PROVIDER CPS         Eastern Cape (Pty) Ltd

SITA                         State Information Technology Agency

SOCPEN                       Government's computerised social assistance grant
                             system

SOCPEN SCHEDULE              Schedules detailing cut-off dates for
                             interaction with SOCPEN, as agreed upon by
                             National Department and the Provinces

SYSTEM                       The adapted automated applications system that
                             shall be used to enrol and render payments to
                             beneficiaries, which shall be interfaced with
                             SOCPEN

TENDER DOCUMENT              The tender as proposed to the Province by the
                             Service Provider for rendering a comprehensive
                             enrolment, payment and communication service to
                             the beneficiaries in the province of Eastern
                             Cape

VERIFICATION                 The verification of each beneficiary at payment
                             by using the technology to verify the
                             relationship between the beneficiary and their
                             fingerprints captured previously during
                             enrolment.

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4.    RECORD

The SERVICE PROVIDER submitted a tender to the PROVINCE, which was accepted by
the PROVINCE on 11 DECEMBER 2001. The contract was signed on 22 August 2002, and
is valid for a 3 year period, commencing 1 November 2002, with provision for an
extension for a further 2 years, if mutually agreed to.

THE PROVISIONS AS SET OUT IN THE TENDER DOCUMENT SHALL BE SUPPLEMENTARY TO THIS
DOCUMENT IN ALL RESPECTS. ANY CHANGES TO THE PROCEDURE AS SET OUT IN THE TENDER
DOCUMENT SHALL BE MUTUALLY NEGOTIATED AND AGREED TO. NO CHANGES TO ANY AGREEMENT
CONTAINED IN THE TENDER DOCUMENT SHALL BE MUTUALLY NEGOTIATED AND AGREED TO. NO
CHANGES TO ANY AGREEMENT CONTAINED IN THE TENDER DOCUMENT OR THIS AGREEMENT
SHALL BE BINDING UNLESS REDUCED TO WRITING.

5.    COMPATIBILITY OF TWO PAYMENT SYSTEMS

5.1   Although two SERVICE PROVIDERS have been appointed to render pension
      payment services in the PROVINCE each system should have a list of
      beneficiaries falling under its area of operation as clearly stated
      underneath:

5.1.1       A BENEFICIARY must withdraw his / her money from the SERVICE
            PROVIDER allocated to his/her area,

5.1.2       The SERVICE PROVIDER must ensure that the same BENEFICIARY is not
            enrolled and paid by another SERVICE PROVIDER. This will be achieved
            be each SERVICE PROVIDER submitting a data file of all beneficiaries
            enrolled on a monthly basis.

5.1.3       A BENEFICIARY must not be able to withdraw money from the first
            SERVICE PROVIDER and then also withdraw money from the second
            SERVICE PROVIDER with the same pension data card,

5.1.4       A new pension data card should be manufactured and issued when a
            BENEFICIARY moves from one SERVICE PROVIDER to the other SERVICE
            PROVIDER,(THE DEPARTMENT WILL PAY FOR THE 1ST REPLACEMENT ONLY, THE
            BENEFICIARY SHALL PAY FOR FURTHER REPLACEMENT CARDS).

5.1.5       The design of pension data cards of both SERVICE PROVIDERS shall be
            approved by the Department,

5.1.6       Both SERVICE PROVIDERS shall use the same biometric identification
            method,

5.1.7       Only one on-line reporting system must be developed by each SERVICE
            PROVIDER from which reports can be obtained by the DEPARTMENT when
            needed.

6.    INTERFACE WITH THE HANIS PROJECT

6.1   In order to interface with the HANIS project in future, the SERVICE
      PROVIDER must take note of the following information:

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6.2   The SERVICE PROVIDER should take cognizance of HANIS, specifically the
      smart ID card project currently being undertaken by the Department of Home
      Affairs.

6.3   The SERVICE PROVIDER must take cognisance and be aligned with the
      development of the South African Government's standards for biometrics
      fingerprints, when approved and finalised. When these standards have been
      finalised, the level of inclusion and impact on the SLA shall be evaluated
      and negotiated.

7.    DUTIES OF THE SERVICE PROVIDER

7.1   THE SERVICE PROVIDER SHALL RENDER THE FOLLOWING SERVICES:

7.1.1       ENROLMENT of all BENEFICIARIES and their nominated procurators
            (including those paid via ACB and Post Office) in the PROVINCE of
            the Eastern Cape;

7.1.2       Payment of all BENEFICIARIES or their duly nominated procurators
            electing to receive their payment in cash;

7.1.3       Dissemination of information to the BENEFICIARIES as and when
            requested by the DEPARTMENT; as per the SOPCEN message field.

7.2   IN ORDER TO RENDER THESE SERVICES, THE FOLLOWING WILL APPLY IN RESPECT OF:

      ENROLMENT

7.2.1       In respect of ENROLMENTS the SERVICE PROVIDER shall be responsible
            for:

7.2.1.1           The identification and obtaining of ENROLMENT sites, in
                  addition to the enrolment sites already identified by the
                  Department for cheque payments.

7.2.1.2           Consultation with the DEPARTMENT to confirm and approve the
                  identified sites,

7.2.1.3           The ENROLMENT of BENEFICIARIES AUTHORISED BY THE DEPARTMENT.

7.2.2       The ENROLMENT process must consist out of the following minimum
            steps:

7.2.2.1           The capturing of the four (4) fingers with the best minutiae
                  of the BENEFICIARY,

7.2.2.2           The capturing of the four (4) fingers with the best minutiae
                  of the BENEFICIARY and of the Procurator when applicable, and

7.2.2.3           Capturing of a Digital Photograph.

7.2.3       The ENROLMENT of BENEFICIARIES requires the Service Provider to
            validate/verify the BENEFICIARY'S identity based on a beneficiary's
            13 digit valid bar coded South African Identity Document and
            photograph to be produced for each BENEFICIARY, in an accurate and
            reliable manner.

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7.2.4       The ENROLMENT of BENEFICIARIES shall be evidenced by the production
            of complete lists (available electronically in a database format and
            also in hard copy format) of BENEFICIARIES enrolled by pay point.
            The database information shall provide a query and interrogation
            facility by any field within the database. The lists of enrolled
            beneficiaries will be reconciled to the BENEFICIARY payment files
            made available to the SERVICE PROVIDER by the DEPARTMENT at the
            commencement of the contract or any revised list supplied
            subsequently.

7.2.5       The ENROLMENT process shall contribute positively to minimising the
            risk of fraud and corruption.

7.2.6       The SERVICE PROVIDER shall ensure that a BENEFICIARY with the same
            ID Number is not ENROLLED more than once by the same Service
            Provider. A procedure for detection of duplicate enrolments due to
            fraudulent, multiple IDENTIFICATION NUMBERS shall be negotiated and
            established. Once the HANIS system is functional, a cold search of
            suspected duplicated fingerprints will be done as and when required.
            The cost of the cold search shall be for the account of the
            Department.

7.2.7       The ENROLMENT process shall consist of both the initial bulk
            ENROLMENTS (the immediate ENROLMENT of all BENEFICIARIES and their
            elected procurators onto the new payment system) and on-going
            enrolments throughout the contract period (the continued ENROLMENT
            of new BENEFICIARIES in the PROVINCE).

BULK ENROLMENT

7.2.7.1           This will take place according to an implementation timetable
                  as agreed upon by the DEPARTMENT and the SERVICE PROVIDER,
                  which is attached to this agreement as Annexure B. Bulk
                  ENROLMENT is to take place with the least disruption to the
                  payment process and the least inconvenience to the
                  BENEFICIARY.

Bulk Enrolment - Cheque Payments

7.2.7.1.1         Enrolment is to take place at least at the payment sites for
                  all current cheque payment methods. The BENEFICIARY shall be
                  enrolled before receiving his / her payment.

Bulk Enrolment: Post Office Payments

7.2.7.1.2         ENROLMENT of current BENEFICIARIES paid through the Post
                  Office shall take place in accordance with a timetable and at
                  venues as mutually agreed upon.

Bulk Enrolments: ACB Payments

7.2.7.1.3         Bulk ENROLMENTS of current ACB cases shall take place in
                  accordance with a timetable and at venues as mutually agreed
                  upon. Individual letters will be sent by the DEPARTMENT to
                  every BENEFICIARY to advise them of the ENROLMENT venue and
                  date. The DEPARTMENT will devise a management plan to deal
                  with those

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                  BENEFICIARIES who do not respond to this communication and
                  whose grants need to be suspended. No pension card shall be
                  issued for ACB beneficiaries.

Bulk Enrolments: Institution Payments

7.2.7.1.4         Bulk ENROLMENT of institution cases will be done at the
                  institutions, in accordance with a timetable as mutually
                  agreed upon.

Bulk Enrolment: Bed-Ridden Beneficiary

7.2.7.1.5         ENROLMENT of BENEFICIARIES who are bed-ridden, together with
                  their procurators, shall have to be undertaken in their homes,
                  in accordance with a programme as mutually agreed upon. The
                  DEPARTMENT shall advise the SERVICE PROVIDER of identified
                  cases.

ENROLMENT OF NEW APPLICANTS (ONGOING)

7.2.7.2           Ongoing ENROLMENTS shall take place at venues and dates as
                  agreed upon between the DEPARTMENT and SERVICE PROVIDER for
                  the duration of the contract period.

7.2.7.3           The ENROLMENT of bed-ridden BENEFICIARIES in their homes and
                  institutional BENEFICIARIES will have to take place for the
                  duration of the contract.

THE DEPARTMENT SHALL:

7.2.8       Assist the SERVICE PROVIDER with the execution of a communication
            plan for the ENROLMENT of BENEFICIARIES,

7.2.9       Update the SOCPEN system with data that shall enhance the ENROLMENT
            process such as:

7.2.10      Capturing of information of the procurators appointed by
            BENEFICIARIES, and

7.2.11      Allocating codes to future pay-points before commencement of
            ENROLMENT at a specific venue, and

7.2.12      Provide a help desk facility at each paypoint.

7.3   PAYMENT RELATED OPERATIONAL REQUIREMENTS

PAY POINTS

7.3.1       With the phasing in of the new system, payment shall take place at
            existing Pay points for the first 3 months.

7.3.2       The SERVICE PROVIDER in conjunction with the DEPARTMENT shall, where
            necessary, acquire convenient and suitable payment facilities from
            where BENEFICIARIES will be paid.

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7.3.3       The creation or change of any PAY POINTS shall only be considered
            after full consultation between the affected COMMUNITY, the SERVICE
            PROVIDER and the DEPARTMENT, which retains the right of final
            approval.

7.3.4       As far as possible PAY POINTS should be located in community halls
            or other similar facilities as may be agreed between the DEPARTMENT
            and the SERVICE PROVIDER.

7.3.5       The SERVICE PROVIDER should notify the DEPARTMENT, who shall make
            the final decision, where BENEFICIARIES are to be moved between pay
            points.

7.3.6       PAY POINTS should be accessible to all frail and disabled
            BENEFICIARIES.

7.3.7       Where practically possible and financially cost effective a pay
            point must not service more than 1 000 BENEFICIARIES per day.

7.3.8       The scheduling of BENEFICIARIES and equipment must take into account
            the capacity of venues available at PAY POINTS to prevent as far as
            possible overcrowding and unacceptable queues.

7.3.9       A BENEFICIARY should not be in a queue for more than two (2) hours
            during the specified payment hours.

7.3.10      The distance that a BENEFICIARY needs to travel to get to a pay
            point should not exceed 20 km. This will be jointly determined by
            the DEPARTMENT and SERVICE PROVIDER.

7.3.11      Mobile PAY POINTS should be within a 5 km radius from where the
            BENEFICIARIES reside. This will be jointly determined by the
            DEPARTMENT and SERVICE PROVIDER.

7.3.12      No hawkers / money lenders and other vendors or unauthorized
            individuals shall be allowed on the premises of pension payments,
            unless agreed to by the Department.

7.3.13      A Paymaster shall operate each payment unit during payout.

PAY POINT FACILITIES

7.3.14      SERVICE PROVIDERS are expected as part of their social
            responsibility obligations to contribute towards developing the
            infrastructures at pay points and enrolment points. A pay point and
            enrolment point should, as far as possible, meet the following
            criteria as prescribed in the national norms and standards:

                  -     Accommodation (permanent building or a marquee),

                  -     Toilets (permanent and / or mobile),

                  -     Chairs (in case of temporary pay point collapsible
                        chairs are preferred),

                  -     First Aid Kit, wheel chairs and collapsible beds,

                  -     Electricity or a generator,

                  -     Water,

                  -     Where possible the number of BENEFICIARIES should be
                        in-line with the size of the venue, and

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                  -     Suitability for disabled and old age BENEFICIARIES.

7.3.15      The following nationally approved norms and standards are not
            included above for practical reasons. However the objective of the
            SERVICE PROVIDER and DEPARTMENT SHALL be to implement these
            remaining norms and standards over a period of time. These
            facilities are:

                  -     Telephone lines,

                  -     Computer lines, and

                  -     Security Fence. A fence shall be constructed, where
                        possible, 10 meters round the pay point as a security
                        measure.

7.3.16      Six months after signing the Service Level Agreement it shall be
            expected from the SERVICE PROVIDER to provide the DEPARTMENT with a
            report on the conditions at each PAY POINT measured against the
            above criteria.

7.3.17      The DEPARTMENT shall evaluate the infrastructures at PAY POINTS on a
            regular basis throughout the contract period.

PAY TIMES

7.3.18      The SERVICE PROVIDER shall, in consultation with the DEPARTMENT,
            make payments to BENEFICIARIES at fixed PAY POINTS during normal
            office hours, that is from 08h00 to 16h00 weekdays, excluding public
            holidays.

7.3.19      Cash payment of grants at any pay point, whether fixed or mobile,
            may not continue after 16h00. Should there be extraordinary
            circumstances which make this impossible, the DEPARTMENT (in the
            form of the management committee representative for that region) or
            Department representative at paypoint, must be informed, in order to
            give prior approval.

7.3.20      Cash payment of grants on the new system shall be introduced in
            terms of a timetable to be agreed upon in writing by both the
            DEPARTMENT and the SERVICE PROVIDER.

7.3.21      The SERVICE PROVIDER must ensure that the pay dates coincide with
            the cut-off dates as determined by the National Department of Social
            Development.

7.3.22      In case of exceptional circumstances, the SERVICE PROVIDER shall be
            expected to re-schedule payments to enable beneficiaries to receive
            their payouts in that pay period. That can only happen after
            consultation with the DEPARTMENT and communication with the affected
            BENEFICIARIES.

7.3.23      The SERVICE PROVIDER must communicate with the BENEFICIARIES to
            inform them of the next month pay date.

7.3.24      The Service Provider must develop contingency plans for all events
            which could affect the payment of grants. All rescheduling in the
            event of non-payment of a pay point must be undertaken in
            conjunction with the Department. In all cases, should a

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            pay point not be paid, payment must be rescheduled within a maximum
            of 5 working days.

7.3.25      Following their official pay days beneficiaries may attend any pay
            point in the nominated pension district to collect payout.

7.3.26      The Service Provider must develop contingency plans for all events
            which could affect the payment of grants. All rescheduling in the
            event of non-payment of a paypoint.

PAY METHOD

7.3.27      The service provided via the system shall result in improved
            citizen-service. A minimum level of service shall include meeting
            the agreed ENROLMENT and implementation deadlines referred to in
            this Service Level Agreement.

7.3.28      The following steps must be regarded as the minimum steps that must
            be followed when paying out a BENEFICIARY:

7.3.28.1          The system must ensure that only a valid enrolled BENEFICIARY
                  is going to be paid.

7.3.28.2          The system must ensure that the correct amount of money is
                  paid to the correct BENEFICIARY, according to the instructions
                  received from SOCPEN.

7.3.28.3          Nobody except the BENEFICIARY or his / her procurator must
                  handle the money that is paid.

7.3.28.4          The system must ensure that the BENEFICIARY knows when the
                  next pay day as well as follow-up pay day shall be for the
                  following month.

7.3.28.5          The system must ensure that the BENEFICIARY does not draw the
                  same amount of money either on the same day at a different pay
                  point or later on in the month again.

7.3.29      Payments must follow the following sequence:

                  -     Disability grants - first,

                  -     Old Age grants - second,

                  -     War Veterans grants - third; and

                  -     The rest.

7.3.30      At PAY POINTS war veterans and old age BENEFICIARIES shall have a
            special queue while child support grant and other grants shall have
            a different queue where practically possible in conjunction with the
            Department.

7.3.31      Any enquiries which may occur on payments made to beneficiaries must
            be dealt with by the SERVICE PROVIDER within two (2) working days.

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PENSION DATA CARD

7.3.32      A pension data card shall be used to pay out grants to BENEFICIARIES
            at pay points. The content of the card shall be uniform for all
            BENEFICIARIES.

7.3.33      The only access for a BENEFICIARY to his / her grant should be with
            a pension data card.

7.3.34      The card should be easily identifiable as an Eastern Cape
            Beneficiary grant card, in terms of a design as approved by the
            DEPARTMENT.

7.3.35      The following minimum information of a BENEFICIARY must be available
            on the pension data card:

                  -     A photo of the BENEFICIARY (Printed),

                  -     The name and surname (Printed),

                  -     Identification number (Printed),

                  -     Pay point code (Printed),

                  -     Type of grant (Embedded),

                  -     Identification number of procurator if required
                        (Embedded),

                  -     Fingerprints of the BENEFICIARY / procurator (Embedded
                        or on system), and

                  -     The amount of money available per month (Embedded or on
                        system).

7.3.36      All ENROLMENT data must be verified against the SOCPEN system before
            manufacturing and issuing a pension data card.

7.3.37      Pension data cards must only be manufactured and issued to
            BENEFICIARIES after confirming that payment vouchers had been
            generated by the SOCPEN file for those BENEFICIARIES.

7.3.38      The initial pension data cards shall be issued in bulk at venues to
            be clearly communicated to the BENEFICIARIES by the SERVICE PROVIDER
            after approval from the DEPARTMENT.

7.3.39      Thereafter all new pension data cards for that specific pay point
            shall also be issued by the SERVICE PROVIDER for the duration of the
            contract period.

7.3.40      The pension data card must be durable and able to withstand vigorous
            use. All cards issued shall be confirmed to be not faulty.

7.3.41      All lost or damaged cards are to be replaced within a period of 3
            working days, following the report of the loss. If it can be
            determined that the BENEFICIARY was not paid at another pay point
            then the pension data card may be replaced on the same day it is
            reported lost.

7.3.42      Limits of false rejection shall not exceed 0.35% on the 10 finger
            approach. Limits of false acceptance shall not exceed 0.01% on the
            10 finger approach.

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7.3.43      The necessary security measures must be built either onto the
            pension data card or into the system to prevent a BENEFICIARY being
            paid the same amount more than once on a specific day or month.

7.3.45      The BENEFICIARIES who are in possession of a pension data card, or
            for whom a pension data card is available, and for whom a payment
            voucher is available, must be paid on the specific day. Any problems
            that might occur with the pension data card must be rectified at the
            pay point to ensure that the BENEFICIARY is paid immediately. Such
            problems must be communicated to the DEPARTMENT within 1 day.

7.3.46      Pension data cards shall always remain the property of the
            DEPARTMENT. Unauthorised users may be prosecuted if pension data
            cards are found in their possession.

7.3.47      In order to be in-line with the HANIS smart card ID project all
            pension data cards or memory cards should comply with the following
            minimum criteria:

            -     ISO/IEC 7816 - Identification cards - Integrated circuit(s)
                  cards with contact:

            -     ISO/IEC 7816-1: Physical Characteristics

            -     ISO/IEC 7816-2: Dimensions and location of the contacts, and

            -     ISO 10373- Part 3: Test methods - Integrated circuit cards

PAYOUT RECEIPT

7.3.48      After a BENEFICIARY is paid a payment slip must be issued to the
            BENEFICIARY as proof that he / she was paid and a restricted access
            copy retained on the system.

7.3.49      The following minimum information must always be printed on the
            payment slip:

                  -     Name of the payment contractor,

                  -     Name of the DEPARTMENT,

                  -     Name and surname of the BENEFICIARY,

                  -     Identity number of the BENEFICIARY,

                  -     Date on which the BENEFICIARY was paid,

                  -     Time that the BENEFICIARY was paid,

                  -     If a procurator draws the money on behalf of the
                        BENEFICIARY the identity number of the procurator (name
                        and surname of the procurator is stored on the system,
                        but not printed on the payment slip),

                  -     Name of the pay point where the BENEFICIARY / PROCURATOR
                        was paid,

                  -     The payment voucher number as received from the SOCPEN
                        system,

                  -     The type of grant / grants,

                  -     The amount of each grant,

                  -     The total amount that was paid out,

                  -     If partial payments are be made what the starting
                        balance was,

                  -     If partial payments are be made what the amount was that
                        the BENEFICIARY / PROCURATOR actually withdrew,

                  -     What the amount is of the outstanding balance if partial
                        payments was made,

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                  -     The name of the paymaster that paid the BENEFICIARY /
                        PROCURATOR,

                  -     The number of the pay out machine that paid the
                        BENEFICIARY / PROCURATOR,

                  -     Name of an official of the Department should the
                        BENEFICIARY / PROCURATOR have any enquiry,

                  -     A telephone number where the above-mentioned official
                        can be contacted,

                  -     The date when pension payments will be done at the pay
                        point during the next month,

                  -     Any message which the DEPARTMENT would like to convey to
                        BENEFICIARIES.

7.3.50      The computerised system of the SERVICE PROVIDER must be able to
            print any messages received from SOCPEN on receipts when required.

COMPUTERISATION

7.3.51      The SERVICE PROVIDER shall keep abreast of industry standard
            technology. Changes to the SOCPEN system or any other system
            introduced by the National Department of Social Development may take
            place over the life span of the contract. Such changes shall be
            communicated timeously and the potential impact shall be discussed
            and negotiated at National level. Paragraph 7.3.51 applies to the
            entire section 7 of this agreement.

7.3.52      The SOCPEN system is a transversal system maintained by the National
            Department of Social Development and used by all the provinces in
            South-Africa. The SERVICE PROVIDER must acquaint himself with the
            specifications of the SOCPEN system. If any changes are needed to
            the SOCPEN system the SERVICE PROVIDER shall draw up specifications
            for such changes. The specifications shall be submitted to the
            Steering Committee for approval.

7.3.53      After approval the DEPARTMENT shall submit the specifications with a
            request to the National Department of Social Development for final
            approval and implementation. The National Department of Social
            Development might decide not to approve the request and it shall be
            the responsibility of the SERVICE PROVIDER to make alternative
            changes on their system.

7.3.54      SOCPEN system specifications changes shall be provided to the
            DEPARTMENT at least sixty (60) days prior to the implementation of
            the changes.

7.3.55      The SERVICE PROVIDER shall adhere to all SOCPEN specifications for
            changes, up-grades and new developments that may be introduced from
            time to time. (Refer to 7.3.51)

7.3.56      The System Administrator of the DEPARTMENT is responsible to, within
            a reasonable time, inform the SERVICE PROVIDER of any changes,
            up-grades or new developments relating to the SOCPEN system via the
            SOCPEN Work Group Committee.

DATA

                                       14
<PAGE>

7.3.57      The system shall interface with SOCPEN. Interface shall be provided
            sufficiently to allow for electronic transfer of BENEFICIARY data,
            payment history, updated pay sheets and standard statistical reports
            between the DEPARTMENT and the SERVICE PROVIDER'S system.

7.3.58      All data relating to the BENEFICIARIES and the payment of those
            BENEFICIARIES shall be available to the DEPARTMENT via electronic
            media as per 7.3.57 above. The SERVICE PROVIDER is expected to
            update information on his central databases at least daily.

7.3.59      The DEPARTMENT shall provide the necessary authorisation for an
            electronic link, to enable data transfers between the SERVICE
            PROVIDER and SOCPEN.

7.3.60      The DEPARTMENT in conjunction with the SERVICE PROVIDER shall ensure
            that monthly payment information is received from SOCPEN, in
            accordance with the SOCPEN schedules, in order to enable the SERVICE
            PROVIDER to pay the BENEFICIARIES.

7.3.61      The SERVICE PROVIDER shall be responsible for the payment of all
            legitimate BENEFICIARIES and all payment data must be kept in a
            database by the Service Provider.

7.3.62      Adequate arrangements must be made to protect the security,
            integrity and loss of data.

7.3.63      Enrolment Data and the software needed to read the data remains the
            property of the DEPARTMENT which must be handed over to the
            DEPARTMENT (in a prescribed format) when the contract expires or if
            it is at any time requested by the DEPARTMENT.

7.3.64      All data transfers between the offices of the DEPARTMENT shall be
            done electronically by using the network infrastructure of SITA.

7.3.65      Electronic payout data received from the National Department of
            Social Development must not be changed by the SERVICE PROVIDER
            without the written consent of the DEPARTMENT.

INFRASTRUCTURE

7.3.66      All PAYOUT and enrolment units and PAY POINTS shall be easily
            accessible (able to gain easy/user friendly access to PAY POINTS and
            payment) to physically disabled, frail and aged BENEFICIARIES who
            prefer to receive their grants personally.

7.3.67      As the payment service is predominantly mobile, equipment shall be
            robust and able to withstand adverse conditions.

7.3.68      BENEFICIARIES must be paid by using some type of Automated Teller
            Machine (ATM).

7.3.69      The number of BENEFICIARIES at a pay point shall determine the
            number of mobile payment ATM's.

                                       15
<PAGE>

7.3.70      A review of the number of ATM's against the number of BENEFICIARIES
            shall be done twice a year. This shall be done to ensure that the
            number of ATM's support service delivery to Beneficiaries within the
            stipulated 2 hours.

7.3.71      Two (2) Pay out teams shall have a dedicated technical expert to
            attend to all technical issues relating to the ATM's.

7.3.72      All pay out equipment must be able to operate at places where no
            electricity is available.

7.3.73      For locations that normally has electricity an alternative pay out
            mechanism must exist in the event of power failure to enable normal
            payments functions to be resumed within 1 hour.

7.3.74      Should a fault occur with PAY-OUT equipment at a specific pay point
            which results in a disruption of Payouts, such a fault must be
            rectified with the least inconvenience to the BENEFICIARIES.

7.3.75      If the fault cannot be rectified at the pay point, the affected
            equipment must be replaced with a suitable backup unit or EQUIPMENT
            from the nearest BRANCH OFFICE of the SERVICE PROVIDER.

TECHNICAL REQUIREMENTS

7.3.76      All equipment supplied and installed by the SERVICE PROVIDER during
            the tender period will remain the property of the SERVICE PROVIDER
            and must be properly maintained.

7.3.77      Equipment, including hard- and software, must be upgraded and
            updated regularly to ensure that it stays in line with the latest
            technology and that it is the most suitable equipment to run the
            system.

7.3.78      The SERVICE PROVIDER must supply an equipment maintenance programme
            and specifically indicate how and when equipment (especially pay out
            equipment) shall be replaced during the tender period (System
            Maintenance Plan).

7.3.81      The SERVICE PROVIDER is responsible for supplying all equipment,
            including industry standard computer hard- and software necessary
            for the pensions payments and for enrolment of BENEFICIARIES.

7.3.82      It shall be the responsibility of the SERVICE PROVIDER to replace
            all lost or stolen equipment used by the pay-out system and / or for
            the ENROLMENT process.

7.3.83      The SERVICE PROVIDER shall be responsible for creating its own
            network infrastructures in the PROVINCE.

7.3.84      The SERVICE PROVIDER shall not be allowed to use the network
            infrastructure of SITA.

                                       16
<PAGE>

7.3.85      The SERVICE PROVIDER shall be responsible for connecting its
            file-server to the file-server of SITA.

7.3.86      Where the infrastructure does not allow for on-line communication, a
            secure method of dial-up communication must be available.

7.3.87      During the tender period hard- and / or software, customization may
            be necessary. Should any additional hard- and /or software
            amendments be required, it shall be expected of the SERVICE PROVIDER
            to do so free of charge,

7.3.88      Until the necessary changes have been made to the SOCPEN system the
            BENEFICIARY shall only be able to withdraw the full amount available
            for the month. As soon as the necessary changes have been made the
            BENEFICIARY shall be able to choose the amount he / she wishes to
            withdraw provided the amount is not greater than the amount owed to
            the BENEFICIARY.

7.3.89      Any IT-SYSTEM to be developed must be able to handle the download of
            high volumes of data for the DEPARTMENT from the National Department
            of Social Development for monthly payments (refer to the payment
            data needed for pension payments).

SECURITY

7.3.90      The SERVICE PROVIDER shall provide his own security.

7.3.91      The SERVICE PROVIDER shall provide adequate security services at PAY
            POINTS (venues) before, during and after payouts are made.

7.3.92      Security officials deployed by the SERVICE PROVIDER must comply with
            all legislative requirements applicable to the Security Industry.

7.3.93      Security officials deployed by the SERVICE PROVIDER must meet the
            specific training requirements as set out by the Security Officers
            Board and compliance should be confirmed in writing by the SERVICE
            PROVIDER twice per annum.

7.3.94      All security companies and their officials must be registered with
            the Security Officers Board and proof of registration must be
            provided to the DEPARTMENT.

7.3.95      The SERVICE PROVIDER shall ensure that DEPARTMENTAL officials shall
            not be involved in the actual payment process or in the handling of
            any cash, cheques or other form of payment instrument.

8.    TRAINING

8.1   The SERVICE PROVIDER shall train identified DEPARTMENTAL officials on the
      new system to ensure that the DEPARTMENT'S affected officials are capable
      of efficiently interacting with the system. This facility shall be
      available on an on-going basis, to ensure that, as a result of staff
      changes and movement, all relevant DEPARTMENTAL officials are trained.

                                       17
<PAGE>

8.2   It is mandatory that all officials of the SERVICE PROVIDER responsible
      for pension payments receive minimum training in social security
      matters (Social Assistance Act, Regulations, Customer Care) as well as
      sensitizing the SERVICE PROVIDER to the principles of Batho Pele. The
      DEPARTMENT shall provide this training.

8.3   Security guards shall also be trained by the DEPARTMENT in Customer Care
      and shall receive an introduction on social security.

8.4   Re-fresher courses shall be conducted twice a year. These training courses
      must be provided by the DEPARTMENT. Non attendance at such refresher
      courses would disqualify an individual from further participation in the
      project.

8.5   The SERVICE PROVIDER must ensure that at least two members in a pay out
      team are trained in First Aid and hold a certificate of competency.

9.    COMMUNICATION PLAN

9.1   The initial communication and awareness plan for all users and
      BENEFICIARIES affected by the tender process shall be prepared and
      executed by the DEPARTMENT.

9.2   The DEPARTMENT shall conduct the initial communication with BENEFICIARIES
      on the broad process and the appointment of the SERVICE PROVIDER as well
      as facilitating meetings and discussions between the SERVICE PROVIDER and
      the BENEFICIARIES. The DEPARTMENT shall communicate in an agreed manner
      the location, dates and times of payments and ENROLMENTS to BENEFICIARIES
      in accordance with the implementation plan submitted by the SERVICE
      PROVIDER to the DEPARTMENT and payment cycles agreed with the DEPARTMENT.
      It can happen that the DEPARTMENT requests the SERVICE PROVIDER to
      communicate to BENEFICIARIES by using the communication structures of the
      SERVICE PROVIDER.

9.3   Educating the BENEFICIARIES on the use of the new system is the
      responsibility of the SERVICE PROVIDER.

9.4   Communication to the media will be done as follows:

9.4.1       The sole responsibility of the DEPARTMENT when it relates to the
            procedures, regulations and policies of the DEPARTMENT, and

9.4.2       The sole responsibility of the SERVICE PROVIDER when it relates to
            the system and technology of the SERVICE PROVIDER.

9.4.3       Areas of doubt will be referred to the DEPARTMENT.

9.5   However, any communication to the media relating to CPS payments by the
      SERVICE PROVIDER shall be approved by the DEPARTMENT before being issued.

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<PAGE>

9.6   The SERVICE PROVIDER shall disseminate information to BENEFICIARIES as
      agreed to by the DEPARTMENT. Details regarding the frequency and content
      of this information shall be dealt with by the Steering Management
      Committee.

10.   INFORMATION

10.1  All pension-related data and information collected by the SERVICE PROVIDER
      or its agent shall remain the confidential property of the DEPARTMENT and
      shall be provided in a format required by the DEPARTMENT on request, as
      per 7.3.63.

10.2  Additional statistical information required to determine the SERVICE
      PROVIDER'S compliance with the implementation plans as well as information
      to measure service levels and BENEFICIARY satisfaction shall be provided
      by the SERVICE PROVIDER.

10.3  Mutually agreed offices of the DEPARTMENT must have on-line access to the
      system as managed by the SERVICE PROVIDER. Costs for these communication
      links and the necessary software shall be borne by the SERVICE PROVIDER,
      who shall also be responsible for the ongoing maintenance.

10.4  In order to be in a position to obtain and manage reports the SERVICE
      PROVIDER must ensure that the following issues are adhered to :

            -     Reports and information must be made available to the
                  DEPARTMENT by using an on-line computerised management system,

            -     This system must be updated on a daily basis,

            -     This system must be made available to the DEPARTMENT during
                  normal working hours (08:00 - 16:00),

            -     Records of each report must be kept for the duration of the
                  contract in the computerised system,

            -     History of reports must be archived for the full period of the
                  contract,

            -     All reports must give information per pay point, a summary per
                  district office as well as a total number for the PROVINCE,
                  and

            -     Access to the computerised system as well as certain reports
                  must be password protected.

10.5  The reports that are needed by the DEPARTMENT can be classified under five
      categories namely:

            -     Pension payment information,

            -     BENEFICIARY ENROLMENT information,

            -     Pension data card information,

            -     Reconciliation information, and

            -     General information.

10.6  A document listing the minimum reporting needs of the DEPARTMENT on the
      computerised management system of the SERVICE PROVIDER will be provided to
      the SERVICE PROVIDER on the date of signing the Service Level Agreement.

                                       19
<PAGE>

10.7  These reports must be seen as the minimum reports that are required to
      manage and monitor the pension payments as well as the SERVICE PROVIDER.
      As the contract unfolds, additional reports may be identified by the
      DEPARTMENT. These additional requests must be added to the computerised
      management system by the SERVICE PROVIDER free of charge. The SERVICE
      PROVIDER shall be responsible for the ongoing maintenance of the
      computerised management system.

10.8  The following financial management information shall be submitted on a
      monthly basis by the SERVICE PROVIDER. However, this list should not be
      viewed as exhaustive, but as the minimum reporting requirements. The
      DEPARTMENT shall on an ongoing basis enter into discussions with the
      SERVICE PROVIDER as to their information needs.

            -     Amount paid out per pay point and then by grant type;

            -     Amount paid out in total per grant type listed in order of PAY
                  POINTS;

            -     Amount, in unclaimed benefits, per pay point and then by grant
                  type;

            -     Amount paid per grantee sorted in the order per pay point and
                  then per grant type;

            -     Total amount, per grant type paid out,

            -     Total amount in unclaimed benefits, per grant type;

            -     Total amount, per grant type, paid per grantee

11.   FINANCIAL

11.1  The system shall be cost-effective while meeting/or exceeding the
      objectives of sound control, speed of service and eliminating fraud.

11.2  The SERVICE PROVIDER shall remain of sound financial standing and maintain
      sufficient financial resources or financial backing to finance the
      anticipated cash flow deficit as well as being able to bear the necessary
      commercial/business risks. An annual statement on any events or decisions
      which could materially affect their financial position in the foreseeable
      future should be furnished by the SERVICE PROVIDER once per annum.

11.3  The SERVICE PROVIDER will provide and maintain a Performance Bond of R20
      million (Twenty Million Rand) throughout the term of the contract.

11.4  The SERVICE PROVIDER is required to provide financial and cash flow
      projections for this contract. This should demonstrate a robust business
      case and the ability to fund at least 2 months payments from his own cash
      flow or a bank guarantee.

11.5  All transactions, payments and settlement of accounts will be in South
      African currency (Rands and cents). No transactions will be linked to any
      foreign currency.

11.6  The accounts for the SERVICE PROVIDER'S fee and the reimbursement of
      legitimate grants paid to BENEFICIARIES will be rendered AFTER the service
      has taken place, that is, after the BENEFICIARIES have been paid.

                                       20
<PAGE>

11.7  The SERVICE PROVIDER shall, on confirmation of payment of the individual
      BENEFICIARIES, render WEEKLY ACCOUNTS for the reimbursement of grants paid
      to BENEFICIARIES to the DEPARTMENT for payment thereof. A full report with
      all exceptions shall be forwarded to the DEPARTMENT for finalisation and
      payment within seven working days.

11.8  The invoice for the SERVICE PROVIDER'S fee shall be submitted to the
      DEPARTMENT WEEKLY, together with the amount for ENROLMENT. The two amounts
      shall be separately shown on the invoice.

11.9  The DEPARTMENT shall settle the SERVICE PROVIDER'S account by means of
      electronic bank transfer, within seven (7) working days from the date
      (i.e. not including the date of delivery) that the relevant and correct
      documentation was received, by the designated officials, at the
      Departmental Head Office in Bisho. The documentation shall include the
      invoice and the required report. The onus is on the SERVICE PROVIDER to
      obtain proof of delivery to the nominated officials.

11.10 Should the DEPARTMENT default in the settling of the accounts submitted by
      the SERVICE PROVIDER, within the stipulated time, interest at the prime
      overdraft rate, of the DEPARTMENT'S bankers at the time, shall be paid by
      the DEPARTMENT on all overdue amounts.

11.11 For the rest of the year, all payouts shall be rounded off to the nearest
      R10.

11.12 Once a year the SERVICE PROVIDER may be requested to do coin payouts to
      BENEFICIARIES. This service shall be negotiated at an additional fee.

11.13 Grant amounts shall determine the best combination of dominations to be
      paid. This issue will be considered from time to time as grant values
      changes.

11.13 Authority for the SERVICE PROVIDER to withhold payment issued by SOCPEN
      shall be valid only when issued by the DEPARTMENT in writing. Where
      possible, this shall be done at least 2 working days prior to payment
      date.

11.14 If the SERVICE PROVIDER is unable to deliver the services as per pay out
      schedule due to no fault of the DEPARTMENT, all relevant costs to render
      alternative services shall be for the account of the SERVICE PROVIDER and
      the DEPARTMENT may recover such costs from either reimbursements or fees
      due.

11.15 No amounts may be deducted from a BENEFICIARY grant for any reason other
      than those agreed with the DEPARTMENT.

11.16 Should the SERVICE PROVIDER manufacture duplicate pension data cards or
      pension data cards that are not in a workable condition the DEPARTMENT
      shall not pay for those pension data cards.

11.17 If a pension data card has been manufactured for a BENEFICIARY for whom a
      payment voucher has not been generated on the date of manufacturing the
      pension data card the DEPARTMENT shall not pay for this pension data card.

                                       21
<PAGE>

AUDITS, CONTINGENCY PLANS AND STATUTORY COMPLIANCE

11.18 The system shall make provision for effective and regular reviewing,
      reconciliation and auditing. These facilities shall be accessible to
      authorized officials of the DEPARTMENT and the Auditor-General and are
      subject to changes requested by the DEPARTMENT and / or the
      Auditor-General.

11.19 The DEPARTMENT retains the right to appoint an independent party to audit
      the operations of the SERVICE PROVIDER at any point in time during the
      contract period. The reasonable financial costs involved for such audits
      shall be for the account of the SERVICE PROVIDER.

11.20 The SERVICE PROVIDER shall develop and maintain an adequate backup and
      contingency plan for electronic data and hard copy documents shall be
      provided to the DEPARTMENT on request.

11.21 The SERVICE PROVIDER procedures and controls must conform to the Public
      Finance Management Act, Treasury Regulations and the Provincial Treasury
      Directives.

11.22 The SERVICE PROVIDER shall arrange for regular audits by both internal and
      external auditors. The DEPARTMENT shall be provided with the opportunity
      to request specific issues to be audited and shall have access to the
      audit reports.

PREVENTION OF FRAUD, CORRUPTION AND RELATED MATTERS

11.23 All DEPARTMENTAL and SERVICE PROVIDER employees' identification details
      (as shall be used to identify BENEFICIARIES) shall be registered on the
      system for the purpose of reducing fraudulent transactions.

11.24 The SERVICE PROVIDER shall develop and maintain system security measures
      to prevent unauthorised access to all information and any databases and
      lodge such plans and measures with the DEPARTMENT.

11.25 The SERVICE PROVIDER'S system must interface with and make use of
      electronic data on the Home Affairs system to perform comparisons with
      data on the SERVICE PROVIDER'S system to identify fraudulent
      BENEFICIARIES. Such fraudulent or potential fraudulent BENEFICIARIES
      should be reported to the DEPARTMENT on a monthly basis in the form of an
      exception report.

11.26 The SERVICE PROVIDER shall bear all financial risks associated with theft
      and robberies of information, money, equipment and other items related to
      the service. Should legal action be brought against the DEPARTMENT in this
      regard, the DEPARTMENT shall have the right to recover all awards and
      costs from the SERVICE PROVIDER.

11.27 Incorrect payments and unauthorised payments to BENEFICIARIES by the
      SERVICE PROVIDER shall be for the SERVICE PROVIDER's own account.

11.28 The SERVICE PROVIDER shall ensure that they arrange and maintain insurance
      cover to cover their risks for the duration of the contract. Proof of such
      insurance from a

                                       22
<PAGE>

      reputable Insurer shall be lodged with the DEPARTMENT. Any changes in
      insurance status must be communicated to the DEPARTMENT immediately.

11.29 The SERVICE PROVIDER shall ensure that the software in use shall disallow
      any override facilities on the payment system.

11.30 No individual shall be authorised to instruct the override of the system
      except the Head of the DEPARTMENT.

11.31 The SERVICE PROVIDER must provide the DEPARTMENT with a letter every three
      months indicating that not more than one BENEFICIARY exist with the same
      fingerprint data on their system. Please refer to cold search in 7.2.6
      above.

12.   MONTHLY / DAILY RECONCILIATION WITH SOCPEN

12.1  Daily reconciliation of amounts paid to BENEFICIARIES with payment data
      from the SOCPEN system must be made available to the DEPARTMENT on a daily
      basis so as to clearly indicate amounts paid.

12.2  Before files are uploaded from the SERVICE PROVIDER system back to the
      SOCPEN system, in accordance with the SOCPEN schedules, the values must be
      checked against the totals received during the Start-of-Month procedure
      and against the daily paid-out totals. The upload process to the SOCPEN
      system cannot continue until all values have been reconciled.

12.3  The payment file which is updated by the SERVICE PROVIDER must indicate
      the following information:

12.3.1      In the case where a Social Grant has not been paid, an indicator to
            this effect is registered in the file,

12.3.2      In the case where a Social Grant has been paid, an indicator to this
            effect is registered in the file.

13.   IMPLEMENTATION

13.1  The tender shall be awarded for an initial contract period of three years,
      renewable at the discretion of the DEPARTMENT and the approval of the
      SERVICE PROVIDER for a further two years.

13.2  The Implementation schedule shall be discussed and confirmed upon SLA
      signature.

13.3  The service provider shall commence enrolment of beneficiaries with effect
      from 1 September 2002.

13.4  The implementation of the outsourcing process shall be done according to
      the agreed schedules attached as ANNEXURE B.

                                       23
<PAGE>

14.   AFFIRMATIVE ACTION & OTHER ECONOMIC EMPOWERMENT PLANS

14.1  CPS's contribution to the Reconstruction and Development programme (RDP),
      Community Development and Affirmative Action as documented in the tender
      proposal will be monitored by the DEPARTMENT. The following issues are
      applicable:

14.1.1      JOB CREATION

            Refer to paragraph 2, Section 4, Chapter 6 and paragraph 2, Section
            4, Chapter 7 of tender proposal

14.1.2      SMME UTILISATION

            Refer to paragraph 4, Section 4, Chapter 6 and paragraph 2.2,
            Section 4, Chapter 7 of tender proposal

14.1.3      AFFIRMATIVE ACTION PROPOSALS

            Refer to paragraph 3, Section 4, Chapter 6 of tender proposal

14.1.4      LOCAL RESOURCES AND SERVICES

            Refer to paragraph 4.4, Section 4, Chapter 6 of tender proposal

14.1.5      PDI POLICIES AND ACHIEVEMENTS

            Refer to paragraph Annexure F

14.1.6      POLICIES RELATING TO WOMEN, YOUTH, DISABLED

            Refer to paragraph Annexure F

14.1.7      COMMUNITY SUPPORT AND DEVELOPMENT

14.1.7.1          Development and Support Fund

                  CPS will for the duration of the contract maintain a special
                  development fund

15.

15.1

15.2  The amount paid out referred to in 15.1 upon which the 4.47% service fee
      is based shall be the average amount paid out per beneficiary at the
      closing date of the tender (JULY 2001). This average amount per
      beneficiary (excluding ACB beneficiaries) was calculated at R495.00 and it
      shall remain unchanged for duration of the contract period as referred to
      in 13.1 of the SLA. The initial value per beneficiary is defined as 4,47%
      multiplied by R495.00, which is the average amount paid per beneficiary at
      the closing date of the tender (July 2001).

                                      24
<PAGE>

15.3  Refer Annexure A.3 (Scenario B2) of the Financial Bid (attached as
      Annexure C) for details of the pricing structure, as an example:

<TABLE>
<CAPTION>
                  INCREASE                                                    DECREASE
    (AVERAGE GRANT PAID PER BENEFICIARY)                     (PAYMENT BY THE 25TH / 27TH OF THE MONTH)
    ------------------------------------                     -----------------------------------------
<S>                  <C>                 <C>                <C>                 <C>                <C>
  10%                  20%                30%                 10%                20%                 30%

4,14%                3,79%               3,5%               4,58%               4,6%               4,63%
</TABLE>

15.4  The SERVICE PROVIDER shall he responsible for and will bear all costs for
      the upgrade and maintenance of the system and equipment on a regular basis
      to ensure continuity of the service proposed.

15.5  Each BENEFICIARY shall be entitled to one replacement card during the life
      of this contract. Thereafter, the BENEFICIARY shall be responsible for the
      cost of additional replacement cards. The charge to the BENEFICIARY by the
      SERVICE PROVIDER of such additional replacement cards is R44.00 per card.

15.5  Escalation

15.5.1      Price increases shall occur annually on the "annual renewal date"
            (first price increase shall be twelve months after the commencement
            date of the contract, each subsequent price increase at 12 months
            intervals thereafter, i.e. after 12 months, 24 months) and shall be
            calculated as follows:

15.5.1.1          Annual price increases will be equal to the average increase
                  in the Consumer Price Index - X ("CPI-X") - an indicator of
                  inflation - as published by the South African Statistical
                  Services for the twelve consecutive months immediately before
                  the annual renewal date.

15.5.1.2          Any increase in benefits enjoyed by the BENEFICIARIES in any
                  year shall be discounted before the CPI-X increase is applied.
                  This means that the base year values (initial value per
                  BENEFICIARY at the commencement of the contract) shall
                  replacement cards. The charge to the BENEFICIARY by the
                  SERVICE PROVIDER of such additional replacement cards is
                  R44.00 per card.

15.5  Escalation

15.5.1      Price increases shall occur annually on the "annual renewal date"
            (first price increase shall be twelve months after the commencement
            date of the contract, each subsequent price increase at 12 months
            intervals thereafter. i.e. after 12 months, 24 months) and shall be
            calculated as follows:

15.5.1.1          Annual price increases will be equal to the average increase
                  in the Consumer Price Index - X ("CPI-X") - an indicator of
                  inflation - as published by the South

                                       25
<PAGE>

                  African Statistical Services for the twelve consecutive months
                  immediately before the annual renewal date.

15.5.1.2          Any increase in benefits enjoyed by the BENEFICIARIES in any
                  year shall be disregarded before the CPI-X increase is
                  applied. This means that the base year values (initial value
                  per BENEFICIARY at the commencement of the contract) shall be
                  used as the basis for the fee calculation and CPI-X shall be
                  applied to the previous year's value and not to the increased
                  level of BENEFICIARY payments.

16.   ELECTRONIC PAYMENT SYSTEM

16.1  It is important that a detail transaction list accompany each payment
      invoice that is forwarded to the DEPARTMENT for payment. The detail
      payment invoice shall act as proof that the BENEFICIARY was paid for which
      the SERVICE PROVIDER can be refunded.

16.2  The SERVICE PROVIDER must develop a computerised account payment system
      where the invoice and the detail transaction lists can be forwarded
      electronically to Head Office in Bisho for verification and payment.

16.3  The Provincial Department of Finance must approve the system before it is
      implemented.

17.   SUB CONTRACTORS / PARTNERS IN CONSORTIUM

17.1  The service rendered by agents / partners employed by the SERVICE PROVIDER
      must meet all the requirements and criteria as applicable to the SERVICE
      PROVIDER. Sub contractors and partners so employed must adhere to black
      empowerment, gender equity and transformation principles as espoused by
      Government failing which the DEPARTMENT shall veto such appointments. The
      DEPARTMENT shall only deal with the primary SERVICE PROVIDER and hold it
      responsible for maintaining the services.

17.2  The SERVICE PROVIDER must within one week after signing of the Service
      Level Agreement supply the Head of the DEPARTMENT with the names and
      details of all the sub-contractors to be used. The intention of the
      SERVICE PROVIDER to change any of these partners during the tender period
      must be done in writing and forwarded to the Head of the DEPARTMENT for
      approval.

18.   CUSTOMER SATISFACTION

18.1  The services of the SERVICE PROVIDER shall be monitored continuously to
      ensure that all customers of the SERVICE PROVIDER are satisfied with the
      services rendered. This shall be done by developing various instruments to
      measure customer satisfaction. This shall be done through:

18.1.1      Developing a questionnaire that measures the DEPARTMENT'S
            satisfaction with the SERVICE PROVIDER services at all levels of
            operation,

                                       26
<PAGE>

18.1.2      Developing a questionnaire that measures the level of satisfaction
            of the BENEFICIARIES with the SERVICE PROVIDER service, and

18.1.3      Developing a questionnaire that measures the performance and quality
            of the security services provided at PAY POINTS.

19.   PHASING OUT OF THE CONTRACT

19.1  As indicated earlier in the document the tender will expire on 31 October
      2005. This contract will be valid for three (3) years with the option for
      the DEPARTMENT to extend it with an additional two years. Should the
      extension option not be exercised it shall be expected from the SERVICE
      PROVIDER to co-operate with his successor for a smooth transition of
      services.

19.2  Should the new service provider not been appointed prior to six month of
      the expiry date, a reasonable revised phasing out period shall be
      negotiated with the current SERVICE PROVIDER.

20.   ADJUSTMENTS

20.1  Any adjustments to the contract or system agreed upon by the Steering
      Committee that shall have a financial implication for the DEPARTMENT shall
      only be implemented after submission to, and approval by, the Head of the
      DEPARTMENT or his / her delegates. No adjustments shall be implemented
      until confirmed in writing.

21.   CONTRACT REGULATION AND MANAGEMENT

21.1  From the day of awarding the tender a Project Team shall be established to
      set up, co-ordinate, monitor and evaluate the project. The project team
      shall be under chairperson of an official appointed by the DEPARTMENT and
      shall consist of the following members:

            -     Four members appointed by the DEPARTMENT (including
                  chairperson), and

            -     Three members appointed by the SERVICE PROVIDER.

21.2  It is agreed between the PARTIES that three levels of management
      structures shall administer and control the application of this Service
      Level Agreement. These levels are:

21.3  At the lowest level AREA COMMITTEES, that shall be established in line
      with the boundaries of the five super district offices within the
      DEPARTMENT. The purpose of this committee will be to oversee day-to-day
      and operational issues. Meetings should take place every month after the
      payment cycle has been completed or more often if the need arises. Minutes
      of these meetings must be distributed to the Management Committee. Each of
      the five Super District Area Committees must consist of the following
      minimum officials:

                                       27
<PAGE>

            FROM THE DEPARTMENT:         District Manager
                                         Heads of social security within the
                                         boundaries of the super district office

            FROM THE SERVICE PROVIDER:   District Manager

                                         Any operational managers

21.4  At a middle management level, a MANAGEMENT COMMITTEE shall be established
      to oversee operational issues and refer policy issues to the Steering
      Committee. Meetings should take place every month after the area
      committees have taken place or more often if the need arises. Minutes of
      this meeting must be distributed to the Steering Committee. The Management
      Committee must consist of the following minimum members:

            FROM THE DEPARTMENT:         Project Manager
                                         5 x Cluster Managers

            FROM THE SERVICE PROVIDER:   Project Manager

                                         5 x District Managers from the company

21.5  At a top management level, a STEERING COMMITTEE shall be established to
      oversee compliance to this Service Level Agreement and to deal with policy
      issues. Meetings should take place every second or third month or more
      often if the need arises. The Steering Committee must consist of the
      following minimum members:

            FROM THE DEPARTMENT:         Chief Director
                                         Director for Social Security
                                         Chief Financial Officer
                                         Project Manager

            FROM THE SERVICE PROVIDER:   Service Provider Director / Manager

                                         Provincial Project Manager

21.6  All the above-mentioned meetings must be chaired by an official of the
      DEPARTMENT.

21.7  The secretarial services shall rotate between the DEPARTMENT and the
      SERVICE PROVIDER.

                                       28
<PAGE>

21.8  The venues and times where the meetings must take place can be determined
      by the members of the different committees.

21.9  BREACH

An event of a breach shall be deemed to have occurred if:

21.9.1      Any party breaches any of its obligations in terms of this agreement
            and fails to remedy the breach within seven (7) days after the
            receipt of written notice from the other party requiring the
            remedying thereof, if such breach is capable of being remedied.

21.9.2      Any party ceases or is unable for any reason whatsoever to conduct
            its business in an ordinary or regular manner, and fails to take
            reasonable steps to remedy such situation with sixty (60) days after
            having been called upon in writing to do so by the other party.

21.9.3      Any covenant or warranty made by any party that goes to the root of
            this agreement is found to be untrue or incorrect in any material
            respect.

21.9.4      An event of breach shall not be deemed to have occurred if the
            equipment fails temporarily. However, in this case, arrangements
            must be made to continue with the required service with minimum
            disruption to the BENEFICIARY.

21.9.5      Should a breach of this agreement, which goes to the root of this
            agreement, occur, which is not corrected within the specified time
            frame, the party which is not in breach shall be entitled to:

21.9.5.1          call upon the defaulting party to perform its obligations in
                  terms of the agreement, or

21.9.5.2          cancel this agreement.

21.9.6      Termination shall become effective after notice has been given in
            writing to the defaulting party.

21.10 NON COMPLIANCE AND PENALTIES

21.10.1     In the event of the SERVICE PROVIDER being in breach of any of the
            terms and conditions agreed upon by both parties in this SLA,
            written notification shall be issued by the DEPARTMENT to the
            SERVICE PROVIDER to remedy such breach.

21.10.2     A fourteen (14) working day response time will be allowed by the
            DEPARTMENT to the SERVICE PROVIDER for rectification after which a
            penalty of 2% of the service fee for paying out pensions at the
            effected pay point or paying out pension in total (depending on the
            nature of the problem) will be retained until improvement to the
            satisfaction of the DEPARTMENT has been effected after which
            retention of fees will be

                                       29
<PAGE>

            returned. Any loss in interest on the money retained by the
            DEPARTMENT will be for the account of the SERVICE PROVIDER.

21.10.3     However, the following specific penalties shall apply for the
            non-performance due to the negligence of the SERVICE PROVIDER as
            listed hereunder.

21.10.3.1         Enrolments

<TABLE>
<CAPTION>
           PERFORMANCE AREA                         NON-PERFORMANCE                            PENALTY
---------------------------------------  -------------------------------------    ----------------------------------------
<S>                                      <C>                                      <C>
Bulk enrolments                          Failing to enroll all Beneficiaries who  A reduction of 10% of the contractors
                                         present themselves for enrolment within  enrollment service fee at the specific
                                         the period specified in paragraph        enrollment point(s) until the problem
                                         7.2.7.1                                  had been rectified to the satisfaction
                                                                                  of the DEPARTMENT

On-going (New applications)              Failing to enroll all beneficiaries who  A reduction of 10% of the contractors
                                         present themselves for enrolment within  enrollment service fee at the specific
                                         the period specified in 7.2.7.2          enrollment point(s) until the problem
                                                                                  had been rectified to the satisfaction
                                                                                  of the DEPARTMENT
</TABLE>

21.10.3.2         Pension data card

<TABLE>
<CAPTION>
           PERFORMANCE AREA                         NON-PERFORMANCE                            PENALTY
---------------------------------------  -------------------------------------    ----------------------------------------
<S>                                      <C>                                      <C>
Availability of a valid pension data     Failing to comply with the criteria as   A reduction of 10% of the pension data
card                                     indicated in paragraph's 7.3.32 up to    card service fee at the specific pay
                                         7.3.47                                   point(s) until the problem had been
                                                                                  rectified to the satisfaction of the
                                                                                  DEPARTMENT.
</TABLE>

21.10.3.3         Pension payments

<TABLE>
<CAPTION>
           PERFORMANCE AREA                         NON-PERFORMANCE                            PENALTY
---------------------------------------  -------------------------------------    ----------------------------------------
<S>                                      <C>                                      <C>
Payment days                             Failing to pay all beneficiaries who     A reduction of 25% on the service fee on
                                         present themselves for payment at a      the total amount paid out at the
                                         specific pay point on or after their     specific pay point(s) for the specific
                                         allocated payment day within the period  period.
                                         specified in
</TABLE>

                                       30
<PAGE>

<TABLE>
<S>                                      <C>                                      <C>
                                         paragraph 7.3.19 and 7.3.20

Scheduled payment days                   Failing to visit a scheduled pay         A reduction of 20% on the service fee on
                                         point(s) on a predetermined day(s)       the total amount paid out at the
                                         without prior notification to the        specific pay point(s) as well as
                                         effected beneficiaries only after        reimbursing the DEPARTMENT for any cost
                                         obtaining written approval from the      occurred to make alternative
                                         DEPARTMENT first.                        arrangement.

</TABLE>

21.10.3.4         Reconciliation of payment data

<TABLE>
<CAPTION>
           PERFORMANCE AREA                         NON-PERFORMANCE                            PENALTY
---------------------------------------  -------------------------------------    ----------------------------------------
<S>                                      <C>                                      <C>
Reconciliation of payment data           Failing to reconcile payment data with   The DEPARTMENT shall be able to withhold
                                         the SOCPEN system as indicated in        the total service fee for pension
                                         paragraph 12                             payments in the Province to the SERVICE
                                                                                  PROVIDER for a particular month for as
                                                                                  long as the SERVICE PROVIDER fails to
                                                                                  submit the reconciliation data for that
                                                                                  month. The SERVICE PROVIDER shall not
                                                                                  charge the DEPARTMENT interest on this
                                                                                  amount.

</TABLE>

21.10.3.5         Manipulation of payment data

<TABLE>
<CAPTION>
           PERFORMANCE AREA                         NON-PERFORMANCE                            PENALTY
---------------------------------------  -------------------------------------    ----------------------------------------
<S>                                      <C>                                      <C>
Manipulation of payment data             Payment data of a BENEFICIARY (s) has    The total service fees for pension
                                         been changed without the approval of the payments made at the specific pay
                                         DEPARTMENT and / or deductions have been point(s) shall be withheld.
                                         made from a BENEFICIARY(s) grant without
                                         the approval of the DEPARTMENT.
</TABLE>

                                       31
<PAGE>

22.   FORCE MAJEURE

22.1  If the performance of a material part of this agreement is suspended due
      to force majeure (that is, any event which is beyond the control of, and
      could not have been foreseen by that party, including an act of nature,
      riots, war, or events of a similar nature) that party shall give written
      notice of the force majeure to the other party.

22.2  This notice shall be given within three (3) working days on which the
      condition of the force majeure takes effect.

22.3  The party first affected by force majeure shall do its utmost to reinstate
      the service due in terms of this agreement in the shortest possible time.

22.4  Adjustment of the timetable for the service required shall be mutually
      agreed upon in the event of force majeure.

22.5  If a period of ninety (90) days has elapsed, and if the condition of force
      majeure persists, either party shall be entitled to cancel this agreement
      with immediate effect, and without prejudice.

23.   DETERMINATION OF DISPUTES

23.1  MEDIATION

23.1.1      Prior to the initiation of formal dispute resolution procedures as
            set out in clause 17.2, the parties shall first attempt to resolve
            their dispute informally as follows:

23.1.2      Upon written request of either party, containing a short statement
            as to the nature of the dispute and the requesting party's position
            with respect thereto, each party shall appoint a designated
            representative who does not devote substantially all of his time to
            performance under the Agreement, whose task it will be to meet for
            the purpose of endeavouring to resolve such dispute.

23.1.3      The designated representatives shall meet as often as the parties
            deem reasonably necessary in order to provide the other all
            information with respect to the dispute which the parties believe to
            be appropriate and relevant in connection with the resolution of the
            dispute. The representatives shall discuss and attempt to resolve
            the dispute without the necessity of any formal proceeding and
            without prejudice of any rights.

23.1.4      During the course of discussion, all reasonable requests made by one
            party to the other for non-privileged information, reasonably
            related to the agreement shall be honoured, in order that each other
            the parties may be fully advised of the other's position (provided
            that a party shall not be required as part of the informal dispute
            resolution process to disclose information subject to confidential
            restrictions under agreements with third parties).

                                       32
<PAGE>

23.1.5      The specific format for the discussion shall be left to the
            discretion of the designated representative.

23.2  ARBITRATION

23.2.1      In the event of any dispute of difference between the parties hereto
            relating to or arising out of this agreement, including the
            implementation, execution, interpretation, rectification, validity,
            enforceability, termination or cancellation of this agreement which
            could not be resolved in terms of clause 17.1, the said dispute or
            difference shall, if demanded by any party on written notice to the
            other party, be submitted for resolution to an arbitrator in
            accordance with the provisions set below:

23.2.1.1          Should any dispute arise between the parties in connection
                  with the interpretation or application of the provisions of
                  this agreement or its breach or termination, or the validity
                  of any document famished by the parties pursuant to the
                  provisions of this agreement, the dispute shall, unless
                  resolved amongst the parties, be referred to and be determined
                  by arbitration in terms of this clause.

23.2.1.2          Any party to this agreement may demand that a dispute be
                  determined in terms of this clause by written notice given to
                  the other party.

23.2.1.3          The party commencing legal action shall decide whether the
                  dispute will be resolved by way of arbitration or litigation
                  and in the event of the former, this clause shall be taken to
                  constitute the submission of the parties to arbitration; and

23.2.1.4          This clause shall not preclude any party from obtaining
                  interim relief on an urgent basis from a court of competent
                  jurisdiction pending the decision of the arbitrator.

23.2.1.5          The arbitration shall be held in East London or Bisho with
                  only the legal and other representatives of the parties to the
                  dispute present in accordance with the formalities and
                  procedures settled by the arbitrator, and may be held in an
                  informal and summary manner, on the basis that it will not be
                  necessary to observe or carry out the usual formalities or
                  procedures, pleadings and discovery, or the strict rules of
                  evidence, it being the intention that the arbitration shall be
                  held and completed as soon as possible, and on the basis that
                  the arbitrator shall be entitled to decide the dispute in
                  accordance with what he considers to be just and equitable in
                  the circumstances.

23.2.1.6          The arbitrator shall be acceptable to both parties and, if the
                  matter in dispute is principally:

                  a)    a legal matter, a practising attorney or advocate of at
                        least fifteen (15) years standing;

                  b)    an accounting matter, a practising chartered accountant
                        of at least ten (10) years standing;

                                       33
<PAGE>

                  c)    any other matter, an independent appropriately qualified
                        and experienced person.

23.2.1.7          Should the parties to the dispute fail to agree whether the
                  dispute is principally a legal, accounting or other matter
                  within seven (7) working days after the arbitration was
                  demanded, the matter shall be deemed a legal matter.

23.2.1.8          Should the parties fail to agree on an arbitrator within
                  fourteen (14) working days after giving notice in terms of the
                  above clause, the arbitrator will be appointed at the request
                  of any party to the dispute by the Chairman for the time being
                  of the Bar Council according to the provision of the above
                  clauses.

23.2.1.9          The decision of the arbitrator shall be final and binding on
                  the parties to the dispute and may be made an order of any
                  court to whose jurisdiction the parties are subject at the
                  instance of any of the parties to the dispute.

23.2.1.10         The arbitrator shall be entitled to make such award, including
                  an award for specific performance, an interdict, damages or a
                  penalty or otherwise as he in his sole discretion may deem fit
                  and appropriate and to deal as he deems fit with the question
                  of costs, including, if applicable, costs on the attorney and
                  client scale, and his own fees.

23.3  The provisions of this clause:

23.3.1      Constitutes an irrevocable consent by the parties to any proceedings
            in terms hereof, and no party shall be entitled to withdraw
            therefrom or claim at any such proceedings that it is not bound by
            such provisions;

23.3.2      Are severable from the rest of this agreement and shall remain in
            effect despite termination of or invalidity for any reason of this
            agreement.

24.   VARIATION/MODIFICATION/WAIVER

24.1  No variation, modification or waiver of any provision or consensual
      cancellation of this agreement or consent to any departure therefrom,
      shall in any way be of any force or effect unless confirmed in writing and
      signed by both parties, and then any such variation, modification or
      waiver, cancellation or consent shall be effected only in the specific
      instance and for that purpose and to the extent for which it is made or
      given.

25.   WAIVER OF RIGHTS

25.1  The waiver, whether expressed or implied, by any party of any breach of
      the terms or conditions of this agreement by any other party, shall not
      prejudice any remedy of the waiving party in respect of any continuing or
      other breach of the terms and conditions hereof.

25.2  No failure, delay, relaxation or indulgence on the part of any party in
      exercising any power or right conferred on such party in terms of this
      agreement shall operate as a

                                       34
<PAGE>

      waiver or such power or right, nor shall any single or partial exercise of
      any such power or right preclude any other or further exercise thereof, or
      the exercise of any other power or right under this agreement.

26.   DOMICILIA CITANDI ET EXECUTANDI

26.1  The parties hereto choose their domicilia et executandi for all purposes
      of and in connection with this agreement as follows:

The DEPARTMENT:                     Head of the Department
                                    Department of Social Development
                                    Bisho
                                    Eastern Cape

The SERVICE PROVIDER:               CPS Eastern Cape(Pty) Ltd
                                    4TH Floor
                                    President Place
                                    CNR Bolton Road & Jan Smuts Avenue
                                    Rosebank
                                    Johannesburg

26.2  Should any party hereto change its domicilium, it shall advise the other
      party in writing.

26.3  A notice sent by one party to another shall be deemed to have been
      received on the same day, if delivered by hand; on the same day if
      delivered by fax (provided the original is then immediately posted); on
      the seventh day after posting, if sent by prepaid registered mail.

                                       35
<PAGE>

SIGNED AT------------------------------------------ ON--------------------------

AS WITNESES:                           ON BEHALF OF THE DEPARTMENT

1.-----------------------------------  -----------------------------------------
                                       DULY AUTHORISED THERETO

2.-----------------------------------

SIGNED AT------------------------------------------  ON-------------------------

AS WITNESSES:------------------------  ON BEHALF OF THE SERVICE
                                       PROVIDER

1.-----------------------------------  -----------------------------------------
                                       DULY AUTHORISED THERETO

2.-----------------------------------

                                       36<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                   EXHIBIT 10.14

                                    NED BANK

<TABLE>
<S>                                         <C>
  2ND FLOOR CORPORATE PLACE NEDCOR SANDTON  VERDIEPING 2 CORPORATE PLACE NEDCOR SANDTON
             135 RIVONIA ROAD SANDOWN 2196  RIVONIAWEG 135 SANDOWN 2196
PO BOX I144 JOHANNESBURG 2000 SOUTH AFRICA  POSBUS 1144 JOHANNESBURG 2000 SUID'AFRIKA
         TEL 011 294-4444 FAX 011 295-1111  TEL 011 294.4444 FAKE 011 294.1333

      CORPORATE AND INTERNATIONAL DIVISION  KORI'ORATIEWE EN INTERNATIONALE AFDELING
</TABLE>

                                                                   24 April 2003

The Directors
Net 1 Applied Technology Holdings Limited
4th Floor - President Place
Corner Jan Smuts & Bolton Road
Rosebank

Attention:  Mr Herman Kotze

Dear Sirs

BANKING FACILITIES

Further to recent discussions between Nedbank Limited ("Nedbank") and Net 1
Applied Technology Holdings Limited, Nedbank is pleased to continue to offer the
following banking facilities to Net 1 Applied Technology Holdings Limited, Net 1
Support Services (Proprietary) Limited, Cash Paymaster Services (Proprietary)
Limited, Net 1 Southern Africa (Proprietary) Limited, Net 1 Investment Holdings
(Proprietary) Limited, Cash Paymaster Services KwaZulu-Natal (Proprietary)
Limited, Cash Paymaster Services Eastern Cape (Proprietary) Limited and Net 1
Solutions (Proprietary) Limited (collectively referred to as the Borrower" or,
if the context is appropriate, any one or more of them) on the terms and
conditions contained herein.

Aggregate Amount       R394 715 000,00 (three hundred and ninety four million
                       seven hundred and fifteen thousand rand).

1.    NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED ("Aplitec").

      Amount:          R22 715 000,00 (twenty two million seven hundred and
                       fifteen thousand rand).

      Purpose:         The issuing of letters of guarantee and the hedging of
                       currency risk.

      Facilities:      1.1     INDIRECT FACILITY

                               Letters of guarantee for an aggregate amount of
                               up to R21 115 000,00 (twenty one million one
                               hundred and fifteen thousand rand) to be shared
                               by any of the following entities:

                  NEDBANK LIMITED/BEPERK REG No. 1951/000009/06
   DIRECTOR/DIREKTEURE: OF LIEBEMBERG (CHAIRMAN/VOORSITTER) PG JOUBERT (DEPUTY
     CHAIRMAN/ADJUNKVOORSITTER) PROF MM KATZ (VICE CHAIRMAN/VISEVOORSITTER)
   RCM LAUBSCHER (CHIEF EXECUTIVE/HOOP UITVOERENDE BEAMPTE) TA BOARDMAN* DR IJ
      BOTHA* BJS HORE* SG MORRIS* BGS MULLER* ML NIDLOVE* AA ROUTLEDGE* GJW
  BALL WAM CLEWLOW RG COTTRELL BE DAVISON N DENNIS+ PROF B FIGAJI MJ LEVETT JB
 MAGWAZA ME KKWANAZI PF NHLEKO TH NYASULU JVP ROBERTS+ CML SAVAGE JH SUTCLIFFE+
 (*EXECUTIVE/UITVOEREND) +BRITISH/BRITS) COMPANY SECRETARY/MAATSKAPPYSKRETARIS:
                              WJ KROGER 25 11 2002

<PAGE>

                               1.1.1    Net 1 Support Services (Proprietary)
                                        Limited,

                               1.1.2    Net 1 Applied Technology Holdings
                                        Limited.

                       1.2     DERIVATIVE FACILITY

                               Forward exchange contracts for an amount of up to
                               RI 600 000,00 (one million six hundred thousand
                               rand), being 10% (ten percent) of the amount of
                               the forward exchange contracts to be shared by
                               any of the following entities:

                               1.2.1    Net 1 Solutions (Proprietary) Limited;

                               1.2.2    Net I Investment Holdings (Proprietary)
                                        Limited, 1.2.3 Net 1 Southern Africa
                                        (Proprietary) Limited.

                       1.3     ELECTRONIC BANKING FACILITY
                               Nedinform/Nedexec.

2.    CASH PAYMASTER SERVICES (PROPRIETARY) LIMITED ("Cash Paymaster").

      Amount:          R2 000 000,00 (two million rand).

      Purpose:         The financing of assets.

      Facilities:      2.1     ASSET BASED FINANCE FACILITY

                               An asset based finance facility of an amount of
                               up to R2 000 000,00 (two million rand), the terms
                               and conditions of which are more fully set out in
                               separate agreements and security documents
                               entered into between Cash Paymaster and Nedbank,
                               as amended from time to time.

                       2.2     ELECTRONIC BANKING FACILITY
                               NedinformlNedexec

3.    CASH PAYMASTER SERVICES (KWAZULU-NATAL) (PROPRIETARY) LIMITED ("Cash
      Paymaster KwaZulu-Natal")

      Amount:          R220 000 000,00 (two hundred and twenty million rand).

      Purpose:         3.1     The financing of social grant payments made
                               through Cash Paymaster (KwaZulu Natal) up to an
                               amount of R185 000 000,00 (one hundred and eighty
                               five million rand).

                       3.2     The financing of social grant payments made
                               through the South African Post Office on behalf
                               of Cash Paymaster (KwaZulu Natal) up to an amount
                               of R35 000 000,00 (thirty five million rand).

<PAGE>

      Facility:        BRIDGING LOAN FACILITY

                       A fluctuating bridging loan facility of an amount of up
                       to R220 000 000,00 (two hundred and twenty million rand),
                       the terms and conditions of which are more fully set out
                       in separate agreements entered into between Cash
                       Paymaster KwaZulu-Natal and Nedbank dated 19 October 2000
                       together with any amendments from time to time.

4.    CASH PAYMASTER SERVICES (EASTERN CAPE) (PROPRIETARY) LIMITED ("Cash
      Paymaster Eastern Cape").

      Amount:          R150 000 000,00 (one hundred and fifty million rand).

      Purpose:         The financing of social grant payments made through Cash
                       Paymaster (Eastern Cape) up to an amount of
                       R150 000 000,00 (one hundred and fifty million rand).

      Facility:        BRIDGING LOAN FACILITY

                       A fluctuating bridging loan facility of an amount of up
                       to R150 000 000,00 (one hundred and fifty million rand),
                       the terms and conditions of which are more fully set out
                       in separate agreements entered into between Cash
                       Paymaster Eastern Cape and Nedbank dated 13 January 2003
                       together with any amendments from time to time.

The facilities referred to in clauses 1 to 4 shall be referred to collectively
as "the facility" in this facility letter and the appendix hereto.

Notwithstanding anything to the contrary contained in this facility letter and
the appendix hereto, the facility shall be payable on demand.

Nedbank reserves the right to place the facility, in whole or in part, with any
subsidiary within Nedbank and to disclose to that subsidiary any financial
information which may be required to support such placing. Pursuant hereto, the
foreign finance facility (if any) may from time to time be placed by Nedbank
with Nedcor Trade Services Limited ("NTS") (Registration No. 2042514243), its
wholly owned subsidiary in Mauritius.

5.    Security Held:   Nedbank confirms that it holds the following security for
                       the facility, namely -

                       5.1     a cross deed of suretyship on Nedbank's standard
                               terms and conditions given by:

                               Aplitec
                               Net 1 Support Services (Proprietary) Limited
                               Net1 Southern Africa (Proprietary) Limited
                               Cash Paymaster
                               Cash Paymaster KwaZulu-Natal

<PAGE>

                               Commutercard (Proprietary) Limited
                               Net I Loyalty (Proprietary) Limited
                               Net 1 Solutions (Proprietary) Limited
                               Nett Investment Holdings (Proprietary) Limited
                               Cash Paymaster Services (Namibia) (Proprietary)
                               Limited
                               Cash Paymaster Services (Gauteng) (Proprietary)
                               Limited
                               Cash Paymaster Services (Northern) (Proprietary)
                               Limited
                               Cash Paymaster Services (Northwest) (Proprietary)
                               Limited
                               Cash Paymaster Services (Mpumalanga)(Proprietary)
                               Limited
                               Cash Paymaster Services (Northern-Cape)
                               (Proprietary) Limited
                               Cash Paymaster Services (Western Cape)
                               (Proprietary) Limited
                               Cash Paymaster Services (Eastern-Cape)
                               (Proprietary) Limited
                               Moneyline Financial Services (Proprietary)
                               Limited
                               Net 1 Finance Holdings (Proprietary) Limited
                               Friedland 033 Investments (Proprietary) Limited
                               Friedland 035 Investments (Proprietary) Limited
                               Siyeza Security Services (Proprietary) Limited
                               Siyeza Security Services (Northern Cape)
                               (Proprietary) Limited
                               Sinqobile Security Services (Northwest)
                               (Proprietary) Limited

                               (collectively referred to as "the sureties" or,
                               if the context is appropriate, any one or more of
                               them) in terms of which each of the sureties
                               binds itself as surety and co-principal debtor in
                               solidum with each other for the due and punctual
                               fulfillment by the other of them of all their
                               obligations under the facility;

                       5.2     a document in terms of which Cash Paymaster
                               agrees that any credit balances in any banking
                               accounts held with Nedbank may be set off against
                               the indebtedness of Cash Paymaster to Nedbank
                               under the facility from time to time;

                       5.3     a deed of cession in terms of which Cash
                               Paymaster Services (Northern) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Northern) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.4     a deed of cession in terms of which Cash
                               Paymaster Services (Eastern Cape) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its

<PAGE>

                               debtors as security for the due and punctual
                               fulfilment by Cash Paymaster Services
                               (Eastern Cape) (Proprietary) Limited of all its
                               obligations under the facility;

                       5.5     a deed of cession in terms of which Cash
                               Paymaster Services (Gauteng) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Gauteng) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.6     a deed of cession in terms of which Cash
                               Paymaster Services (KwaZulu-Natal) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (KwaZulu-Natal) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.7     a deed of cession in terms of which Cash
                               Paymaster Services (Mpumalanga) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Mpumalanga) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.8     a deed of cession in terms of which Cash
                               Paymaster Services (Namibia) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Namibia) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.9     a deed of cession in terms of which Cash
                               Paymaster Services (Northern Cape) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Northern Cape) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.10    a deed of cession in terms of which Cash
                               Paymaster Services (Northwest) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Northwest) (Proprietary)
                               Limited of all its obligations under the
                               facility;

<PAGE>

                       5.11    a deed of cession in terms of which Cash
                               Paymaster Services (Western Cape) (Proprietary)
                               Limited cedes to Nedbank all of its right, title
                               and interest in and to its debtors as security
                               for the due and punctual fulfilment by Cash
                               Paymaster Services (Western Cape) (Proprietary)
                               Limited of all its obligations under the
                               facility;

                       5.12    a deed of cession in terms of which
                               Friedland 033 Investments (Proprietary) Limited
                               cedes to Nedbank all of its right, title and
                               interest in and to its debtors as security for
                               the due and punctual fulfilment by Friedland 033
                               investments (Proprietary) Limited of all its
                               obligations under the facility;

                       5.13    a deed of cession in terms of which
                               Friedland 035 Investments (Proprietary) Limited
                               cedes to Nedbank all of its right, title and
                               interest in and to its debtors as security for
                               the due and punctual fulfilment by Friedland 035
                               Investments (Proprietary) Limited of all its
                               obligations under the facility;

                       5.14    a deed of cession and pledge in terms of
                               which Aplitec cedes to Nedbank all of its right,
                               title and interest in and to its entire
                               shareholding in Cash Paymaster as security for
                               the due and punctual fulfilment by Aplitec of all
                               its obligations under the facility.

6.    Sweeping Cash    An amount of R240 000 000,00 (two hundred and forty
                       million rand)

                       Management Arrangement: represents the aggregate of the
                       various overdraft limits recorded against various
                       accounts in the names of subsidiaries of Aplitec and/or
                       divisions of some of those subsidiaries which participate
                       in the Aplitec Clearing Account Cash Management
                       Arrangement ("the individual participants"), which is set
                       out in separate documentation to be signed by the
                       individual participants. In terms of that documentation,
                       Aplitec is the borrower in respect of the aggregate debit
                       balances less the aggregate credit balances reflected as
                       at the close of business of each day.

                       It is understood that the limits of the individual
                       participants are recorded for purposes of determining the
                       total amount that is advanced to or by Aplitec in terms
                       of the Cash Management Arrangement.

<PAGE>

                       Apfitec shall procure that all the individual
                       participants in this Cash Management Arrangement are
                       aware of their limits and that those limits are adhered
                       to. It is hereby agreed that, in the event of any
                       individual participant exceeding its limit without prior
                       arrangements having been concluded, then Nedbank shall be
                       entitled, after consultation with Aplitec, to take such
                       measures as are deemed necessary to ensure that such
                       limits are observed.

                       The limit of R240 000 000,00 (two hundred and forty
                       million rand) mentioned above is recorded on the
                       understanding that the net debit balance at the aggregate
                       level of the Cash Management Arrangement will not exceed
                       R240 000 000,00 (two hundred and forty million rand),
                       unless by prior written arrangement with Nedbank.

                       Up to an amount of R240 000 000,00 (two hundred and forty
                       million rand) of any aggregate debit balance on the Cash
                       Management Arrangement will attract interest at rates
                       agreed to from time to time.

7.    Negative Pledge: The Borrower shall not, and it shall procure that none of
                       its subsidiaries from time to time (as defined in the
                       Companies Act, No. 61 of 1973, as amended) will, create
                       or permit to subsist any mortgage, pledge, lien, charge,
                       hypothecation or security interest or any other agreement
                       or arrangement having the effect of conferring security
                       on any of its assets other than in the ordinary course of
                       business, save with the prior written consent of Nedbank.

8.    Undertakings:    In addition to the undertakings given in clause 15 of the
                       appendix attached to this letter ("the appendix"), the
                       Borrower undertakes that it shall for the duration of the
                       facility, Nedbank shall be and shall remain the
                       Borrower's sole banker.

9.    Conditions:      9.1     The facility is subject to annual review once the
                               consolidated audited annual financial statements
                               of the Borrower become available, but in any
                               event within 120 (one hundred and twenty) days
                               after the end of each reporting period of the
                               Borrower.

                       9.2     The terms and conditions set out in the
                               appendix attached hereto are applicable to the
                               facility in general and to the relevant
                               instruments offered to the Borrower, provided
                               however that, in respect of the facilities
                               referred to in 2.1, 3 and 4, if there is a
                               conflict between the provisions of the separate
                               agreements governing these facilities and the
                               terms and conditions of the appendix, the
                               provisions contained in the separate agreements
                               shall prevail.

<PAGE>

                       9.3     The facilities offered to the Borrower in the
                               facility letter relate to the facilities offered
                               by the Corporate Banking Division of Nedbank.
                               There may be other facilities offered to the
                               Borrower by other entities within the Nedcor
                               Group of Companies that are not included in the
                               facility letter, which other facilities will be
                               governed by the terms and conditions of separate
                               agreements entered into between the Borrower and
                               that entity.

10.   Replacement:     The offer contained in this letter supercedes all
                       previous offers of banking facilities from Nedbank to the
                       Borrower andfor any of its subsidiaries.

11.   Expiry Date:     The offer contained in this letter is open for acceptance
                       until 30 June 2003. If the offer is not accepted by the
                       Borrower on or before that date, the offer shall lapse
                       and this letter shall be of no force and effect.

Should any aspect of this letter require clarification, please contact Andre van
Rooyen on 011 294-3163.

If the terms of this letter are acceptable to the Borrower, kindly have an
authorised official of the Borrower sign the attached duplicate original of this
fetter and return it to Nedbank, together with a resolution of the board of
directors of the Borrower authorising the signing official to accept the
facility on behalf of the Borrower.

Yours faithfully

_________________________      _________________________   _____________________
G G PAYNE                      R W STEENEKAMP              A J VAN ROOYEN
ASSISTANT GENERAL              SENIOR MANAGER              SENIOR MANAGER
MANAGER                        CORPORATE & INTERNATIONAL   CORPORATE BANKING
CORPORATE & INTERNATIONAL      CREDIT
CREDIT

<PAGE>

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
NET 1 APPLIED TECHNOLOGY
HOLDINGS LIMITED
(PROPRIETARY) LIMITED
(who hereby warrants his authority)

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
NET 1 SUPPORT SERVICES
(PROPRIETARY) LIMITED
(who hereby warrants his authority)

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
NET 1 SOUTHERN AFRICA
(PROPRIETARY) LIMITED
(who hereby warrants his authority)

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
CASH PAYMASTER SERVICES
(KWAZULU-NATAL) (PROPRIETARY) LIMITED
(who hereby warrants his authority)

<PAGE>

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
NET 1 INVESTMENT HOLDINGS
(PROPRIETARY) LIMITED
(who hereby warrants his authority)

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
CASH PAYMASTER SERVICES EASTERN
CAPE (PROPRIETARY) LIMITED
(who hereby warrants his authority)

ACCEPTED THIS ________________________  DAY OF __________________________  2003.

______________________________________
For and on behalf of:
NET 1 SOLUTIONS (PROPRIETARY)
LIMITED
(who hereby warrants his authority)

<PAGE>

                                    APPENDIX

SECTION 1 - GENERAL TERMS

1.    INTERPRETATION

      The headings of the clauses in this appendix are for the purpose of
      convenience and reference only and shall not be used in the interpretation
      of nor modify nor amplify the terms of this appendix nor any clause
      hereof. Unless a contrary intention clearly appears -

      1.1   words importing -

            1.1.1   any one gender includes the other two genders;

            1.1.2   the singular include the plural and vice versa; and

            1.1.3   natural persons include corporate entities (corporate or
                    unincorporated) and the state and vice versa;

      1.2   the following terms shall have the meanings assigned to them
            hereunder and cognate expressions shall have corresponding meanings,
            namely -

            1.2.1   "BANK" means collectively Nedbank and NTS or, if the context
                    is appropriate, any one or more of them;

            1.2.2   "BANKS ACT" means the Banks Act, No. 94 of 1990, as amended;

            1.2.3   "BUSINESS DAY" means any day other than a Saturday, Sunday,
                    proclaimed public holiday in the Republic of South Africa-
                    or a day on which commercial banks in the Republic of South
                    Africa generally are not open for business;

            1.2.4   "COMPANIES ACT" means the Companies Act, No. 61 of 1973, as
                    amended;

            1.2.5   "FACILITY LETTER" means the letter to which this appendix is
                    attached;

            1.2.6   "FINANCIAL STATEMENTS" means -

                    1.2.6.1 the most recent audited annual financial statements
                            of the Borrower and/or surety and/or guarantor,
                            consolidated, if applicable;

                    1.2.6.2 1.2.6.2 the most recent unaudited interim financial
                            statements of the Borrower and/or surety and/or
                            guarantor, consolidated, if applicable;

<PAGE>

                    1.2.6.3 the most recent management accounts of the Borrower
                            and/or surety and/or guarantor, consolidated, if
                            applicable, which have been furnished to the Bank;

            1.2.7   "GUARANTORS" means any guarantor of the obligations of the
                    Borrower to the Bank under or in respect of or arising from
                    the facility;

            1.2.8   "INCOME TAX ACT" means the Income Tax Act, No. 58 of 1962,
                    as amended;

            1.2.9   "INSOLVENCY ACT" means the Insolvency Act, No. 24 of 1936,
                    as amended;

            1.2.10  "MATERIAL ADVERSE EFFECT" means a material adverse change in
                    the condition (financial or otherwise) of the Borrower
                    and/or any sureties or guarantors, if any, as the case may
                    be, which change prevents or aggravates the Borrower's
                    ability to perform or observe, in the normal course, its
                    obligations arising from or in terms of the facility and/or
                    prevents or aggravates the ability of any sureties or
                    guarantors, as the case may be, to perform or observe, in
                    the normal course, their obligations arising from or in
                    terms of any suretyship or guarantee, as the case may be;

            1.2.11  "NACM" means nominal annual compounded monthly in arrear;

            1.2.12  "OFFER" means the offer of banking facilities made by the
                    Bank to the Borrower in the facility letter;

            1.2.13  "OUTSTANDING AMOUNT" means the aggregate amount by which the
                    facility has been drawn down from time to time, together
                    with all accrued and capitalised interest thereon, if any,
                    together with any and all other amounts that may be due and
                    payable by the Borrower to the Bank;

            1.2.14  "PARTIES" means collectively the Borrower, any guarantor,
                    any surety, Nedbank and NTS or, if the context is
                    appropriate, any one or more of them;

            1.2.15  "PRIME RATE" means the publicly quoted rate of interest as
                    certified by any manager (whose appointment or authority or
                    designation it shall not be necessary to prove) of Nedbank
                    at which Nedbank lends in South African Rands to its
                    borrowers in general from time to time, on the basis of such
                    interest being calculated daily on a 365 (three hundred and
                    sixty five) day year and compounded monthly in arrear,
                    irrespective of whether or not the year in question is a
                    leap year;

            1.2.16  "REPO RATE" means, on any particular day, the repo tender
                    rate on that day quoted by the SARB;

<PAGE>

            1.2.17  "SURETY" means any surety for the obligations of the
                    Borrower to the Bank under or in respect of or arising from
                    the facility;

            1.2.18  "SARB" means the South African Reserve Bank;

      1.3   save as defined herein or where the context clearly indicates to the
            contrary, terms defined in the facility letter shall bear the
            meanings ascribed to them herein, when used in this appendix;

      1.4   when any number of days is prescribed in this appendix, same shall
            be reckoned inclusively of the first and exclusively ofthe last day,
            unless thelastday falls on a daywhichis not abusiness day, in which
            case the last day shall be the next succeeding business day;

      1.5   where figures are referred to in numerals and in words, if there is
            any conflict between the two, the words shall prevail;

      1.6   where any term is defined within the context of any particular
            clause in this appendix, the term so defined, unless it is clear
            from the clause in question that the term so defined has limited
            application to the relevant clause, shall bear the meaning ascribed
            to it for all purposes in terms of this appendix, notwithstanding
            that that term has not been defined in this interpretation clause;

      1.7   the expiration or termination of the facility letter and this
            appendix shall not affect such of the provisions of the facility
            letter and this appendix as expressly provide that they will operate
            after any such expiration or termination or which of necessity must
            continue to have effect after such expiration or termination,
            notwithstanding that the clauses themselves do not expressly provide
            for this.

2.    BINDING AGREEMENT

      In respect of overdraft and overnight loan facilities, acceptance of the
      offer shall create a binding agreement between the Borrower and the Bank.
      In respect of other instruments offered in the facility letter, acceptance
      of the offer will create a binding agreement between the Borrower and the
      Bank, subject to the signature by the Borrower of the Bank's standard
      terms relating to the relevant instrument.

3.    FLEXIBILITY

      Unless otherwise agreed by the parties, and subject to the availability of
      a particular instrument at a particular time, the Borrower shall be
      entitled to utilise any or all of the instruments offered in the facility
      letter up to the amount of the limit or the sub-limit, as the case may be,
      pertaining to a particular instrument set out in the facility letter from
      time to time, provided that instruments with a fixed maturity date shall
      continue up to such maturity date.

4.    UNAVAILABILITY OF INSTRUMENTS

<PAGE>

      Should:

      4.1   there be any change in legislation or in the departmental practice
            of any authority and, in particular, without derogating from the
            generality of the aforegoing, any change in the Income Tax Act, or
            the Banks Act or any regulations made in terms thereof, or in the
            interpretation or application of any such legislation or
            departmental practice, by any court or competent official; andlor

      4.2   there be any change in banking practice as it affects or is applied
            by or to the Bank and any other financial institutions generally
            registered as such in the applicable jurisdiction; and/or

      4.3   any other event occurs which is beyond the control of the Bank, with
            the result that any instrument offered in the facility letter is no
            longer made available by the Bank ("an affected instrument"), then
            the Bank shall notify the Borrower in writing that the affected
            instrument will no longer be made available to the Borrower and the
            Borrower shall, within 3 (three) business days of the despatch of
            such notice, elect:

      4.4   to utilise any one or more of the other instruments offered in the
            facility letter; and/or

      4.5   to settle the amount owing under the affected instrument.

5.    EARLY REPAYMENT

      No early repayment of any instrument shall be allowed unless the Bank
      agrees thereto, subject to any penalty which the Bank may impose at that
      time.

6.    INTEREST

      All interest, charges, commission, costs and fees which are payable by the
      Borrower to the Bank shall be paid in the currency of the relevant
      instrument and, unless discharged directly by the Borrower, shall be paid
      out of any current account of the Borrower held at Nedbank. The Borrower
      hereby authorises the Bank to debit and deduct such interest, charges,
      commissions, costs and fees to such current account. Any reference to
      "Nedbank's prime overdraft rate" shall refer tothe publicly quoted rate of
      interest at which Nedbank lends in South AfricanRandstwitsborrowers in
      general from time to time, on the basis of such interest being calculated
      daily on a 365 (three hundred and sixty five) day year and compounded
      monthly in arrear, irrespective of whether or not the year in question is
      a leap year.

7.    PENALTY INTEREST

      7.1   All and any amounts owing to the Bank which are not paid on the due
            date therefor or any excess over any limit or sub-limit set out in
            the facility letter, as the case may be, shall bear interest at a
            rate of 2% (two percent) per annum above the higher of the repo rate
            or the prime rate, calculated from the due date therefor

<PAGE>

            or the date on which any excess occurred, as the case may be, until
            the date of actual payment thereof by the Borrower to the Bank.

      7.2   All and any amounts owing to the Bank under the foreign finance
            facility which are not paid on the due date therefor or any excess
            over any foreign finance limit or sub-limit, as the case may be,
            shall bear interest at the prevailing penalty interest rate of the
            Bank in respect of foreign finance from time to time, calculated
            from the due date thereof or the date on which any excess occurred,
            as the case may be, until the date of receipt of such amounts by the
            Bank.

8.    FREE OF DEDUCTION

      All amounts paid by the Borrower to the Bank shall be made free and clear
      of deduction or set-off. Should the Borrower be compelled by law to
      withhold or deduct any taxes or other charges from any amounts payable to
      the Bank, the amounts so payable by the Borrower to the Bank shall be
      increased to the extent necessary to ensure that the Bank receives the
      amounts payable, free of such withholding or deduction.

9.    ALLOCATION OF PAYMENTS

      The Bank will be entitled to allocate all and any payments by the Borrower
      to any indebtedness of the Borrower to the Bank and the Borrower waives
      all and any rights that it may have to name the debt in respect of which
      such payment is made.

10.   CHANGE IN CIRCUMSTANCES

      If at any time -

      10.1  any new law, ruling, regulation or practice is promulgated, given or
            adopted; and/or

      10.2  there are any changes to any present or future law, ruling,
            regulation or practice; and/or

      10.3  there are any changes in the interpretation, application or
            administration of any law, ruling, regulation or practice by any
            relevant monetary or fiscal authority or court or competent
            official; and/or

      10.4  there are any amendments to the Banks Act or the Income Tax Act or
            the legislation applying to financial institutions generally
            registered as such in the relevant jurisdiction; and/or

      10.5  there is any compliance by the Bank with any directive or request,
            whether or not having the force of law, from any monetary or fiscal
            authority or court or competent official;

      10.6  any other event occurs which is beyond the control of the Bank,

<PAGE>

      that would -

      10.7  subject the Bank to any taxes, duties or other charges in respect of
            the facility or change the basis of taxation of the Bank in respect
            of payments of capital or interest payable to the Bank and such
            taxes, duties or other charges are applicable to financial
            institutions generally registered as such in the applicable
            jurisdiction; or

      10.8  impose, modify or deem applicable any reserve, special deposit or
            similar requirement against assets or deposits with or for the
            account of, or credit extended by the Bank, which reserve, special
            deposit or similar requirement against assets or deposits is
            applicable to financial institutions generally registered as such in
            the applicable jurisdiction; or

      10.9  impose on the Bank any other obligation or condition affecting the
            cost of the Bank of maintaining or funding the facility, which
            obligation or condition is applicable to financial institutions
            generally registered as such in the applicable jurisdiction,

      and the result of any of the above is to increase or reduce the net after
      tax cost to the Bank of maintaining or funding the facility or increases
      or reduces the net after tax return to the Bank in respect of maintaining
      or funding the facility, then the Bank shall be entitled to determine a
      fee to place the Bank in the same position in which it would have been if
      such increase or reduction had not taken place. Such fee shall be payable
      by the Borrower on demand.

11.   PLACING

      Nedbank reserves the right to place the facility in whole or in part with
      any subsidiary within Nedcor Limited and to disclose to that subsidiary
      any financial information which may be required to support such placing.

12.   EXCHANGE CONTROL APPROVAL

      Where applicable, the Borrower shall comply with the requirements of the
      Exchange Control Department of the SARB and shall furnish proof of such
      compliance to the Bank on request.

13.   OFFSHORE BUSINESS OR ACTIVITIES

      13.1  The Borrower shall notify Nedbank and/or NTS before:

            13.1.1  The Borrower conducts any business or business activity
                    offshore; or

            13.1.2  The Borrower makes any offshore investment; or

            13.1.3  The Borrower issues a guarantee or binds itself as surety
                    and/or co-principal debtor for the debts of a third party,
                    which will have infer

<PAGE>

                    alia the effect of (but not limited to) encumbering the
                    Borrower's assets, financial status or balance sheet.

      13.2  Nedbank and/or NTS reserves the right to:

            13.2.1 Call for further and/or detailed information regarding the
                   Borrower's offshore business, business enterprises,
                   activities, investments and review the banking facilities
                   offered to the Borrower.

            13.2.2 Call for an audit on the Borrower's financial status to
                   investigate and/or confirm disclosures to Nedbank and/or NTS,
                   and the possible encumbrance of the Borrower's assets,
                   financial status or balance sheet.

14.   UNDERTAKINGS

      The Borrower undertakes:

      14.1  to furnish the Bank with -

            14.1.1  its audited annual financial statements and those of each
                    guarantor/surety within 120 (one hundred and twenty) days
                    after the end of each financial year;

            14.1.2  its unaudited interim financial statements and those of each
                    guarantor/surety within 120 (one hundred and twenty) days
                    after the end of each interim financial year;

            14.1.3  its management accounts within a period of 30 (thirty) days
                    after the end of the period to which such management
                    accounts relate;

            14.1.4  all other financial information with which a shareholder is
                    entitled to be furnished by the Borrower or each
                    guarantorlsurety, within 30 (thirty) days after such
                    information has become available to the Borrower or each
                    guarantor/surety;

      14.2  to maintain in full force and effect all governmental, tax, monetary
            and other approvals required to enable the Borrower to continue in
            its business and affairs;

      14.3  not to create or permit to subsist any mortgage, pledge, lien,
            charge, hypothecation or security interest or any other agreement or
            arrangement having the effect of conferring security on any of its
            assets ("AN ENCUMBRANCE"), except for existing encumbrances, without
            the prior written consent of the Bank, which consent shall not be
            unreasonably withheld if the encumbrances are in the normal course
            of business;

      14.4  immediately to notify the Bank of any change in the present
            shareholding or ultimate beneficial ownership of the Borrower;

<PAGE>

      14.5  promptly to inform the Bank in writing of -

            14.5.1  any occurrence of which it becomes aware which will or may
                    adversely affect the Borrower's ability to perform or
                    observe its obligations in terms of the facility; or

            14.5.2  any occurrence of which it becomes aware which will or may
                    adversely affect the ability of any surety to perform or
                    observe its obligations in terms of any deed of suretyship;
                    or

            14.5.3  of any event of default,

                forthwith upon becoming aware thereof and will from time to
                time, if so requested by the Bank confirm to the Bank in
                writing that, save as otherwise stated in such confirmation,
                no such event of default has occurred and/or is continuing;

      14.6  to furnish Nedbank upon demand by Nedbank, with such information as
            Nedbank may reasonably require.

15.   WARRANTIES

      15.1  The Borrower represents and warrants to the Bank that:

            15.1.1  it is a corporation duly registered and existing under the
                    laws of the Republic of South Africa;

            15.1.2  it has full power to perform and execute the facility letter
                    and has taken all necessary corporate and other actions to
                    authorise the borrowings thereunder, including such steps,
                    as may be necessary to comply with the provisions of Article
                    60 of Table A or Article 61 of Table B of the Companies Act,
                    if applicable;

            15.1.3  the facility constitutes legal, valid, binding and
                    enforceable obligations of the Borrower;

            15.1.4  no litigation, arbitration or administrative proceeding is
                    presently in progress or, to the knowledge of the Borrower,
                    pending or threatened against it or any of its assets, which
                    relates to the facility or which would have a material
                    adverse effect;

            15.1.5  it is not a party to any agreement which has a material
                    adverse effect on it or which is likely to have a material
                    adverse effect on it;

            15.1.6  it has good title to all its assets which are reflected in
                    its financial statements or has not sold, transferred,
                    exchanged, disposed of or otherwise alienate of any such
                    assets;

<PAGE>

            15.1.7  its financial statements fairly represent the financial
                    position of the Borrower and its subsidiaries, where
                    applicable, and the consolidated results of its/their
                    operations for that financial period, and that the financial
                    statements have been prepared in accordance with generally
                    accepted accounting principles in the Republic of South
                    Africa, consistently applied, and that the Borrower has no
                    significant liabilities, present or contingent, (including,
                    without derogating from the generality of the aforegoing)
                    liabilities for taxes or material forward or long term
                    commitments, which are not disclosed or provided for in such
                    financial statements;

            15.1.8  there has been no material adverse effect on the Borrower
                    since the date of its financial statements.

            15.1.9  that all of the information supplied by the Borrower and any
                    surety in connection with the facility letter is true,
                    complete and accurate in all material aspects and the
                    Borrower is not aware of any material facts or circumstances
                    that have not been disclosed to the Bank.

      15.2  The Borrower shall be deemed on the first day of each of its
            financial years to represent and warrant that each of the
            representations and warranties is and shall be true and accurate on
            such day and, in addition, that the financial statements delivered
            to the Bank fairly represent the financial position of the Borrower
            or the consolidated financial position of the Borrower and its
            subsidiaries, as the case may be.

16.   BREACH

      16.1  A breach shall occur should:

            16.1.1  the Borrower and/or any surety and/or any guarantor, as the
                    case may be, commit an act of insolvency as defined in the
                    Insolvency Act or an act defined in terms of section 344 of
                    the Companies Act or an act which would, if the Borrower
                    and/or any surety and/or any guarantor, as the case may be,
                    were a natural person, be an act of insolvency as defined in
                    the Insolvency Act; and/or

            16.1.2  the Borrower and/or any surety and/or any guarantor, as the
                    case may be, becomes unable or cease, for any reason
                    whatsoever, to conduct its normal line of business in an
                    ordinary and regular manner; and/or

            16.1.3  the Borrower commit a breach of any of the terms and
                    conditions of the facility, including non compliance with
                    the covenants as set out in the facility letter, if any, or
                    any other offer made or instrument offered pursuant to the
                    facility; and/or

<PAGE>

            16.1.4  any material asset of the Borrower and/or any surety and/or
                    any guarantor, as the case may be, be attached under writ of
                    execution; and/or

            16.1.5  the Borrower and/or any surety and/or any guarantor, as the
                    case may be, dispose of a material portion of its
                    undertakings or assets, whether voluntarily or involuntarily
                    and whether in a single transaction or a series of
                    transactions, except in the normal course of business, or
                    the value of the assets of the Borrower and/or any surety
                    and/or any guarantor, as the case may be, be materially
                    reduced; and/or

            16.1.6  the Borrower and/or any surety and/or any guarantor, as the
                    case may be, be voluntarily or compulsorily placed under
                    judicial management or wound up (whether provisionally or
                    finally), removed from the register of companies or take
                    steps for its voluntary winding up, or enter into or attempt
                    to enter into a compromise, composition or arrangement with
                    its creditors generally, or any class thereof; and/or

            16.1.7  the ultimate beneficial control of the Borrower and/or any
                    surety and/or any guarantor, as the case may be, change;
                    and/or

            16.1.8  a material change in the financial condition of the Borrower
                    and/or any surety and/or any guarantor, as the case may be,
                    occur, subsequent to the date of its financial statements
                    which change will, in the opinion of the auditors of the
                    Bank, have a material adverse effect and/or adversely affect
                    the surety's and/or guarantor's ability to perform or
                    observe its obligations in terms of the deed of suretyship
                    and/or the guarantee; and/or

            16.1.9  any material indebtedness or obligation or any loan, debt or
                    guarantee constituting indebtedness of the Borrower and/or
                    any surety and/or any guarantee, as the case may be, become
                    due and payable prior to its specified maturity by reason of
                    default, or not be paid when due, whether or not the Bank is
                    concerned therewith;

            16.1.10 the Borrower acquire or attempt to acquire any shares in the
                    issued share capital of its holding company or any of its
                    own issued share capital or otherwise reduce its share
                    capital, without the prior written consent of the Bank,
                    which shall not be unreasonably withheld;

            16.1.11 any surety and/or any guarantor fail to maintain in full
                    force and effect, all government, tax, monetary and other
                    approvals required to enable such surety to continue in its
                    business and affairs;

            16.1.12 any surety and/or guarantor encumber any of its assets,
                    except for existing encumbrances, without the prior written
                    consent of the Bank which consent shall not be unreasonably
                    withheld if the encumbrances are in the normal course of
                    business;

<PAGE>

            16.1.13 a representation, warranty or statement made or repeated in
                    connection with this agreement in any document delivered by
                    or on behalf of the Borrower or any surety or any guarantor
                    under or in connection with this facility letter be
                    incorrect in any material respect when made or deemed to be
                    made or repeated;

            16.1.14 it be or become unlawful for the Borrower to perform or
                    comply with any or all of its obligations under this
                    facility letter or any of the obligations of the Borrower
                    hereunder not be or cease to be legal, valid, binding and
                    enforceable or at any time it be or become unlawful for any
                    surety to perform or comply with any or all of its
                    obligations under the deed of suretyship or any of the
                    obligations of the surety thereunder not be or cease to be
                    legal, valid, binding and enforceable;

            16.1.15 any litigation, arbitration or administrative proceeding
                    presently be in progress or, to the knowledge of the
                    Borrower, pending or threatened against any surety and/or
                    any guarantor, or any of any surety's and/or any guarantor's
                    assets, which would have a material adverse effect on the
                    financial condition of the surety;

            16.1.16 the most recent audited annual financial statements of the
                    surety and/or guarantor not fairly represent the financial
                    position of the surety and its subsidiaries, where
                    applicable, and the results of their operations of that
                    financial year, or should the said financial statements not
                    have been prepared in accordance with generally accepted
                    accounting principles of the Republic of South Africa,
                    consistently applied, or should the surety have significant
                    liabilities, present or contingent, including, without
                    limitation, liabilities for taxes or material forward or
                    long term commitments, which are not disclosed or provided
                    for in such financial statements;

            16.1.17 there be a material adverse change in the financial or other
                    condition of the surety and/or guarantor since the date of
                    its last audited financial statements.

      16.2  Should a breach occur, and such breach is incapable of remedy or the
            Borrower fails to remedy such breach within 10 (ten) business days
            of the despatch of a notice by the Bank calling upon the Borrower to
            remedy the breach, then the Bank shall be entitled, without
            prejudice to any other rights or remedies which it may have:

            16.2.1  to cancel the facility and to claim and recover from the
                    Borrower all amounts owing under or in terms of or in
                    connection with the facility, which amounts shall become
                    immediately due and payable, together with penalty interest
                    thereon; and/or

<PAGE>

            16.2.2  to appropriate any and all amounts standing to the credit of
                    the Borrower in the books of the Bank in reduction or
                    liquidation of the amounts owing to the Bank under or in
                    terms of or in connection with the facility; and/or

            16.2.3  to set-off the indebtedness of the Borrower to the Bank
                    under or in terms of or arising from the facility against
                    any and all amounts standing to the credit of the Borrower
                    in the books of the Bank and for the purposes thereof, the
                    parties hereby agree that, to the extent that any such
                    indebtedness is or such amounts are in a currency other than
                    Rands ("the foreign currency"), such indebtedness or amounts
                    shall be converted from such foreign currency to Rands at
                    the spot Rand/foreign currency rate quoted by the Bank on
                    the date of conversion.

17.   JURISDICTION

      The Borrower irrevocably submits and consents to the jurisdiction of the
      High Court of South Africa (Witwatersrand Local Division) for the purpose
      of any legal proceedings arising out of or in connection with the
      facility.

18.   GOVERNING LAW \

      The facility shall be governed by and interpreted in accordance with the
      laws of the Republic of South Africa.

19.   CERTIFICATE

      A certificate signed by any manager for the time being of the Bank (whose
      appointment and/or designation and/or authority it shall not be necessary
      to prove) shall be prima facie proof of all the facts and matters stated
      therein for all purposes in connection with the facility.

20.   COSTS

      All costs and expenses which the Bank may incur in connection with the
      enforcement or preservation of any of its rights under the facility,
      including, without derogating from the generality of the aforegoing, all
      legal costs on an attorney and client scale, tracing fees and stamp duty,
      shall be borne by the Borrower and shall be payable on demand.

21.   NOTICES

      Any notices sent by one party to the other shall be in writing and deemed
      to have been received, if sent to the other party's domicilium:

      21.1  by hand, on the date of delivery;

      21.2  by prepaid post, 7 (seven) days after the date of posting;

<PAGE>

      21.3  by telex or telefacsimile, on the business day following
            transmission.

22.   DOMICILIUM CITANDI ET EXECUTANDI

      22.1  The parties choose as their domicilia citandi et executandi for all
            purposes under the facility, whether in respect of court process,
            notices or other documents or communications of whatsoever nature,
            the following addresses:

            22.1.1  The Borrower

                    Physical:  4" Floor - President Place
                               Corner Jan Smuts & Bolton Road
                               Rosebank, 2196.
                    Postal:    P O Box 2424
                               Parklands
                               2121
                    Facsimile: (011) 442-5894
                    Attention: The Financial Director

            22.1.2  Nedbank

                    Physical:  135 Rivonia Road
                               Corporate Place Block F
                               Sandown
                               Sandton, 2196.
                    Postal:    P O Box 1144
                               Johannesburg, 2000
                    Facsimile: (011) 294-1333
                    Attention: The General Manager Corporate Credit

            22.1.3  NTS

                    Physical:  5th Floor
                               Barkly Wharf
                               Caudan Waterfront Port Louis
                               MAURITIUS
                    Facsimile: (230) 210 3154
                    Attention: The Assistant General Manager

      22.2  Any party may by notice to the other parties change the physical
            address chosen as its domicilium citandi at executandi to another
            physical address where postal delivery occurs or its postal address
            or its facsimile number, provided that the change shall become
            effective on the 10'h (tenth) business day from the deemed receipt
            of the notice by the other parties.

      22.3  Any notice to a party shall be in writing -

<PAGE>

            22.3.1  sent by registered post in a correctly addressed envelope to
                    it at the postal address chosen as its domicilium citandi et
                    executandi shall be deemed to have been received on the 5th
                    (fifth) business day after posting;

            22.3.2  delivered by hand during ordinary business hours at the
                    physical address chosen as its domicilium citandi at
                    executandi shall be deemed to have been received on the day
                    of delivery; or

            22.3.3  transmitted by facsimile to its chosen facsimile number
                    stipulated in clause 23.1 shall be deemed to have been
                    received on the business day following the date of
                    transmission.

      22.4  Notwithstanding anything to the contrary herein contained, a notice
            or communication actually received by a party shall be an adequate
            notice or communication to it notwithstanding that it was not sent
            to or delivered at its chosen domicilium citandi et executandi.

23.   WHOLE AGREEMENT

      23.1  Subject to any document required by the Bank to be signed by the
            Borrower on the one hand and the Bank on the other, the facility
            letter and this appendix constitute the whole agreement between the
            Borrower and the Bank relating to the subject matter hereof, and
            there are no representations, warranties or undertakings given by
            the Borrower andlor the Bank which are not recorded herein.

      23.2  No variation to or amendment or consensual cancellation of the
            facility letter or this appendix or any provision or term hereof or
            of any agreement, bill of exchange or other document issued or
            executed pursuant to or in terms of the facility letter and this
            appendix and no settlement of any disputes arising under the
            facility letter and this appendix shall be binding unless recorded
            in a written document signed by the Borrower and the Bank
            respectively.

      23.3  No extension of time or waiver of relaxation or suspension of any of
            the provisions or terms of the facility letter and this appendix or
            any agreement, bill of exchange or other documents issued or
            executed pursuant to or in terms of the facility letter and this
            appendix by the Bank shall operate as an estoppel against the Bank
            in respect of its rights under the facility letter and this
            appendix, nor shall it operate so as to preclude the Bank thereafter
            from exercising its rights strictly in accordance with the facility
            letter and this appendix. Any such extension, waiver or relaxation
            or suspension shall be strictly construed as relating strictly to
            the matter in respect whereof if was made or given.

24.   SEVERABILITY

      Any provision in the facility letter and this appendix which is or may
      become illegal, invalid or unenforceable in any jurisdiction affected by
      the facility letter and the appendix shall, as to such jurisdiction, be
      ineffective to the extent of such prohibition or

<PAGE>

      unenforceability and shall be treated pro non scripto and severed from the
      balance of the facility letter and appendix, without invalidating the
      remaining provisions of the facility letter and this appendix or affecting
      the validity or enforceability of such provision in any other
      jurisdiction.

25.   VARIATION OF TERMS

      No variation, addition or amendment of any of these terms shall be of any
      force or effect unless reduced to writing and signed by the Borrower on
      the one hand and/or Nedbank and/or NTS, as the case may be, on the other.

26.   NO INDULGENCE

      No indulgence or extension of time shown by Nedbank and/or NTS, as the
      case may be, to the Borrower shall operate as an estoppel or waiver of any
      rights against Nedbank and/or NTS, as the case may be.

27.   RENUNCIATION OF BENEFITS

      The Borrower expressly waives and renounces all the benefits from the
      legal exceptions non numeratae pecuniae, non causa debiti, errore calculi,
      revision of accounts, no value received and all the other legal benefits
      and exceptions, the meaning and effect of which exceptions the Borrower
      declares itself to be fully acquainted.

<PAGE>

SECTION 2 - TERMS APPLICABLE TO SPECIFIC INSTRUMENTS

1.    FORWARD EXCHANGE CONTRACTS

      1.1   Rate

      The applicable rate shall be the rate agreed upon between the parties,
      whether in writing or otherwise.

      1.2   Amount

      This instrument is subject to the sub-limit set out in the facility
      letter, if any, or any other agreement concluded between the parties. The
      sub-limit is based on the percentage of the aggregate amount of each
      forward exchange contract (currently 10% (ten percent)) that Nedbank in
      its discretion deems to be the risk.

      1.3   Period

      The applicable period will be that agreed upon in writing between the
      parties.

      1.4   Conditions Precedent

      This instrument is subject to the signature by the Borrower of Nedbank's
      standard documentation relating to forward exchange contracts from time to
      time.

      1.5   Notification to the SARB

      The Borrower shall present documents confirming the relevant forward
      exchange transaction to its branch of Nedbank for endorsement within 14
      (fourteen) days from the date of conclusion of each forward exchange
      contract, in accordance with current exchange control policy. However, if
      the Borrower has given a corporate letter of undertaking to the SARB, the
      Borrower shall only be obliged to furnish to its branch of Nedbank a
      letter setting out details of the transaction underlying the forward
      exchange contract.

2.    LETTERS OF GUARANTEE

      2.1   Rate/Commission

      The applicable rate or commission shall be the rate agreed in writing
      between the parties at the time of request for the issuance of a letter of
      guarantee.

      2.2   Amount

      This instrument is subject to the sub-limit set out in the facility
      letter, if any, or in any other agreement concluded between the parties.

      2.3   Period

<PAGE>

      The applicable period shall be the period agreed upon at the time of
      request for the issue of a guarantee. Under no circumstances will Nedbank
      issue a guarantee which does not contain an expiry date or an
      ascertainable period.

      2.4   Nedbank's Obligations

      Nedbank's obligations shall be limited to the payment of money. Unless
      otherwise agreed to in writing between the parties, all letters of
      guarantee will be payable on the beneficiary's first demand in writing
      and/or the presentation of the relevant guarantee to Nedbank.

      2.5   Condition Precedent

      Guarantees will only be issued after the signature by the Borrower of
      Nedbank Counter-Indemnity (Form 8.8) in respect of each guarantee or
      Nedbank's Master Counter Indemnity Form, as the case may be.

      2.6   Other Terms

      Other terms shall be negotiated by the parties at the time of request for
      the issue of a guarantee. The terms and conditions thereof must be
      acceptable to Nedbank.

3.    ASSET BASED FINANCE

      The facility available under this instrument is subject to the terms and
      conditions of Nedbank's standard documentation relating to asset based
      finance from time to time or the terms and conditions of separate
      agreementls that may be concluded between Nedbank and the Borrower.

4.    NEDINFORM/NEDEXEC

      The use of Nedinform and Nedexec by the Borrower is subject to the
      signature by the Borrower of Nedbank's standard Electronic Banking
      Services Agreement.

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF NET 1 APPLIED.
TECHNOLOGY HOLDINGS LIMITED ("THE COMPANY") HELD AT ________________________ ON
___________________________

Resolved:

1.    that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

2.    that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy

                                              ________________________________
                                              COMPANY SECRETARY / DIRECTOR

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF NET 1 SUPPORT
SERVICES (PROPRIETARY) LIMITED ("THE COMPANY") HELD AT
________________________ ON _______________________________

Resolved:

3.    that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

4.    that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy

                                              _________________________________
                                              COMPANY SECRETARY / DIRECTOR

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF NET 1 SOUTHERN AFRICA
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ________________________ ON
__________________________

Resolved:

5.    that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

6.    that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy
                                              ________________________________
                                              COMPANY SECRETARY / DIRECTOR

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF CASH PAYMASTER
SERVICES (PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ________________________
ON ______________________________

Resolved:

7.    that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

8.    that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy
                                              ________________________________
                                              COMPANY SECRETARY / DIRECTOR

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF CASH PAYMASTER
SERVICES (KWAZULU-NATAL) (PROPRIETARY) LIMITED ("THE COMPANY") HELD AT
________________________ ON ___________________________

Resolved:

9.    that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

10.   that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy
                                              ________________________________
                                              COMPANY SECRETARY / DIRECTOR

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF NET 1 INVESTMENT
HOLDINGS (PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ________________________
ON ______________________________

Resolved:

11.   that the company accept the offer of banking facilities from Nedbank
      Limited ("Nedbank") on the terms and conditions set out in its
      letter to the company dated ___________________;

12.   that __________________________ in his capacity as __________________ be
      and he is authorized to sign the aforesaid letter and return it to Nedbank
      / that the actions of ______________ in signing the aforesaid letter be
      and they are hereby ratified.*

*Delete whichever is inapplicable.

                                              Certified a true copy

                                              __________________________________
                                              COMPANY SECRETARY / DIRECTOR

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