Document:

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                                                                Exhibit 10.18
yc
                    ASSIGNMENT OF COPYRIGHT AND LICENSE OF

                            PATENTS AND TRADE MARKS

                                       1.

PARTIES
1.1.        The parties to this agreement are

            1.1.1.      METROLINK (PROPRIETARY) LIMITED

            1.1.2       NET 1 PRODUCTS (PROPRIETARY) LIMITED

1.2.        The parties agree as set out below.

                                       2.

INTERPRETATION

2.1.        In this agreement, unless inconsistent with or otherwise
            indicated by the context:

            2.1.1.      any reference to the singular includes the plural
                        and vice versa;

            2.1.2.      any reference to natural persons includes legal
                        persons and vice versa;

            2.1.3.      any reference to a gender includes the other
                        genders.

            2.1.4.      "copyrighted works" means the UEPS consisting of
                        programmes and program modules currently written for the
                        smart cards and the Crouzet MoneteI P500 terminal;
                        details of the said programmes and program modules which
                        provide functions as listed in Appendix 1 hereto;

            2.1.5.      "effective date" means the 1st OCTOBER 1990;

            2.1.6.      "FTMs" means Funds Transfer Machines which customers
                        will access with their personalised smart cards in order
                        to utilise the UEPS and carry out certain transactions
                        thereon;
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            2.1.7.      "Metrolink System" means the switching and settlement
                        system developed by or on behalf of the purchaser,
                        necessary to operate the UEPS, detailed further in
                        Appendix 2;

            2.1.8.      "Metrolink System Documentation" means:

                        2.1.8.1.    the set of documents, printout
                                    specifications, file specifications and all
                                    manuals which collectively contain a
                                    complete description and definition of all
                                    operating conditions of the Metrolink
                                    System;

                        2.1.8.2.    all source code listings of the programmes
                                    and program modules making up the Metrolink
                                    System (including the most current) being,
                                    or to be, used by the PURCHASER in the
                                    language in which they are written, in such
                                    detail as to enable NET 1 to operate,
                                    maintain and modify the Metrolink System;

                        2.1.8.3.    operating manuals and user guides;

            2.1.9.      "NET 1" means NET 1 PRODUCTS (PROPRIETARY)
                        LIMITED, a company incorporated with limited
                        liability in the Republic of South Africa under
                        company number 89/05779/07 c/o Deloitte Pim
                        Goldby, First Floor, Willis Faber House, 21 Girton
                        Road, Parktown, herein represented by Messrs A P
                        Mansvelt and S C P Belamant, in their capacities
                        as directors, they being duly authorised hereto in
                        terms of a resolution of the directors of NET 1, a
                        copy of which is Appendix B hereto;

            2.1.10.     "Perm" means the Perm division of Nedperm Bank Limited,
                        a company incorporated in accordance with the laws of
                        the Republic of South Africa, of Perm Park, Press
                        Avenue, Selby Extension 15;
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            2.1.11.     "POS devices" means the Point of Sale devices which will
                        be utilised by retail outlets to allow customers to
                        transact the purchase and sale of goods or services at
                        such outlets by means of the use of smart cards;

            2.1.12.     "PURCHASER" means METROLINK (PROPRIETARY) LIMITED, a
                        company incorporated with limited liability in the
                        Republic of South Africa under company number
                        89/07337/07 and c/o Deloitte Pim Goldby, First Floor,
                        Willis Faber House, 21 Girton Road, Parktown, herein
                        represented by Mr P C Hibbit he being duly authorised
                        hereto in terms of a resolution of the directors of
                        METROLINK, a copy of which is Appendix "A" hereto, and
                        includes METROLINK's successors in title, assigns or
                        nominees;

            2.1.13.     "shareholder" means a person who holds one or more
                        shares in a company;

            2.1.14.     "smart card" means the customer card which when utilised
                        in conjunction with the copyrighted works will allow
                        customer access to the UEPS.

            2.1.15.     "system documentation" means -

                        2.1.15.1.   the set of documents, printout
                                    specifications, file specifications and all
                                    manuals which collectively contain a
                                    complete description and definition of all
                                    operating conditions of the copyrighted
                                    works;

                        2.1.15.2.   all source code listings of the copyrighted
                                    works (including the most current) being, or
                                    to be, used by the PURCHASER, in the
                                    language in which they are written, in such
                                    detail as to enable the
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                                    PURCHASER to operate, maintain and modify
                                    the copyrighted works;

                        2.1.15.3.   operating manuals and user guides;

            2.1.16.     "territory" means the Republic, Namibia, Botswana,
                        Lesotho, Swaziland, Mozambique and Zimbabwe;

            2.1.17.     "the/this agreement" means this agreement together with
                        any schedules and appendices hereto;

            2.1.18.     "the republic," means the Republic of South Africa as
                        constituted on 31 May 1961;

            2.1.19.     "UEPS" means the Universal Electronic Payment System
                        designed by NET 1 and described and detailed in the NET
                        1 manual entitled "Universal Electronic Payment System"
                        and including functions listed in Appendix 1.

2.2.        Where appropriate, meanings ascribed to defined words and
            expressions in 2.1 above, shall impose substantive obligations on
            the parties.

2.3.        The clause headings in this agreement have been inserted for
            convenience only and shall not be taken into account in its
            interpretation.

2.4.        Words and expressions defined in any sub-clause shall, for the
            purposes of the clause of which that sub-clause forms part, bear the
            meaning assigned to such words and expressions in that sub-clause.

2.5.        This agreement shall be governed by and construed and interpreted in
            accordance with the law of the Republic of South Africa.
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                                       3.

INTRODUCTION

3.1.        NET 1 is the owner of the copyrighted works and the PURCHASER is to
            become the owner of the copyrighted works in the territory and NET 1
            is to retain ownership of the copyright in the copyrighted works
            outside the territory. The PURCHASER is the owner of the copyright
            in the works making up the Metrolink System and is to retain such
            ownership within the territory whereas NET 1 is to become owner of
            the Metrolink System outside the territory.

3.2.        NET 1 has made application to register a trade mark NET 1 Logo in
            classes 9 and 16 of the Trade Marks Classification in various
            countries in the territory. A schedule of such trade marks is
            annexed marked Appendix 3.

3.3.        NET 1 has made application to register Patent No 89/7607 and Patent
            No 90/7106 covering novel aspects of the UEPS in South Africa.

3.4.        The parties agree that ownership of South African Patent No 89/7607
            and Patent No 90/7106 and the trade mark NET 1 Logo shall vest in
            NET 1 and that the PURCHASER will use these items of intellectual
            property in the territory under licence from NET 1.

3.5.        NET 1 has concluded agreements with third parties for the supply of
            smart cards, POS Devices and FTMs necessary for the implementation
            and use of the system. NET 1 confirms that it will pass on to the
            PURCHASER the rights acquired from such third parties to use such
            smart cards, POS Devices and FTMs in implementing and using the
            system.

3.6.        The PERM is a shareholder of the PURCHASER.
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                                       4.

ASSIGNMENT OF COPYRIGHT

4.1.        Subject to the provisions of this agreement NET 1 hereby assigns to
            the PURCHASER all its rights, including all rights of copyright, in
            and to the copyrighted works within the territory and the PURCHASER
            hereby becomes the owner thereof.

4.2.        Subject to the provisions of this agreement the PURCHASER hereby
            assigns to NET 1 all its rights, including all rights of copyright
            in and to the Metrolink System and all works embodied therein in all
            countries of the world outside the territory and NET 1 hereby
            becomes the owner thereof.

4.3.        This agreement shall be deemed to have commenced or taken effect
            upon the effective date.

4.4.        Within 90 days after the signature of this agreement, and
            provided that payment of the sum of R3.5m (THREE AND A HALF
            MILLION RAND) referred to in clause 7 shall have been paid,
            NET 1 shall deliver the final system documentation to the
            PURCHASER.  The PURCHASER shall do its utmost to preserve the
            security and confidentiality of system documentation.  The
            period of 90 days referred to in this clause may be extended
            by agreement the between the parties.

4.5.        Within 6 (six) months of the effective date of this agreement,
            the PURCHASER shall deliver the Metrolink System documentation
            to NET 1 and NET 1 undertakes within the territory not to
            provide copies of, nor to disclose, to any third party, the
            Metrolink System documentation without the prior written
            consent of the PURCHASER.  NET 1 shall do its utmost to
            preserve the confidentiality of the Metrolink System
            documentation.  The period of 6 (six) months referred to in
            this clause may be extended by agreement between the parties.
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4.6.        Upon signature of this agreement NET 1 shall place the system
            documentation as approved by the PURCHASER in the possession
            of NET 1's auditors, Messrs Deloitte Pim Goldby, and shall
            cause such auditors to hold the system documentation in trust
            on their behalf pending the payment of the purchase
            consideration by the PURCHASER in terms of clause 7 hereof.
            NET 1 hereby authorises and directs NET 1's auditors to
            deliver the system documentation to the PURCHASER immediately
            upon NET 1 receiving payment of the purchase consideration in
            terms of clause 7 hereof.  NET 1 shall cause NET 1's auditors
            to confirm to the PURCHASER that they hold the system
            documentation in accordance with the provisions of this
            sub-clause, as soon as such auditors shall have received the
            system documentation.

                                       5.

LICENCE OF TRADE MARK

5.1.        NET 1 hereby grants to the PURCHASER a licence to use the trade mark
            NET 1 Logo in classes 9 and 16 of the Trade Marks Classification in
            the territory in relation to goods forming part of the copyrighted
            works.

5.2.        The parties will enter into a registered user agreement in a form
            normally used by NET 1's attorneys for the purposes of recording
            licensees.

5.3.        The PURCHASER agrees to join NET 1 in making application to the
            proper authority for the registration of the PURCHASER as the
            registered user of the trade mark and undertakes to execute such
            documents as may be necessary for that purpose.

5.4.        The PURCHASER will not in any way represent that it has any rights
            of any nature in the trade mark or in any registrations thereof and
            all use of the trade mark will enure to the benefit of NET 1.
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5.5.        The PURCHASER will not register the trade mark, or any part of it,
            or any trade mark which is deceptively or confusingly similar to the
            trade mark as part of its company name or the name of any subsidiary
            company or company with which it is associated either directly or
            indirectly and if it does so, it will procure that such company name
            is changed on demand by NET 1.

5.6.        The PURCHASER has the right to use the NET 1 logo trade mark on all
            smart cards and devices certified for use in the UEPS and used in
            conjunction with the copyrighted works and when using the trade
            mark, the PURCHASER will cause it to be reproduced exactly and
            accurately and in accordance with specifications and directions laid
            down by NET 1 from time to time.

5.7.        The PURCHASER acknowledges that NET 1 is the owner of all rights of
            whatever nature in the trade mark and that it has no claim of
            whatever nature in and to the trade mark. The PURCHASER shall not at
            any time attack or challenge the rights of NET 1 to the trade mark
            or induce or procure any other person to attack or challenge such
            rights:

5.8.        The period of the trade mark licence shall be for the duration of
            the use of the copyrighted works by the PURCHASER.

                                       6.

PATENT LICENCE

6.1.        Subject to the provisions of this agreement NET 1 hereby grants to
            the PURCHASER an exclusive licence to use Patent No 89/7607 and
            Patent No 90/7106 covering novel aspects of the UEPS in South Africa
            for the duration of the patent or until such time as the PURCHASER
            ceases to use the copyrighted works.

6.2.        The parties will procure that the PURCHASER is recorded as a
            licensee of the patent.
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6.3.        The expiry of the patent will have no effect on the remaining
            terms and conditions of this agreement.

                                       7.

PURCHASE CONSIDERATION

7.1.        By way of a consideration for the assignment of the copyrighted
            works, the PURCHASER shall pay to NET 1 the sum of R3.5m (THREE AND
            A HALF MILLION RAND) upon signature of this agreement. Such payment
            shall be subject to NET 1 giving immediate effect to its obligations
            in terms of clause 4.6 hereof.

7.2.        The purchase consideration in 7.1 shall be paid without deduction or
            demand and free of any bank exchange upon signature of this
            agreement.

7.3.        No consideration will be payable by the PURCHASER to NET 1 in
            respect of the licences granted to the PURCHASER in clauses 5
            and 6.

7.4.        When NET 1 has received payment of the purchase consideration the
            PURCHASER shall be entitled to request delivery of the system
            documentation to them by NET 1's auditors.

                                       8.

SOFTWARE MAINTENANCE

8.1.        The parties will enter into a software maintenance agreement
            with effect from 1 October 1990 containing the usual terms and
            conditions to be found in software maintenance agreements in
            the data processing industry.  Such agreement shall provide
            that the PURCHASER will pay to NET 1 a fixed monthly fee or
            R80 000.00 payable in advance on or before the 1st day of each
            and every month.  The initial period of such maintenance
            agreement will be 1 year and at the end of each year
            thereafter the fee will be renegotiated between the parties.
            After the first year of its existence, the software
            maintenance agreement may be terminated on three months notice
            by either party.
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8.2.        In terms of the software maintenance agreement:

            8.2.1.      NET 1 shall ensure that the copyrighted works operate in
                        accordance with the UEPS as disclosed in the system
                        documentation and for this purpose will maintain the
                        copyrighted works.

            8.2.2.      NET 1 shall furnish all preventative and remedial
                        software maintenance to those items which affect system
                        security and are part of the copyrighted works.

            8.2.3.      NET 1 will test and certify changes to the copyrighted
                        works for use in the UEPS.

            8.2.4.      NET 1 will maintain compatibility of the copyrighted
                        works with the UEPS installed by it outside the
                        territory.

            8.2.5.      The PURCHASER will have the first option to acquire
                        enhancements to the copyrighted works at market related
                        prices.

            8.2.6.      NET 1 undertakes to provide at market related prices any
                        enhancements requested by the PURCHASER.

            8.2.7.      The PURCHASER will have the first option to acquire new
                        related NET 1 systems.

            8.2.8.      NET 1 will deliver to the PURCHASER revised software and
                        related system documentation reflecting all corrections
                        and adjustments made by NET 1 to the copyrighted works.

            8.2.9.      NET 1 undertakes to continuously employ at least two
                        people capable of performing the maintenance and
                        enhancements referred to in this clause.
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8.3.        In the event that there is a change in the current shareholding of
            NET 1, the PURCHASER shall, in addition to and without derogating
            from any other remedies which it may have, be entitled to cancel the
            software maintenance agreement forthwith in writing without
            incurring any penalty.

                                       9.

PATENT AND COPYRIGHT INDEMNITY

9.1.        NET 1 shall defend or settle any claim or proceeding brought
            against the PURCHASER based on a claim that -

            9.1.1.      any of the copyrighted works furnished by NET 1 in terms
                        of this agreement;

            9.1.2.      the use of the copyrighted works supplied by NET 1 in
                        terms hereof or of any part thereof by the PURCHASER
                        consistent with NET 1's specifications and instructions;
                        or

            9.1.3.      the copying of any of the copyrighted works, system
                        design documentation or manuals supplied by NET 1,

            constitutes an infringement of any existing patent, copyright or
            other intellectual property right; provided that the aforegoing
            shall apply only where NET 1 is notified properly in writing and is
            given complete authority and information required for the defence
            thereof.

9.2.        NET 1 shall pay all damages and costs awarded in any proceedings
            referred to in clause 9.1 against the PURCHASER, but shall not be
            responsible for any costs, expenses or compromise incurred or made
            by the PURCHASER without NET 1's prior written consent.
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9.3.        NET 1 shall have no liability in terms of sub-clauses 9.1 and 9.2
            where any claim against the PURCHASER relates to subject matter
            produced or used by or at the instigation of the PURCHASER without
            the written consent of NET 1 in breach of any existing patent,
            copyright or other intellectual property right.

9.4.        The following provisions shall apply in the event that any item of
            the copyrighted works supplied by NET 1 in terms of this agreement
            is in NET 1's opinion likely to, or does, become the subject of a
            claim for patent, copyright or other intellectual property right
            infringement;

            9.4.1.      NET 1 may at its option and expense, procure for the
                        PURCHASER the right to continue using it, or may modify
                        it to become non-infringing; provided that nothing in
                        this sub-clause shall diminish NET 1's obligations in
                        terms of clauses 9.1 and 9.2.

            9.4.2.      If neither of the alternative referred to in clause
                        9.4.1 is reasonably available to NET 1, NET 1 may, with
                        the PURCHASER'S consent, remove the offending item of
                        the copyrighted works and any part of the UEPS rendered
                        unusable as a result of such removal.

            9.4.3.      If the PURCHASER does not consent to the removal of an
                        offending item of the copyrighted works as contemplated
                        in clause 9.4.2, the PURCHASER shall notify NET 1 in
                        writing, and may continue using such item. In this
                        eventuality the PURCHASER may undertake, at its own
                        expense, the defence of any action brought against it
                        and shall indemnify NET 1 in respect of any costs or
                        damages attributable to such continued use occasioned to
                        NET 1. NET 1 may at its own expense participate in the
                        defence of any such action if it is, or could become, a
                        party to such proceedings.
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            9.4.4.      Should NET 1 elect to remove the item of the copyrighted
                        works in terms of clause 9.4.1, NET 1 shall forthwith
                        replace it with a functionally equivalent non-infringing
                        item or take other appropriate action to ensure that the
                        amended software conforms to the system documentation to
                        the PURCHASER's satisfaction.

9.5.        NET 1 shall not be liable to the PURCHASER in any way for any claim
            based upon the use by the PURCHASER of any item of hardware or
            software or combination therefor not supplied by NET 1, or upon the
            use of such equipment supplied by NET 1 but modified by the
            PURCHASER.

                                       10.

LIMITED LIABILITY

Except as otherwise provided in this agreement:

10.1.       NET 1 shall not be liable for any damages whether direct,
            indirect, special or consequential arising out of the use of
            the copyrighted works by the PURCHASER.

10.2.       Without derogating from clause 10.1, save as specifically provided
            herein NET 1 shall not be liable in respect of any lost profits or
            any claim or demand against the PURCHASER by any other party.

10.3.       Should any item of the copyrighted works be defective, such defect
            will be dealt with at no further charge in terms of the software
            maintenance agreement referred to in clause 8.
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                                       11.

CARD AND ASSOCIATED HARDWARE

11.1.       Subject to at least one other financial institution besides the Perm
            becoming a shareholder of the PURCHASER, the PURCHASER shall order,
            and/or procure that a shareholder of the PURCHASER shall order, the
            first one million smart cards and 5000 P500 devices to be used in
            and for the purposes of the UEPS from NET 1 on the basis of the
            quotation annexed hereto marked Appendix 4. Such order(s) shall be
            placed within 30 (thirty) days of this sub-clause becoming operative
            and delivery pursuant to such order(s) by NET 1 shall be effected
            over a period of 12 (twelve) months from the date of the order(s).

11.2.       Thereafter the PURCHASER and shareholders of the PURCHASER shall be
            entitled to purchase all POS devices, FTM's and smart cards from any
            supplier thereof. The PURCHASER undertakes not to introduce any
            device for use in conjunction with the copyrighted works which has
            not previously been certified by NET 1 for use with the copyrighted
            works. If such a device is introduced to the system, then in
            relation to such device, NET 1's obligation to furnish all
            preventative and remedial software maintenance in clause 8.2.2 of
            this agreement will fall away.

            11.3.       The following general terms shall apply to the purchase
                        by the PURCHASER or a shareholder of the PURCHASER of
                        items of hardware from NET 1:

            11.3.1.     ownership of the hardware shall pass to the PURCHASER or
                        such shareholder, as the case may be, on payment of the
                        purchase price therefor;

            11.3.2.     the risk of loss or damage to the hardware shall pass to
                        the PURCHASER or such shareholder, as the case may be,
                        on delivery and acceptance of the hardware at the
                        address designated by it in the order, for such
                        hardware; and
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            11.3.3.     all cost of delivery shall be for the account of NET 1;

            11.3.4.     NET 1 shall be deemed to have made such warranties to
                        the PURCHASER or such shareholder, as the case may be,
                        in respect of the hardware as it is able to obtain from
                        the suppliers thereof and shall further be deemed to
                        have warranted that the items of hardware will (when
                        necessary or appropriate) have been properly encoded and
                        programmed for use in conjunction with the copyrighted
                        works and be secure as contemplated by clause 8.2.2 of
                        this agreement.

                                       12.

INSTALLATION AND MAINTENANCE OF HARDWARE

The PURCHASER or a shareholder contemplated in clause 11.3, as the case may be,
shall itself arrange for the installation and maintenance of all hardware.

                                       13.

RESTRAINT OF TRADE

13.1.       NET 1, acknowledges that -

            13.1.1.     it will in the performance of its obligations in terms
                        of this agreement have the opportunity of learning and
                        acquiring the trade secrets, business connections, and
                        other confidential information relating to the
                        PURCHASER's business;

            13.1.2.     the only effective reasonable manner in which the
                        PURCHASER's rights in respect of the copyrighted works
                        and the proprietary rights in respect of their business,
                        their business secrets, confidential information and the
                        interest of their shareholders can be protected is by
                        the restraint imposed upon NET 1 in terms of this
                        clause.
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13.2        NET 1 shall not during the period of this agreement:

            13.2.1.     be interested (whether as proprietor, partner,
                        consultant, contractor, financier, agent, shareholder or
                        otherwise) in, or concerned with, any company,
                        corporation, firm, undertaking or concern which carries
                        on a business competitive with the business of the
                        PURCHASER in the territory insofar as such business
                        relates to the use of the copyrighted works or
                        copyrighted works competing therewith.

            13.2.2.     develop any software or any system which competes
                        directly with the copyrighted works developed and
                        installed for the PURCHASER pursuant to this agreement
                        for use in the territory by any person, company,
                        corporation, firm, undertaking or concern.

13.3.       NET 1 may not within the territory during the currency of this
            agreement or for a period of 3 (three) years after termination of
            this agreement:

            13.3.1.     disclose any of the trade secrets or other information
                        regarding the affairs or activities of the PURCHASER to
                        any third person;

            13.3.2.     employ any of the employees of the PURCHASER or solicit
                        any employee of the PURCHASER for any other employer
                        carrying on a business competitive with the business of
                        the PURCHASER.

13.4.       NET 1 acknowledges and agrees that:

            13.4.1.     the restraints imposed upon it in terms of the
                        provisions of this agreement are reasonable as to
                        subject-matter, period and territorial limitation and
                        are no more than are reasonably and necessarily required
                        by the PURCHASER to maintain the goodwill, business and
                        legitimate business interests of the PURCHASER;
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            13.4.2.     this agreement is entered into upon the basis and
                        condition that the PURCHASER is entitled to the benefit
                        of the restraints set out in this agreement interpreted
                        in their widest sense;

            13.4.3.     the restraints imposed upon the parties in terms of the
                        provisions of this agreement shall be construed as
                        imposing separate, severable and independent restraints
                        in respect of:

                        13.4.3.1.   each magisterial district falling with the
                                    geographical area contemplated in clause
                                    13.2;

                        13.4.3.2.   each capacity in relation to a competitive
                                    activity which the parties are prohibited
                                    from holding in terms of this agreement.

13.5.       The PURCHASER hereby makes identical undertakings and
            acknowledgements, mutatis mutandis, in favour of NET 1 as those set
            out in clauses 13.1 and 13.3 and undertakes in the territory similar
            restraints, mutatis mutandis, to those placed on NET 1 during the
            period of this agreement.

                                       14.

USE OF CONFIDENTIAL INFORMATION

14.1.       Neither party shall divulge or disclose to any third parties any
            information concerning the affairs of the other party which may be
            communicated to it at any time unless such information becomes
            publicly available through no fault of such party.

14.2.       NET 1 shall not within the territory, and the PURCHASER shall not
            outside the territory use, exploit or divulge or disclose to third
            parties any business systems or methods, proprietary systems or
            application programs of the other party of which it may gain
            knowledge while working with the other party, or in the course of
            performing its obligations in terms of this agreement, except with
            the prior written consent of the other party.
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                                       15.

ARBITRATION

15.1.       Should any dispute arise between the parties in connection
            with:

            15.1.1.     the formation or existence of;

            15.1.2.     the implementation of;

            15.1.3.     the interpretation or application of the provisions of;

            15.1.4.     the parties' respective rights and obligations in terms
                        of or arising out of this agreement or its breach or
                        termination;

            15.1.5.     the validity, enforceability, rectification, termination
                        or cancellation, whether in whole or in part of;

            15.1.6.     any documents furnished by the parties pursuant to the
                        provisions of;

            15.1.7.     the performance of either party in terms of;

            this agreement or which relates in any way to any matter affecting
            the interests of the parties in terms of this agreement, that
            dispute shall, unless resolved amongst the parties to the dispute,
            be referred to and be determined by arbitration in terms of this
            clause.

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

15.3.       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.

15.4.       The arbitration shall be held -

15.4.1.     at Johannesburg;
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            15.4.2.     with only the legal and other representative of the
                        parties to the dispute present thereat;

            15.4.3.     mutatis mutandis in accordance with the provisions of
                        the Supreme Court Act, No 59 of 1959, the rules made in
                        terms of that Act and the practice of the division of
                        the Supreme Court referred to in clause 15.10;

            15.4.4.     otherwise in terms of the Arbitration Act, No 42 of
                        1965,

            being the intention that the arbitration shall be held and
            completed as soon as possible.

15.5.       The arbitrator shall be, if the matter in dispute is
            principally:

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

            15.5.2.     an accounting matter, a practising chartered accountant
                        of Johannesburg of at least 15 (fifteen) years'
                        standing;

            15.5.3.     any other matter, any independent person,

            agreed upon between the parties to the dispute.

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

15.7.       Should the parties fail to agree on an arbitrator within 14
            (fourteen) days after the giving of notice in terms of clause 15.2,
            the arbitrator shall be appointed at the request of either party to
            the dispute by the President for the time being of the Transvaal Law
            Society according to the provisions of clause 15.5.
<PAGE>
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15.8.       Where the matter, whether legal, accounting or any other matter as
            contemplated in clause 15.5 requires a decision on or any discussion
            of the performance or alleged non-performance of the system or any
            part thereof, then the arbitrator shall employ as an assessor an
            independent person qualified in computer related matters, including
            in particular the development and maintenance of hardware and
            software systems, as agreed by the parties and failing agreement by
            them, as chosen by the arbitrator in his sole discretion.

15.9.       The decision of the arbitrator shall be final and binding on the
            parties to the dispute and may be made an order of the court
            referred to in clause 15.10 at the instance of any of the parties to
            the dispute.

15.10.      The parties hereby consent to the jurisdiction of the Supreme Court
            of South Africa (Witwatersrand Local Division) in respect of the
            proceedings referred to in clause 15.3.

15.11.      The parties agree to keep the arbitration including the
            subject-matter of the arbitration and the evidence heard during the
            arbitration confidential and not to disclose it to anyone except for
            purposes of an order to be made in terms of clause 15.9.

15.12.      The provision of this clause:

            15.12.1.    constitute 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;

            15.12.2.    are severable from the rest of this agreement and shall
                        remain in effect despite the termination of or
                        invalidity for any reason of this agreement.
<PAGE>
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--------------------------------------------------------------------------------

                                       16.

PROMOTION OF THE UEPS

NET 1 shall have the right of access to the UEPS and the Metrolink System in
order to promote their sale outside of the territory, subject to such security
requirements stipulated by the PURCHASER or any of the financial or other
institutions making use of the system, and to demonstrate the UEPS and the
Metrolink System to prospective customers outside the territory. NET 1 shall
also have the right to make a film or video of the UEPS in operation for
demonstration and promotional purposes.

                                       17.

NOTICE AND DOMICILIUM

17.1.       The parties choose as their domicilia citandi et executandi their
            respective addresses set out in clause 2 for all purposes arising
            out of in connection with this agreement at which addresses all
            processes and notices arising out of or in connection with this
            agreement, its breach or termination may validly be served upon or
            delivered to the parties.

17.2.       For the purposes of this agreement the parties' respective addresses
            shall be as set out in clause 2 or at such other address, not being
            a post office box or poste restante, of which the party concerned
            may notify the other in writing.

17.3.       Any notice given in terms of this agreement shall be in
            writing and shall:

            17.3.1.     if delivered by hand be deemed to have been duly
                        received by the addressee on the date of delivery;

            17.3.2.     if posted by prepaid registered post be deemed to have
                        been received by the addressee on the 8th (eighth) day
                        following the date of such posting;

            17.3.3.     if given by telegram be deemed to have been received by
                        the addressee 1 (one) day after despatch;
<PAGE>
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--------------------------------------------------------------------------------

17.4.       Notwithstanding anything to the contrary contained in this
            agreement, a written notice or communication actually received by
            one of the parties from another, including by way of telex or
            facsimile transmission, shall be adequate written notice or
            communication to such party.

                                       18.

TERMINATION

18.1.       If the PURCHASER:

            18.1.1.     breaches any term of this agreement and fails to remedy
                        such breach within 30 (thirty) days, or such longer
                        period as may be reasonable in the circumstances, of
                        written notice by NET 1 calling upon it to do so; or

            18.1.2.     the PURCHASER is finally liquidated or placed under
                        provisional or final judicial management then,

            an event of default shall be deemed to have occurred entitling NET 1
            to cancel this agreement.

18.2.       If NET 1:

            18.2.1.     breaches any term of this agreement and fails to remedy
                        such breach within 30 (thirty) days, or such longer
                        period as may be necessary in the circumstances, of
                        written notice from the PURCHASER calling upon it to do
                        so; or

            18.2.2.     is finally liquidated or placed under provisional or
                        final judicial management;

            an event of default shall be deemed to have occurred entitling the
            PURCHASER to cancel this agreement. Such cancellation shall not
            affect the PURCHASER'S
<PAGE>
ASSIGNMENT OF COPYRIGHT                                                  PAGE 23
--------------------------------------------------------------------------------

            rights to the licence of the trade mark in clause 5 or the patent
            licence referred to in clause 6 of this agreement.

18.3.       Notwithstanding the termination of this agreement for whatsoever
            cause the PURCHASER will not be entitled to recover repayment of the
            sum of R3.5m (THREE AND A HALF MILLION RAND) paid by it in terms of
            clause 7 and NET 1 shall be entitled to retain the said sum.

                                       19.

WHOLE AGREEMENT

This agreement constitutes the whole agreement between the parties as to the
subject-matter hereof and no agreements, representations or warranties between
the parties other than those set out herein are binding on the parties.

                                       20.

VARIATION

No addition to or variation, consensual cancellation or novation of this
agreement and no waiver of any right arising from this agreement or its breach
or termination shall be of any force or effect unless reduced to writing and
signed by both parties or their duly authorised representatives.

                                       21.

RELAXATION

No latitude, extension of time or other indulgence which may be given or allowed
by either party in respect of the performance of any obligation hereunder or the
enforcement of any right arising from this agreement, and no single or partial
exercise of any right by any party, shall under any circumstances be construed
to be an implied consent by such party or operate as a waiver or a novation of,
or otherwise affect, any of that party's rights in terms of or arising from this
agreement or estop such party from enforcing, at any time and without notice,
strict and punctual compliance with each and every provision or term hereof.
<PAGE>
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--------------------------------------------------------------------------------

                                       22.

COST AND STAMP DUTY

22.1.       All legal costs of negotiating, drafting, preparing and implementing
            this agreement and the appendices to it shall be paid by the
            PURCHASER.

22.2.       Any stamp duty payable in respect of this agreement or any
            transaction recorded herein shall be paid by the PURCHASER.

SIGNED AT                              on

AS WITNESSES:

1.
     ------------------------------
2.
     ------------------------------

                                             ------------------------------

SIGNED AT                              on

AS WITNESSES:

1.
     ------------------------------
2.
     ------------------------------

                                             ------------------------------<PAGE>
                                                                Exhibit 10.19

Commercial-in-Confidence

                         PATENT AND TECHNOLOGY AGREEMENT

                      Made and entered into by and between:

                 NET 1 INVESTMENT HOLDINGS (PROPRIETARY) LIMITED

                                       and

                    NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED

                                       and

                               NEDCOR BANK LIMITED
<PAGE>
                                                                          Page 2

This Patent and Technology Agreement (the "Agreement"), effective as of June
2000 (the "Effective Date"), is entered by and between:

1)    Nedcor Bank Limited located at 100 Main Street, Johannesburg 2000,
      Republic of South Africa;

2)    Net 1 Investment Holdings (Proprietary) Limited located at Fourth Floor
      North Wing, President Place, Cnr. Jan Smuts Avenue, Bolton Road, Rosebank,
      Johannesburg, Republic of South Africa;

3)    Net 1 Applied Technology Holdings Limited located at Fourth Floor North
      Wing, President Place, Cnr. Jan Smuts Avenue, Bolton Road, Rosebank,
      Johannesburg, Republic of South Africa.

The parties agree the following terms and conditions shall apply to the
licensing of certain patent and technology rights by Net 1.

1.    DEFINITIONS

      1.1.  The Clause headings of this Agreement are for reference purposes
            only and shall not be used in the interpretation thereof.

      1.2.  Unless the context clearly indicates a contrary intention:

            1.2.1. expressions which denote:

                  1.2.1.1. any gender shall include the other genders;

                  1.2.1.2. a natural person shall include an artificial person
                           and vice versa;

                  1.2.1.3. the singular shall include the plural;

            1.2.2. the following expressions shall have the following meanings:

                  1.2.2.1. "CPI" shall mean the 12 (twelve) month consumer price
                           index (all areas, all income groups) published by the
                           Central Statistical Services in the Government
                           Gazette of the Republic of South Africa from time to
                           time;

                  1.2.2.2. "Licensee" shall mean any entity incorporated within
                           the Territory and in whom Nedcor has an equity
                           interest of more than 5%;

                  1.2.2.3. "Nedcor" shall mean Nedcor Bank Limited (Registration
                           No. 51/00009/06) and all of its subsidiaries,
                           affiliates and its holding company;
<PAGE>
                                                                          Page 3

                  1.2.2.4. "Net 1" shall mean Net 1 investment Holdings
                           (Proprietary) Limited and Net 1 Applied Technology
                           Holdings Limited;

                  1.2.2.5. "Parties" shall mean the parties to this Agreement;

                  1.2.2.6. "Patent" shall mean South African Patent No. 90/7106
                           together with all patents of addition, if any,
                           granted to Net 1;

                  1.2.2.7. "Smart Card" shall mean the customer card which when
                           utilised in conjunction with any point of sale
                           terminals will allow the customer to access the UEPS;

                  1.2.2.8. "Territory" shall mean the Republic of South Africa
                           (as constituted on 31 May 1961), Namibia, Botswana,
                           Lesotho, Swaziland, Mozambique and Zimbabwe;

                  1.2.2.9. "UEPS" means the Universal Electronic Payment System
                           designed by Net 1, as described and detailed in the
                           complete specification to Net 1's application for the
                           Patent;

2.    PREAMBLE

      2.1.  Nedcor and Net 1 entered into an agreement dated 29 July 1997, (the
            "Original Agreement") whereby Net 1 granted Nedcor a license to use
            the Patent and whereby Net 1 agreed not to grant any rights under or
            relating to the Patent to any bank or subsidiary of a bank without
            Nedcor's prior written consent within the Territory.

      2.2.  The Parties have reached agreement as to the terms and conditions
            upon which Nedcor may can upon Net 1 to grant a non-exclusive
            licence within the Territory to a Licensee to use the Patent and the
            UEPS technology.

3.    DURATION

This Agreement shall commence on the Effective Date and shall endure for the
life of the Patent and any extensions thereto, unless terminated earlier as
provided for hereunder.

4.    GRANT OF RIGHTS

      4.1.  This Agreement supplements the Original Agreement which shall remain
            in full force and effect.

      4.2.  Net 1 shall not:

            4.2.1. grant any license or other rights under the Patent and the
                   UEPS to any bank or any subsidiary of any bank in the
                   Territory unless nominated in writing by Nedcor, nor in any
                   manner whatsoever, whether directly or indirectly and whether
                   by way of any act or omission on its part, permit or
<PAGE>
                                                                          Page 4

                   enable any licensee under the Patent, including any licensed
                   bank or any licensed subsidiary of any bank, to do so;

            4.2.2. offer or supply to any bank or any subsidiary of any bank or
                   any financial institution in the Territory system(s) that
                   would compete with or replace the UEPS, without the prior
                   written consent of Nedcor.

      4.3.  As of the Effective Date, world-wide title and intellectual property
            rights in all software relating to the operation of the UEPS
            (including the Megalink System) and any related user manuals and
            documentation is jointly owned by Nedcor and Net1.

      4.4.  Nedcor shall be entitled in writing to request and Net 1 agrees to
            grant a non-exclusive licence to any Licensee to use the Patent and
            all technology and know-how relating to the UEPS in the Territory.

      4.5.  Net 1 shall within 30 (thirty) days of receipt by it of the request
            pursuant to Clause 4.4, conclude a written licence Agreement with
            the Licensee upon the following terms:

            4.5.1. Net 1 shall provide all necessary documentation and know-how
                   to the Licensee in order for the Licensee to be able to use
                   the Patent and the UEPS;

            4.5.2. the Licensee shall pay an annual licence fee to Net 1 in the
                   sum of R100 000 (One hundred thousand rand) plus VAT, which
                   licence fee shall be paid annually in advance following the
                   commencement date of the licence agreement. The licence fee
                   may be increased annually after the expiry of the first year
                   of the licence agreement by agreement, or failing which, by
                   an amount not to exceed the percentage increase of the CPI
                   during the preceding 12 (twelve) months;

            4.5.3. the Licensee shall grant Net 1 the right to quote for the
                   supply of all of the Licensee's Smart Card requirements
                   provided that Net 1 undertakes to use its best efforts to
                   provide the Licensee with competitive prices for such Smart
                   Cards

            4.5.4. If the Licensee elects not to purchase Smart Cards from Net
                   1, and provided that Net 1's prices were no less competitive
                   than other third party suppliers, the Licensee shall pay to
                   Net 1, an amount equivalent to 3.5% (three point five
                   percent) of the purchase cost to it of such Smart Cards from
                   a third party supplier, and which amount shall be paid to Net
                   1 quarterly in arrears;

            4.5.5. the Licensee shall advise any third party supplier of its
                   said hardware requirements that such third party supplier may
                   be required to procure a licence from Net 1 in respect of the
                   supply of such hardware to the extent that the configuration
                   of such hardware might in itself infringe the Patent.
<PAGE>
                                                                          Page 5

5.    MAINTENANCE OF THE PATENT

      5.1.  Net 1 shall during the life of this Agreement pay all renewal fees
            and do all such acts and things that may be necessary to maintain
            and keep registered the Patent and shall produce to Nedcor the
            receipt for renewing the Patent and in default shall permit Nedcor
            to pay the same and shall credit the Licensee with the cost of such
            renewal against the licence fees.

      5.2.  Net 1 shall not during the life of this Agreement, save with the
            prior written consent of Nedcor, abandon the Patent or allow it to
            lapse, nor will it amend the specification of the Patent without
            first notifying Nedcor of its intention to do so.

6.    PATENT INFRINGEMENT

      6.1.  Upon the occurrence of any infringement or suspected or threatened
            infringement of the Patent, the Parties shall immediately consult to
            decide what steps shall be taken to prevent or terminate such
            infringement

      6.2.  Net 1 shall take all steps as may be agreed by the Parties pursuant
            to Clause 6.1 above including the institution of legal proceedings
            where necessary.

      6.3.  If Net 1 fails to take such steps as may be considered necessary or
            appropriate by Nedcor, Nedcor shall have the right and is hereby
            authorised by Net 1, to take those steps independently. In taking
            such steps Nedcor shall not be acting as the agent or in any way on
            behalf of Net 1 but Net 1 shall give all reasonable assistance to
            facilitate any such proceedings by Nedcor. Any costs and expenses
            incurred by Nedcor shall be borne by Net 1 and credited to the
            Licensee against any licence fees.

7.    IMPROVEMENTS

      7.1.  If Net 1 at any time files an application for any improvement to the
            Patent, Net 1 shall provide to Nedcor and the Licensee such
            information and explanations as Nedcor shall reasonably require to
            be able effectively to utilise such improvements. Net 1 shall grant
            an irrevocable, non-exclusive, royalty-free license to the Licensee
            for the use of such improvement throughout the Territory.

8.    WARRANTIES AND INDEMNITIES

      8.1.  Net 1 agrees that Nedcor entered into this Agreement in reliance
            upon Net 1's warranties. Accordingly, Net 1 warrants that:

            8.1.1. it is the sole owner of the Patent and the UEPS technology;

            8.1.2. it holds the Patent free of any security interests or
                   encumbrances;

            8.1.3. it is able to enter into this Agreement and to grant any
                   Patent license to the Licensee;
<PAGE>
                                                                          Page 6

            8.1.4. there has been no claim that the Patent or any part of UEPS
                   technology infringes the rights of any third party anywhere
                   in the world and that Net 1 is unaware of any pending claims
                   or actions against the Patent or the UEPs technology.

      8.2.  Net 1 agrees to indemnify and hold harmless Nedcor and any Licensee
            from any and all losses, liabilities, damages, claims and all
            related costs and expenses (including all legal fees and
            disbursements) relating to a claim that the Patent infringes the
            intellectual property rights of a third party or that the use of the
            UEPS technology in any way infringes any third party rights. The
            indemnity in this Clause 8.2 shall be unlimited and shall cover all
            losses, costs, damage and expenses of Nedcor and any Licensee
            howsoever arising and to the fullest extent permitted by law.

      8.3.  If the Patent becomes or is likely to become the subject to an
            infringement claim, Net 1 shall, in addition to indemnifying Nedcor
            as provided in Clause 8.2 above, promptly at Net 1's expense use its
            best efforts to secure the right to continue using the Patent or
            replace or modify the Patent to make it non-infringing, provided
            that any such replacement or modification will not degrade the
            performance or quality of the Patent. If Net 1 is unable to make the
            Patent non-infringing, then Nedcor may terminate this Agreement
            without liability and without prejudice to any claims against Net 1
            which Nedcor or the Licensee may have, and Net 1 shall refund any
            licence fees paid by the Licensee.

9.    BREACH

Should either party commit a breach of any of the warranties and terms of this
Agreement, all of which are material and go to the root of this Agreement, and
fail to remedy such breach within a period of thirty (30) days of the date of a
written notice from the aggrieved party calling upon the defaulting party to
remedy such breach, then the aggrieved party shall have the right in addition to
such other rights as are available to it in law or in terms of this Agreement to
terminate this Agreement and claim damages, and in the case of Nedcor to
terminate any other agreement it has with Net 1.

10.   CONFIDENTIALITY

No Party shall any time divulge or disclose to any third party any information
concerning the affairs of the other Parties or the existence of this Agreement
without the prior written consent of the other Parties.

11.   WHOLE AGREEMENT

This Agreement constitutes the sole and exclusive record of the Agreement
between the Parties relating to the subject matters thereof, and no variation,
modification, consensual cancellation, novation or waiver of any provisions
thereof, or any consent to any departure therefrom by any party, shall be of any
force and effect or create any ESTOPPEL unless the same shall be confirmed in
writing, signed by or on behalf of that Party and any other Party affected
thereby and in any
<PAGE>
                                                                          Page 7

event the same shall be effective only in the specific instance and for the
specific purpose and to the extent for which made or given.

12.   SURVIVAL

The provisions of Clauses 8 and 10 shall survive termination of this Agreement.

13.   DOMICILIA

For all purposes under this Agreement or any amendment thereof, or with regard
to any matter arising thereout or in connection therewith, the Parties hereby
choose their DOMICILIA CITANDI ET EXECUTANDI at their respective addresses
specified below provided that the Parties shall be entitled to nominate a
substitute address in the Republic of South Africa, as their DOMICILIUM CITANDI
ET EXECUTANDI, by written notice to that effect given to the other Party in
accordance with Clause 14 and with effect from 7 (seven) days after receipt of
such notice;

      13.1. Net 1 at 4th Floor, West Wing, President Place, Jan Smuts Avenue,
            Rosebank, Johannesburg;

      13.2. Nedcor at 105 West Street, Sandton.

14.   NOTICES

Any notice required to be given or permitted to be given by any Party to the
other in terms of this Agreement shall be in writing addressed in the name of
the latter and shall be delivered to the addressee at the addressee's DOMICILIUM
CITANDI ET EXECUTANDI for the time being in terms of Clause 13 SUPRA.
Alternatively, such notice may be sent by telefacsimile to the addressee at its
undermentioned telefacsimile number, and such notice shall be deemed to have
been duly delivered on the first business day following the date of sending
thereof:

      Nedcor         -        (011) 881-4811

      Net 1          -        (011) 880-7080

15.   LAW TO APPLY

This Agreement shall in all respects be governed by and construed in accordance
with the laws of the Republic of South Africa, and all disputes, actions and
other matters in connection therewith shall be determined in accordance with
such law.

16.   INDULGENCE

No relaxation or indulgence granted by either Party to the other shall be deemed
to be a waiver of that Party's rights in terms hereof, nor shall any such
relaxation or indulgence be deemed to be a novation or waiver of any of the
terms and conditions of this Agreement.
<PAGE>
                                                                          Page 8

17.   ARBITRATION

      17.1. Unless otherwise provided for in this Agreement to the
            contrary, any dispute which arises in regard to:

            17.1.1. the interpretation of; or

            17.1.2. the carrying into effect of; or

            17.1.3. any of the Party's rights and obligations arising from; or

            17.1.4. the rectification or proposed rectification of this
                    Agreement

                    may, at the instance of either Party hereto, be referred for
                    determination by an expert, and in relation to that referral
                    the provisions of this Clause 14 shall apply.

      17.2. The expert shall:

            17.2.1. if the matter in issue is an accounting matter, be an
                    independent auditor agreed upon between the Parties or
                    failing agreement, appointed by the President for the time
                    being of the Transvaal Society of Chartered Accountants;

            17.2.2. if the matter is a legal matter, only, be a Counsel of at
                    least 10 (ten) years' standing as such practising as such at
                    the Johannesburg Bar, agreed upon between the Parties to the
                    dispute or failing agreement, appointed by the Chairman for
                    the time being of the Johannesburg Bar Council;

            17.2.3. if the matter in dispute is any other matter, be an
                    independent person agreed upon between the Parties to the
                    dispute or failing agreement, appointed by the President for
                    the time being of the Law Society of the Transvaal;

      17.3. The expert appointed or nominated as aforesaid shall in all respects
            act as an expert and not as an arbitrator, and if the Parties are
            unable to agree on the nature of the matter in dispute, it shall be
            deemed to be of a legal nature and subject to Clause 17.2.2 SUPRA.

      17.4. The expert shall determine the manner in which the proceedings are
            conducted and the procedure to be adopted and he shall be entitled
            to require the Parties to the proceedings to make available to each
            other and to the expert all information, documentation and records
            that are necessary for the determination of the dispute submitted to
            him.

      17.5. Any hearing by the expert shall be held in Johannesburg or
            such other place as the Parties may agree in writing.
<PAGE>
                                                                          Page 9

      17.6. The Parties shall use their best endeavours to procure that the
            decision of the expert shall be given within 21 (twenty-one) days or
            so soon thereafter as possible after it has been demanded.

      17.7. The decision of the expert shall be final and binding on all parties
            affected thereby and shall be carried into effect and may be made an
            order of any competent Court at the instance of any of the Parties.

      17.8. This clause constitutes an irrevocable consent by the Parties to any
            proceedings in terms hereof and neither of the Parties shall be
            entitled to withdraw therefrom or claim at any such proceedings that
            it is not bound by the provisions of this clause.

      17.9. The expert shall determine the liability for his costs which
            shall be paid in accordance with his determination.

      17.10.Notwithstanding the provisions of Clause 14.8 SUPRA either party
            may choose to launch proceedings by way of Court action or
            application, save in regard to any matter already referred by either
            Party in terms of this paragraph 11.

18.   SEVERABILITY

Should any of the terms and conditions of this Agreement be held to be invalid,
unlawful or unenforceable, such terms and conditions shall be severable from the
remaining terms and conditions which will continue to be valid and enforceable.
If any term or condition held to be invalid is capable of amendment to render it
valid, the Parties agree to negotiate in good faith an amendment to remove such
invalidity.
<PAGE>
Commercial-In-Confidence
DATED AT JOHANNESBURG ON THIS THE ...... DAY OF JUNE 2000.

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                 NET 1 INVESTMENT HOLDINGS (PROPRIETARY) LIMITED

2

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                       NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED

2

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                                             NEDCOR BANK LIMITED

2
<PAGE>
Commercial-In-Confidence

                        PATENT AND TECHNOLOGY AGREEMENT

                      Made and entered into by and between:

                          NET 1 HOLDINGS S.A.R.L (1929)

                                       and

                    NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED

                                       and

                               NEDCOR BANK LIMITED
<PAGE>
                                                                          Page 2

This Patent and Technology Agreement (the "Agreement"), effective as of June
2000 (the "Effective Date"), is entered by and between:

1)    Nedcor Bank Limited located at 100 Main Street, Johannesburg 2000,
      Republic of South Africa;

2)    NET 1 Holdings S.a.r.l (1929) located at 6, rue Jean Monnet, L-2180
      Luxembourg;

3)    Net 1 Applied Technology Holdings Limited located at Fourth Floor North
      Wing, President Place, Cnr. Jan Smuts Avenue, Bolton Road, Rosebank,
      Johannesburg, Republic of South Africa,

The parties agree the following terms and conditions shall apply to the
licensing of certain patents and technology rights by Net 1.

1.    DEFINITIONS

      1.1.  The Clause headings of this Agreement are for reference purposes
            only and shall not be used in the interpretation thereof.

      1.2.  Unless the context clearly indicates a contrary intention:

            1.2.1.  expressions which denote

                  1.2.1.1. any gender shall include the other genders;

                  1.2.1.2. a natural person shall include an artificial person
                           and vice versa;

                  1.2.1.3. the singular shall include the plural;

            1.2.2.  the following expressions shall have the following meanings;

                  1.2.2.1. "Licensee" shall mean any entity in whom Nedcor has
                           an equity interest of more than 5%;

                  1.2.2.2. "Nedcor" shall mean Nedcor Bank Limited (Registration
                           No. 51/00009/06) and all of its subsidiaries,
                           affiliates and its holding company;

                  1.2.2.3. "Net 1" shall mean Net 1 shall mean Net 1 S.a.r.l
                           (1929) a company incorporated in accordance with the
                           laws of Luxembourg and having its registered office
                           at 6, rue Jean Monnet, L-2180 Luxembourg, herein
                           represented by Brenda Stewart in her capacity as a
                           Director of the Company, she being duly authorised
                           hereto, and Net 1 Applied Technology Holdings
                           Limited;

                  1.2.2.4. "Parties" shall mean the parties to this Agreement;
<PAGE>
                                                                          Page 3

                  1.2.2.5. "Patents" shall mean United States No. 5, 175, 416
                           and European Patents No. 0-421808 together with all
                           patents of addition, if any, granted to Net 1;

                  1.2.2.6. "Smart Card" shall mean the customer card which when
                           utilised in conjunction with any point of sale
                           terminals will allow the customer to access the UEPS;

                  1.2.2.7. "Territory" shall mean any country of the world,
                           except the Republic of South Africa (as constituted
                           on 31 May 1961), Namibia, Botswana, Lesotho,
                           Swaziland, Mozambique and Zimbabwe;

                  1.2.2.8. "UEPS" means the Universal Electronic Payment System
                           designed by Net 1, as described and detailed in the
                           complete specification to Net 1's application for the
                           Patents;

2.    PREAMBLE

      2.1.  Nedcor and Net 1 entered into an agreement dated 29 July 1997, (the
            "Original Agreement") whereby Net 1 granted Nedcor a license to use
            the Patents within the Republic of South Africa (as constituted on
            31 May 1961), Namibia, Botswana, Lesotho, Swaziland, Mozambique and
            Zimbabwe and whereby Net 1 agreed not to grant any rights under or
            relating to the Patents to any bank or subsidiary of a bank without
            Nedcor's prior written consent.

      2.2.  The Parties have reached agreement as to the terms and conditions
            upon which Nedcor may call upon Net 1 to grant a non-exclusive
            licence within the Territory to a Licensee to use the Patents and
            the UEPS technology.

3.    DURATION

This Agreement shall commence on the Effective Date and shall endure for the
life of the Patents and any extensions thereto, unless terminated earlier as
provided for hereunder.

4.    GRANT OF RIGHTS

      4.1.  This Agreement supplements the Original Agreement which shall remain
            in full force and effect.

      4.2.  As of the Effective Date, world-wide title and intellectual property
            rights in all software relating to the operation of the UEPS
            (including the Megalink System) and any related user manuals and
            documentation is jointly owned by Nedcor and Net 1.

      4.3.  Nedcor shall be entitled in writing to request and Net 1 agrees to
            grant a non-exclusive licence to any Licensee to use the Patents and
            all technology and know-how relating to the UEPS in the Territory.
<PAGE>
                                                                          Page 4

      4.4.  Net 1 shall within 30 (thirty) days of receipt by it of the request
            pursuant to Clause 4.3, conclude a written licence Agreement with
            the Licensee upon the following terms:

            4.4.1. Net 1 shall provide all necessary documentation and know-how
                   to the Licensee in order for the Licensee to be able to use
                   the Patents and the UEPS;

            4.4.2. the Licensee shall pay an annual licence fee to NET 1 in the
                   slum of US$ 100,000 (One hundred thousand United States
                   dollars) per country, which licence fee shall be paid
                   annually in advance following the commencement date of the
                   licence agreement. The licence fee may be increased annually
                   after the expiry of the first year of the licence agreement
                   by agreement, or failing which, by an amount not to exceed
                   the percentage increase of the US Consumer Price index during
                   the preceding 12 (twelve) months;

            4.4.3. the Licensee shall grant Net 1 the right to quote for the
                   supply of all of the Licensee's Smart Card requirements
                   provided that Net 1 undertakes to use its best efforts to
                   provide the Licensee with competitive prices for such Smart
                   Cards

            4.4.4. If the Licensee elects not to purchase Smart Cards from Net
                   1, and provided that Net l's prices were no less competitive
                   than other third party suppliers, the Licensee shall pay to
                   Net 1, an amount equivalent to 3.5% (three point five
                   percent) of the purchase cost to it of such Smart Cards from
                   a third party supplier, and which amount shall be paid to Net
                   1 quarterly in arrears;

            4.4.5. Nedcor agrees that neither it nor any Licensee will use the
                   trade marks or brand names Master Card, Europay, Amex,
                   Discover, Diners, Carte Blanche or JCB in connection with the
                   Patents or the UEPS.

            4.4.6. the Licensee shall advise any third party supplier of its
                   said hardware requirements that such third party supplier may
                   be required to procure a licence from Net 1 in respect of the
                   supply of such hardware to the extent that the configuration
                   of such hardware might in itself infringe the Patent.

5.    MAINTENANCE OF THE PATENTS

      5.1.  Net 1 shall during the life of this Agreement pay all renewal fees
            and do all such acts and things that may be necessary to maintain
            and keep registered the Patents and shall produce to Nedcor the
            receipt for renewing the Patents and in default shall permit Nedcor
            to pay the same and shall credit the Licensee with the cost of such
            renewal against the licence fees.
<PAGE>
                                                                          Page 5

      5.2.  Net 1 shall not during the life of this Agreement, save with the
            prior written consent of Nedcor, abandon the Patents or allow it to
            lapse, nor will it amend the specification of the Patents without
            first notifying Nedcor of its intention to do so.

6.    PATENTS INFRINGEMENT

      6.1.  Upon the occurrence of any infringement or suspected or threatened
            infringement of the Patents, the Parties shall immediately consult
            to decide what steps shall be taken to prevent or terminate such
            infringement.

      6.2.  Net 1 shall take all steps as may be agreed by the Parties pursuant
            to Clause 6.1 above including the institution of legal proceedings
            where necessary.

      6.3.  If Net 1 fails to take such steps as may be considered necessary or
            appropriate by Nedcor, Nedcor shall have the right and is hereby
            authorised by Net 1 to take those steps independently. In taking
            such steps Nedcor shall not be acting as the agent or in any way on
            behalf of Net 1 but Net 1 shall give all reasonable assistance to
            facilitate any such proceedings by Nedcor. Any costs and expenses
            incurred by Nedcor shall be borne by Net 1 and credited to the
            Licensee against any licence fees.

7.    IMPROVEMENTS

      7.1.  If Net 1 at any time files an application for any improvement to the
            Patents, Net 1 shall provide to Nedcor and the Licensee such
            information and explanations as Nedcor shall reasonably require to
            be able effectively to utilise such improvements. Net 1 shall grant
            an irrevocable, non-exclusive, royalty-free license to the Licensee
            for the use of such improvement throughout the Territory.

8.    WARRANTIES AND INDEMNITIES

      8.1.  Net 1 agrees that Nedcor entered into this Agreement in reliance
            upon Net 1's warranties. Accordingly, Net 1 warrants that:

            8.1.1. it is the sole owner of the Patents and the UEPS technology;

            8.1.2. It holds the Patents free of any security interests or
                   encumbrances;

            8.1.3. It is able to enter into this Agreement and to grant any
                   Patents license to the Licensee;

            8.1.4. there has been no claim that the Patents or any part of UEPS
                   technology infringe the rights of any third party anywhere in
                   the world and that Net 1 is unaware of any pending claims or
                   actions against the Patents or the UEPS technology.

      8.2.  Net 1 agrees to indemnify and hold harmless Nedcor and any Licensee
            from any and all losses, liabilities, damages, claims and all
            related costs and expenses
<PAGE>
                                                                          Page 6

            (including all legal fees and disbursements) relating to a claim
            that the Patents infringes the intellectual property rights of a
            third party or that the use of the UEPS technology in any way
            infringes any third party rights. The indemnity in this Clause 8.2
            shall be unlimited and shall cover all losses, costs, damage and
            expenses of Nedcor and any Licensee howsoever arising and to the
            fullest extent permitted by law.

      8.3.  If the Patents become or is likely to become the subject to an
            infringement claim, Net 1 shall, in addition to indemnifying Nedcor
            as provided in Clause 8.2 above, promptly at Net 1's expense use its
            best efforts to secure the right to continue using the Patents or
            replace or modify the Patents to make it non-infringing, provided
            that any such replacement or modification will not degrade the
            performance or quality of the Patents. If Net 1 is unable to make
            the Patents non-infringing, then Nedcor may terminate this Agreement
            without liability and without prejudice to any claims against Net 1
            which Nedcor or the Licensee may have, and Net 1 shall refund any
            licence fees paid by the Licensee.

9.    BREACH

Should either party commit a breach of any of the warranties and terms of this
Agreement, all of which are material and go to the root of this Agreement, and
fail to remedy such breach within a period of thirty (30) days of the date of a
written notice from the aggrieved party calling upon the defaulting party to
remedy such breach, then the aggrieved party shall have the right in addition to
such other rights as are available to it in law or in terms of this Agreement to
terminate this Agreement and claim damages, and in the case of Nedcor to
terminate any other agreement it has with Net 1.

10.   CONFIDENTIALITY

No Party shall any time divulge or disclose to any third party any information
concerning the affairs of the other Parties or the existence of this Agreement
without the prior written consent of the other Parties.

11.   WHOLE AGREEMENT

This Agreement constitutes the sole and exclusive record of the Agreement
between the Parties relating to the subject matters thereof, and no variation,
modification, consensual cancellation, novation or waiver of any provisions
thereof, or any consent to any departure therefrom by any party, shall be of any
force and effect or create any ESTOPPEL unless the same shall be confirmed in
writing, signed by or on behalf of that Party and any other Party affected
thereby and in any event the same shall be effective only in the specific
instance and for the specific purpose and to the extent for which made or given.

12.   SURVIVAL

The provisions of Clauses 8 and 10 shall survive termination of this Agreement.
<PAGE>
                                                                          Page 7

13.   DOMICILIA

For all purposes under this Agreement or any amendment thereof, or with regard
to any matter arising thereout or in connection therewith, the Parties hereby
choose their DOMICILIA CITANDI ET EXECUTANDI at their respective addresses
specified below provided that the Parties shall be entitled to nominate a
substitute address in the Republic of South Africa, as their DOMICILIUM CITANDI
ET EXECUTANDI, by written notice to that effect given to the other Party in
accordance with Clause 14 and with effect from 7 (seven) days after receipt of
such notice:

      13.1. Net 1 at 6, rue lean Monnet, L-2180 Luxembourg;

      13.2. Nedcor at 105 West Street, Sandton.

14.   NOTICES

Any notice required to be given or permitted to be given by any Party to the
other in terms of this Agreement shall be in writing addressed in the name of
the latter and shall be delivered to the addressee at the addressee's DOMICILIUM
CITANDI ET EXECUTANDI for the time being in terms of Clause 13 SUPRA.
Alternatively, such notice may be sent by telefacsimile to the addressee at its
undermentioned telefacsimile number, and such notice shall be deemed to have
been duly delivered on the first business day following the date of sending
thereof:

      Nedcor        -       (011) 881-4811

      Net 1         -       (011) 880-7080

15.   LAW TO APPLY

This Agreement shall in all respects be governed by and construed in accordance
with the laws of the Republic of South Africa, and all disputes, actions and
other matters in connection therewith shall be determined in accordance with
such law.

16.   INDULGENCE

No relaxation or indulgence granted by either Party to the other shall be deemed
to be a waiver of that Party's rights in terms hereof, nor shall any such
relaxation or indulgence be deemed to be a novation or waiver or any of the
terms and conditions of this Agreement.

17.   ARBITRATION

      17.1. Unless otherwise provided for in this Agreement to the
            contrary, any dispute which arises in regard to:

            17.1.1. the interpretation of; or

            17.1.2. the carrying into effect of; or

            17.1.3. any of the Party's rights and obligations arising from; or
<PAGE>
                                                                          Page 8

            17.1.4. the rectification or proposed rectification of this
                    Agreement

                    may, at the instance of either Party hereto, be referred for
                    determination by an expert, and in relation to that referral
                    the provisions of this Clause 14 shall apply.

      17.2.  The expert shall:

            17.2.1. if the matter in issue is an accounting matter, be an
                    independent auditor agreed upon between the Parties or
                    failing agreement, appointed by the President for the time
                    being of the Transvaal Society of Chartered Accountants;

            17.2.2. if the matter is a legal matter, only, be a Counsel of at
                    least 10 (ten) years' standing as such practising as such at
                    the Johannesburg Bar, agreed upon between the Parties to the
                    dispute or failing agreement, appointed by the Chairman for
                    the time being of the Johannesburg Bar Council;

            17.2.3. if the matter in dispute is any other matter, be an
                    independent person agreed upon between the Parties to the
                    dispute or failing agreement, appointed by the President for
                    the time being of the Law Society of the Transvaal;

      17.3.  The expert appointed or nominated as aforesaid shall in all
             respects act as an expert and not as an arbitrator, and if the
             Parties are unable to agree on the nature of the matter in dispute,
             it shall be deemed to be of a legal nature and subject to Clause
             17.2.2 SUPRA.

      17.4.  The expert shall determine the manner in which the proceedings are
             conducted and the procedure to be adopted and he shall be entitled
             to require the Parties to the proceedings to make available to each
             other and to the expert all information, documentation and records
             that are necessary for the determination of the dispute submitted
             to him.

      17.5.  Any hearing by the expert shall be held in Johannesburg or such
             other place as the Parties may agree in writing.

      17.6.  The Parties shall use their best endeavours to procure that the
             decision of the expert shall be given within 21 (twenty-one) days
             or so soon thereafter as possible after it has been demanded.

      17.7.  The decision of the expert shall be final and binding on all
             parties affected thereby and shall be carried into effect and may
             be made an order of any competent Court at the instance of any of
             the Parties.

      17.8.  This clause constitutes an irrevocable consent by the Parties to
             any proceedings in terms hereof and neither of the Parties shall be
             entitled to withdraw therefrom or claim at any such proceedings
             that it is not bound by the provisions of this clause,
<PAGE>
                                                                          Page 9

      17.9.  The expert shall determine the liability for his costs which shall
             be paid in accordance with his determination.

      17.10. Notwithstanding the provisions of Clause 14.8 SUPRA either party
             may choose to launch proceedings by way of Court action or
             application, save in regard to any matter already referred by
             either Party in terms of this paragraph 11.

18.   SEVERABILITY

Should any of the terms and conditions of this, Agreement be held to be invalid,
unlawful or unenforceable, such terms and conditions shall be severable from the
remaining terms and conditions which will continue to be valid and enforceable.
If any term or condition held to be invalid is capable of amendment to render it
valid, the Parties agree to negotiate in good faith an amendment to remove such
invalidity.
<PAGE>
Commercial-In-Confidence

DATED AT JOHANNESBURG ON THIS THE ...... DAY OF JUNE 2000.

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                                   NET 1 HOLDINGS S.A.R.L (1929)

2

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                       NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED

2

AS WITNESSES:

1

                                            ------------------------------------

                                                           For and on behalf of:

                                                             NEDCOR BANK LIMITED

2
<PAGE>
13th November 2003

TO WHOM IT MAY CONCERN,

RE: COPYWRITE

I, Claude Guerard, hereby confirm that I was Managing Director of Net 1 Products
(Pty) Ltd (registration no: 89/05779/07), a fully owned subsidiary of Gemplus SA
(France), from April 1996 to May 1999 and that there was an assignment of all
copywrite possessed by Net 1 Products (Pty) Ltd. to Net 1 Investment Holdings
(Pty) Ltd. for R1 with effect from 8th February 1996.

Yours faithfully,

Claude Guerard
MANAGING DIRECTOR.

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