Document:

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                                                                   EXHIBIT 10.15

                                    FACILITY

                                     between

                      CASH PAYMASTER SERVICES EASTERN CAPE
                              (PROPRIETARY) LIMITED
                                (the "Borrower")

                                       and

                                 NEDBANK LIMITED
                                  ("the Bank")
                            or its successor in title

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                <C>
1     INTERPRETATION                                1
2     FACILITY                                      7
3     PURPOSE                                       7
4     DRAWDOWNS                                     7
5     REPAYMENT                                     9
6     INTEREST                                     10
7     PAYMENTS                                     10
8     TAXES                                        11
9     INCREASED COSTS                              12
10    UNAVAILABILITY OF FACILITY                   13
11    ALLOCATION OF PAYMENTS                       14
12    EXCHANGE CONTROL APPROVAL                    14
13    UNDERTAKINGS                                 15
14    WARRANTIES                                   16
15    INFORMATION                                  20
16    AUTHORISATION                                21
17    NEGATIVE PLEDGE                              21
18    DISPOSALS                                    21
19    INSURANCE                                    22
20    MAINTENANCE OF STATUS                        22
21    DEFAULT                                      23
22    FEES                                         29
23    VAT                                          30
24    EVIDENCE AND CALCULATIONS                    30
25    TRANSFER, CESSION AND ASSIGNMENT             31
26    SET-OFF                                      31
27    COSTS                                        31
28    WHOLE AGREEMENT                              31
29    VARIATION OF TERMS                           32
30    NO INDULGENCE                                32
31    PRESCRIPTION                                 32
32    SEVERABILITY                                 32
33    RENUNCIATION OF BENEFITS                     33
34    NOTICES                                      33
35    GOVERNING LAW                                35
</TABLE>

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                                    FACILITY

                                     between

                      CASH PAYMASTER SERVICES EASTERN CAPE
                              (PROPRIETARY) LIMITED
                                (the "Borrower')

                                       and

                                 NEDBANK LIMITED
                                  ("the Bank")
                            or its successor in title

IT IS AGREED AS FOLLOWS

1  INTERPRETATION

1.1   Definitions

      In this Agreement:

1.1.1       "BUSINESS DAY" means a day (other than a Saturday or a Sunday) on
            which banks are open for business in Johannesburg;

1.1.2       "COMPANY LAW" means the Company Law applicable in the Republic of
            South Africa;

1.1.3       "DEFAULT" means an Event of Default or an event which, with the
            giving of notice, lapse of time, determination of materiality or
            fulfillment of any other applicable condition (or any combination of
            the foregoing), would constitute an Event of

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            Default between the parties hereto and as contemplated in this
            Agreement;

1.1.4       "DEPARTMENT" means the Department of Social Welfare and Population
            Development, Province of the Eastern Cape, being the governmental
            body responsible for the payment of social grants to social grant
            beneficiaries in the province of the Eastern Cape;

1.1.5       "DRAWDOWN DATE" means the date of the advance of a Loan.

1.1.6       "EFFECTIVE DATE" means the later of the date of this Agreement or
            the date upon which the conditions precedent provided for in clause
            4 are fulfilled;

1.1.7       "EVENT OF DEFAULT" means an event specified as such in this
            Agreement;

1.1.8       "FACILITY" means the fluctuating term credit facility to be made
            available to the Borrower by the Bank pursuant to the terms of this
            Agreement;

1.1.9       "FACILITY OFFICE" means the office(s) notified by the Bank to the
            Borrower by not less than two Business Days' notice as the office(s)
            through which it will perform all or any of its obligations under
            this Agreement from time to time;

1.1.10      "FINANCIAL INDEBTEDNESS" means any indebtedness in respect of:-

1.1.10.1          monies borrowed at banks and other financial institutions;

1.1.10.2          any debenture, bond, note, loan stock or other security but
                  excluding any bill or note drawn, accepted or issued by the
                  Borrower in the ordinary course of its business;

1.1.10.3          any acceptance credit;

1.1.10.4          receivables sold or discounted (otherwise than on a
                  non-recourse basis);

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1.1.10.5          the acquisition cost of any asset to the extent payable before
                  or after the time of acquisition or possession by the party
                  liable where the advance or deferred payment is arranged
                  primarily as a method of raising finance or financing the
                  acquisition of that asset;

1.1.10.6          any lease entered into primarily as a method of raising
                  finance or financing the acquisition of the asset leased;

1.1.10.7          any currency swap or interest swap, cap or collar arrangement
                  or any other derivative instrument except insofar as it has
                  been provided for in its financial statements from time to
                  time in accordance with Generally Accepted Accounting
                  Practice;

1.1.10.8          any amount raised under any other transaction having the
                  commercial effect of a borrowing or raising of money; or

1.1.10.9          any guarantee, indemnity or similar assurance against
                  financial loss of any person but excluding performance or
                  similar guarantees of a non-financial nature provided they
                  are/were given in the ordinary course of business.

1.1.11      "HOLDING COMPANY" means, in relation to a person, an entity of which
            that person is a Subsidiary;

1.1.12      "INVOICE" means the weekly invoice generated by the Borrower on the
            Invoice Date addressed to the Department and copied to the Bank,
            reflecting daily payments made by the Borrower to social grant
            beneficiaries on behalf of the Department from an Invoice Date to
            the day preceding the next Invoice Date, both days inclusive;

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1.1.13      "INVOICE DATE" means each Monday following a drawdown by the
            Borrower of a Loan or Loans, provided that if any such Monday does
            not fall on a Business Day, then the next Business Day;

1.1.14      "LOAN" means the capital amount of each of the amounts drawn down
            daily by the Borrower from time to time under this Agreement;

1.1.15      "MATERIAL ADVERSE EFFECT" means a material adverse change in the
            business, property, operations, assets, condition (financial or
            otherwise) of the Borrower and/or any sureties or guarantors, if
            any, as the case may be, which change, in the reasonable opinion of
            the bank, 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 a suretyship or guarantee, as the case may be, or the
            validity and enforceability of the Facility or the rights and
            remedies of the Bank thereunder;

1.1.16      "MATERIAL PORTION OF ITS ASSETS OR UNDERTAKING" means in aggregate
            ten per cent (10%) or more of the book value of the Borrower's total
            assets reflected in its most recent audited financial statements or
            interim financial statement;

1.1.17      "PARTY" means a party to this Agreement, and shall include any
            Subsidiary of Nedbank Limited with whom the Facility is placed in
            terms of clause 25;

1.1.18      "RAND" or "ZAR" means the lawful currency for the time being of the
            Republic of South Africa;

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1.1.19      "REPAYMENT DATE" means, in relation to the Loans made up to and
            including the Invoice Date, the 7th (Seventh) Business Day
            immediately following the Invoice Date, provided that the Bank, in
            its sole and unfettered discretion, may allow such date to be
            extended by a maximum of 2 (Two) Business Days ("THE EXTENDED
            REPAYMENT PERIOD") following a request by the Borrower, without
            prejudice to any rights which the Bank may have as a result of any
            failure by the Borrower to pay any amount due as at such date;

1.1.20      "SECURITY INTEREST" means any mortgage, guarantee, suretyship,
            pledge, lien, deed/s of cession, assignment, hypothecation or
            security interest or any other agreement or arrangement having the
            effect of conferring security;

1.1.21      "SUBSIDIARY" means an entity and "SUBSIDIARIES" means entities from
            time to time of which a person has direct or indirect control or
            owns directly or indirectly more than fifty per cent (50%) of the
            share capital or similar right of ownership;

1.1.22      "TOTAL COMMITMENT" means the aggregate maximum sum of the Loans to
            be made by the Bank to the Borrower in terms of this Agreement,
            being ZAR 150,000,000 (One Hundred and Fifty Million South African
            Rands), which amount excludes any interest.

1.2   CONSTRUCTION

1.2.1       In this Agreement, unless the contrary intention appears, a
            reference to:

1.2.1.1           an "AMENDMENT" includes a supplement, novation or re-enactment
                  and "amended" is to be construed accordingly;

1.2.1.2           "ASSETS" includes present and future properties, revenues and
                  rights of every

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                  description;

1.2.1.3           an "AUTHORISATION" includes an authorisation, consent,
                  approval, resolution, licence, exemption, filing or
                  registration;

1.2.1.4           "CONTROL" means the power to direct the management and
                  policies of an entity, whether through the ownership of voting
                  capital, by contract or otherwise.

1.2.1.5           a "MONTH" is a reference to a period starting on one day in a
                  calendar month and ending on the numerically corresponding day
                  in the next calendar month, except that:

1.2.1.5.1               if there is no numerically corresponding day in the
                        month in which that period ends, that period shall end
                        on the last Business Day in that calendar month; or

1.2.1.5.2               if an Interest Period commences on the last Business Day
                        of a calendar month, that Interest Period shall end on
                        the last Business Day in the calendar month in which it
                        is to end;

1.2.1.6           a "REGULATION" includes any regulation, rule, official
                  directive, request or guideline (whether or not having the
                  force of law) of any governmental, intergovernmental or
                  supranational body, agency, department or regulatory.
                  self-regulatory or other authority or organisation;

1.2.1.6.1               a provision of law is a reference to that provision as
                        amended or re enacted:

1.2.1.6.2               a Clause or a Schedule is a reference to a clause of or
                        a schedule to this Agreement;

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1.2.1.6.3               a person includes its successors and assigns;

1.2.1.6.4               a document is a reference to a document as amended; and

1.2.1.6.5               a time of day is a reference to local time in the
                        Republic of South Africa.

1.2.1.7           The index to and the headings in this Agreement are for
                  convenience only and are to be ignored in construing this
                  Agreement.

2  FACILITY

   Subject to the terms of this Agreement, and with effect from the Effective
   Date, the Bank agrees to make the Facility available to the Borrower, up to
   an amount not exceeding the Total Commitment.

3  PURPOSE

   The Borrower shall apply each Loan exclusively towards making social grant
   payments on behalf of the Department in terms of its service level agreement
   with the Department. Without affecting the obligations of the Borrower in any
   way, the Bank is not bound to monitor or verify any application for a Loan.

4  DRAWDOWNS

4.1   MONTHLY FORECAST

      The Borrower will provide the Bank with a written monthly forecast of the
      daily drawdowns to be made by the Borrower at least three Business Days
      prior to the first day of the month in question. The Bank will make funds
      available for the Borrower to drawdown in terms of this Agreement on a
      daily basis in accordance with the monthly forecast. Should the Borrower
      wish to drawdown any funds in excess of the

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      daily amounts set out in the monthly forecast, the Borrower shall deliver
      a written request to the Bank for each such excess drawdown at least three
      Business Days prior to the applicable Drawdown Date. Any written request
      so delivered is irrevocable and at the sole discretion of the Bank.
      Notwithstanding the aforegoing, in the event that:

4.1.1       money has been stolen from the Borrower and such money is
            recoverable from the Borrower's insurers, whether self insurance
            fund or external, as the case may be; or

4.1.2       money delivered to the Borrower has been damaged and will be
            replaced by the South African Reserve Bank; or

4.1.3       the Borrower is aware of social grant beneficiaries who wish to
            collect social grant payments to which they are entitled, but who
            did not previously collect such payments;

      and, as a consequence, the Borrower will require a Loan or Loans in excess
      of the drawdown due in terms of the monthly forecast, then the Bank may,
      but is not obliged to, agree in writing to allow such excess or excesses
      to be drawn down in terms of this Agreement on short notice.

4.2   MAXIMUM

      The Bank will not be obliged to pay any drawdown should the aggregate of
      the Loans, and bank charges (taking into account the drawdown refused by
      the Bank) exceed the Total Commitment.

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5  REPAYMENT

5.1   It is recorded that the Borrower will generate an Invoice on the Invoice
      Date. A copy of each Invoice will be e-mailed and faxed to the Bank on the
      Business Day immediately following the Invoice Date.

5.2   The Borrower shall repay each Loan on the Repayment Date relating thereto.
      The Borrower shall procure that the Department pays the amounts due in
      terms of each Invoice by the Department to the Borrower in terms of the
      service level agreement between the Borrower and the Department into the
      account designated for such payment by the Bank. It is recorded that,
      until the Bank notifies the Borrower otherwise in writing, the account so
      designated shall be the Borrower account held under account number
      1454-045-817.

5.3   In the event that any Loan has not been repaid at the relevant Repayment
      Date, or in the event that any amount due by the Borrower to the Bank in
      terms of this Agreement is unpaid, then the Bank shall be entitled,
      without prejudice to any other rights which may accrue to it in terms of
      this Agreement, to refuse any further draw downs on the Facility until
      such loan and interest have been repaid. The Bank may further demand the
      return and redeposit of any such monies, and the Borrower shall comply
      with such demand forthwith.

5.4   Any amounts that have been repaid can subsequently be redrawn, provided
      that:

5.4.1       the conditions for drawdown of Loans as contemplated herein are met;

5.4.2       the Borrower is not in Default;

5.4.3       the Total Commitment is not exceeded; and

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5.4.4       the Borrower shall repay each Loan in full on the Repayment Date.

6  INTEREST

6.1   INTEREST RATE

      Unless otherwise agreed upon in writing by the parties, the interest rate
      payable by the Borrower on the amounts of the Loans outstanding from time
      to time will be the Banks overnight call lending rate quoted by the
      Nedbank treasury from time to time, and interest will be paid to the Bank
      by the debiting of the Borrower's current account held at a branch of the
      Bank.

6.2   DUE DATES

      Interest will be calculated daily on the outstanding amounts of the Loans
      and, except as otherwise provided in this Agreement, accrued interest on a
      Loan will be payable by the Borrower on a monthly basis in line with the
      interest cycle of the Aplitec Group on the Repayment Date of each Loan.

6.3   DEFAULT INTEREST

      If the Borrower fails to pay any amount payable by it under this
      Agreement, it shall, forthwith on demand by the Bank, pay interest on the
      overdue amount from the Repayment Date up to the date of actual payment
      (both days inclusive) at the Banks publicly quoted prime overdraft rate
      from time to time.

7  PAYMENTS

7.1   PLACE

      All payments due by the Borrower shall be paid to the Bank at such
      Facility office or

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      branch of the Bank in the Republic of South Africa as the Bank may notify
      to the Borrower for this purpose.

7.2   CURRENCY

      Any amounts payable in respect of this Agreement are payable in the
      currency in which they are incurred, which for the purposes of this
      Agreement is ZAR (South African Rand).

7.3   SET-OFF AND COUNTERCLAIM

      All payments made by the Borrower under this Agreement shall be made
      without set-off or counterclaim.

7.4   NON DAYS

7.4.1       If a payment under this Agreement is due on a day which is not a
            Business Day, the Repayment Date for that payment shall instead be
            the next Business Day in the same calendar month (if there is one)
            or the preceding Business Day (if there is not)

7.4.2       During any extension of the Repayment Date for payment of any amount
            under this Agreement as contemplated in clause 7.4.1 above, interest
            shall be payable on that amount from the Repayment Date until the
            Extended Repayment Date, both days included at the rate applicable
            as at the original Repayment Date.

8  TAXES

8.1   All payments by the Borrower under this Agreement shall be made without
      any deduction and free and clear of and without deduction for or on
      account of any taxes, except to the extent that the Borrower is required
      by law to make payment subject to

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      any taxes. Subject to paragraph 8.2.1 below, if any tax or amounts in
      respect of tax must be deducted, or any other deductions must be made,
      from any amounts payable or paid by the Borrower under this Agreement, the
      Borrower shall pay such additional amount as may be necessary to ensure
      that the Bank receives a net amount equal to the full amount which it
      would have received had payment not been made subject to tax or any other
      deduction.

8.2   The Borrower shall:

8.2.1       pay when due all taxes required by law to be deducted or withheld by
            it from any amount paid or payable under this Agreement;

8.2.2       within 15 (Fifteen) days of the payment being made deliver to the
            Bank evidence satisfactory to the Bank (including all relevant tax
            receipts) that the payment has been duty remitted to the appropriate
            authority.

9  INCREASED COSTS

9.1   If, by reason of (i) any change in law or in its interpretation or
      administration or (ii) compliance with any request from or requirement of
      general application of any central bank or other fiscal, monetary or other
      authority (including, without limitation, a request or requirement which
      affects the manner in which the Bank is required to or does maintain
      capital resources having regard to the Bank's obligations hereunder and to
      amounts owing to it hereunder):

 9.1.1      the Bank incurs a cost as a result of the Bank's having entered into
            this Agreement or as a result of the Bank performing its obligations
            under this Agreement and/or assuming or maintaining a commitment
            under this Agreement

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            and/or making one or more Loans hereunder;

9.1.2       the Bank is unable to obtain the rate of return on its capital which
            it would have been able to obtain but for the Bank's having entered
            into and/or performing its obligations and/or assuming or
            maintaining a commitment under this Agreement;

9.1.3       there is any increase in the cost to the Bank of funding or
            maintaining all or any of the Loans made or to be made by the Bank
            hereunder; or

9.1.4       the Bank becomes liable to make any payment on account of tax or
            otherwise (not being a tax imposed on the net income of the Bank's
            Facility Office by the jurisdiction in which it is incorporated or
            in which its Facility Office is located) on or calculated by
            reference to the amount of the Loan made or to be made by the Bank
            hereunder and/or to any sum received or receivable by it hereunder,

      then the Bank shall notify the Borrower as soon as is reasonably possible
      thereof, and the Borrower shall pay to the Bank amounts sufficient to
      indemnify the Bank against, as the case may be (1) such cost, (2) such
      reduction in such rate of return (or such proportion of such reduction as
      is, in the reasonable opinion of the Bank, attributable to its obligations
      hereunder), (3) such increased cost (or such proportion of such increased
      cost as is, in the reasonable opinion of the Bank, attributable to its
      funding or maintaining advances hereunder) or (4) such liability.

10  UNAVAILABILITY OF FACILITY

    Should:

10.1  there be any change in legislation or in the departmental practice of any
      authority, and in particular without limiting the generality of the
      aforegoing any change in the

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      Income Tax Act, 1962 (as amended) or the Banks Act, 1990 (as amended) 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; or

10.2  there be any change in banking practice as it affects or is applied by the
      Bank and any other financial institution registered as such in the
      applicable jurisdiction; or

10.3  any other event occurs which is beyond the control of the Bank;

    with the result the facility contemplated in this Agreement is no longer
    made available, then the Bank shall notify the Borrower in writing that
    the facility will no longer be made available to the Borrower, or will
    only be made available to the Borrower on certain specified terms and
    conditions, and the Borrower shall, within 5 (Five) days unless otherwise
    agreed between the parties in writing of the dispatch of such notice
    elect:

10.4  to utilise the facility under the specified terms and conditions; or

10.5  to forthwith settle all amounts owing to the Bank.

11  ALLOCATION OF PAYMENTS

    The Bank will be entitled to allocate any payment made to the Bank by the
    Borrower to any indebtedness of the Borrower to the Bank, and the Borrower
    waives any rights it may have to name the debt to which payment is to be
    allocated.

12  EXCHANGE CONTROL APPROVAL

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

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13  UNDERTAKINGS

    The Borrower undertakes:

13.1  to furnish the Bank with the audited annual financial statement of itself
      and any guarantors and/or sureties (consolidated, if the Borrower or
      guarantor and/or surety has Subsidiaries) and all other financial
      information with which a shareholder is entitled to be furnished by the
      Borrower or guarantor and/or surety, as soon as same are available, and in
      any event within 120 (One Hundred and Twenty) days after the end of each
      reporting period;

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

13.3  not to create a Security Interest over any of its assets, except for
      existing Security Interests, without the prior written consent of the
      Bank, which consent shall not be unreasonably withheld if the Security
      Interests are in the normal course of business;

13.4  to immediately notify the Bank in writing, and provide details, of any
      proposed amendment to the memorandum or articles of association of the
      Borrower, or to those of any guarantor and/or surety which could have a
      Material Adverse Effect on the ability of the Borrower or of any guarantor
      and/or surety to meet the Borrowers obligations in terms hereof;

13.5  to, within 21 (Twenty One) Business Days from the Signature Date, deliver
      to the Department, a letter, the content of which had been pre-approved by
      the Bank, in which the Department is informed that the Borrower has ceded,
      assigned and transferred, as security, all its rights, title and interest,
      in and to and against the

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      Department for payment of social grant payments made on behalf of the
      Department to the Bank;

13.6  to promptly inform the Bank in writing of --

13.6.1      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

13.6.2      any restructuring, disposal of assets or other transaction which
            could have a Material Adverse Effect on the ability of the Borrower
            or of any guarantor and/or surety to meet the Borrowers obligations
            in terms hereof;

13.6.3      any occurrence of which it becomes aware which will or may adversely
            affect the ability of any surety and/or guarantor for the
            obligations of the Borrower to the Bank to perform or observe its
            obligations in terms of the deed of suretyship or guarantee; or

13.6.4      of any Event of Default,

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

13.7  to furnish to the Bank upon demand by the Bank, with such information as
      the Bank may reasonably require.

14  WARRANTIES

14.1  The Borrower represents and warrants to the Bank (each warranty or
      undertaking given by the Borrower in terms of this Agreement being a
      separate warranty in no way limited or restricted by any other warranty or
      representation, and being deemed

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      to be a representation of fact inducing the Bank to enter into this
      agreement) that:

14.1.1      the Bank shall at all times be and remain the sole funder to the
            Borrower of pension disbursements or payments in the Eastern Cape;

14.1.2      it is a corporation duty registered and existing under the laws of
            the Republic of South Africa, and it will maintain its corporate
            existence at all times, and will not amalgamate, merge or
            consolidate with any other person or entity which might have a
            Material Adverse Effect on its ability to meet its obligations in
            terms hereof;

14.1.3      it has full power to enter into and perform in terms of this
            Agreement and has taken all necessary corporate and other actions to
            authorize the borrowings hereunder;

14.1.4      the terms and conditions of this Agreement constitute legal, valid,
            binding and enforceable obligations of the Borrower, and the
            Borrower will ensure that its obligations in terms hereof will at
            all times rank at least pari passu with all other indebtedness of
            the Borrower of whatsoever nature;

14.1.5      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 contemplated in this Agreement or which would have a
            Material Adverse Effect on the financial condition of the Borrower;

14.1.6      the execution by the Borrower of this Agreement constitutes, and its
            exercise of its rights and performance of its obligations under this
            Agreement, will constitute, private and commercial acts done and
            performed for private and commercial

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            purposes; and the Borrower will not be entitled to claim immunity
            from suit, execution, attachment or other legal process in any
            proceedings taken in the Republic of South Africa in relation to
            this Agreement;

14.1.7      it is not a party to any agreement materially affecting, or which is
            likely to have a Material Adverse Effect on, its financial
            condition;

14.1.8      no Event of Default, or default of any other contractual obligation
            or of any court order or judgement is outstanding or might result
            from the Borrower entering into, and performing in terms of this
            Agreement or from the making of a Loan, and, in particular, without
            limiting the generality of the aforegoing, the Borrower is not in
            default in respect of its obligations in respect of any other
            borrowed monies;

14.1.9      no other event is outstanding which constitutes (or with the giving
            of notice, lapse of time, determination of materiality or the
            fulfilment of any other applicable condition or a combination of the
            foregoing, might constitute) a default under any document which is
            binding on it or its assets to an extent or in a manner which might
            have a Material Adverse Effect on the financial condition of it or
            the ability of the Borrower to perform its obligations under this
            Agreement;

14.1.10     it has good title to all its assets which are reflected in its
            financial statements or has not sold or otherwise disposed of any
            such assets as reflected in its last audited financial balance
            sheet;

14.1.11     its most recent audited annual financial statements, and the most
            recent consolidated audited annual financial statements of Cash
            Paymaster Services (Proprietary) Limited, fairly represent the
            consolidated financial position of Cash

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                                                                         Page 19

            Paymaster Services (Proprietary) Limited, the Borrower and its
            Subsidiaries respectively, where applicable, and the consolidated
            results of their operations of that financial year, and that the
            said financial statements have been prepared in accordance with
            generally accepted accounting principles in the Republic of South
            Africa, consistently applied, and that neither Cash Paymaster
            Services (Proprietary) Limited, nor the Borrower have significant
            liabilities present or contingent, including, without limitation,
            liabilities for taxes or material forward or long term commitments,
            including off-balance sheet financing commitments or any potential
            obligation to purchase in terms of a put option agreement which are
            not disclosed or provided for in such financial statements;

14.1.12     there has been no material adverse change in the financial or other
            condition of Cash Paymaster Services (Proprietary) Limited or the
            Borrower since the date of their last audited financial statements;

14.1.13     all the information supplied by the Borrower and any surety in
            connection with this Agreement is true, complete and accurate in all
            material respects and the Borrower is not aware of any material
            facts or circumstances that have not been disclosed to the Bank;

14.1.14     the Borrower has not ceded, assigned or transferred any of its book
            debts or any rights in terms of its service level agreement with the
            Department to any third party;

14.1.15     the Borrower will not make use of the facilities of any bank or
            other financial institution other than the Bank during the course of
            this Agreement for purposes of funding of pension disbursements or
            payouts.

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14.2  The representations and warranties given by the Borrower are made on the
      date of this Agreement and are deemed to be repeated by the Borrower at
      each Drawdown Date, unless the Borrower notifies the Bank in writing
      otherwise at the date of each drawdown with reference to the facts and
      circumstances then existing.

14.3  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 true and accurate on such day and, in addition, that the
      then latest accounts of the Borrower and its subsidiaries, delivered to
      the Bank pursuant hereto, fairly represent the financial position of the
      Borrower or the consolidated financial position of the Borrower and its
      subsidiaries, as the case may be.

15  INFORMATION

    The Borrower shall supply to the Bank :

15.1  all documents dispatched by the Borrower to its shareholders (or any class
      of them) or by it to its creditors (or any class of them) at the same time
      as they are dispatched to such shareholders or creditors;

15.2  promptly upon becoming aware of them, details of any litigation,
      arbitration or administrative proceedings which are current, threatened or
      pending, and which might, if adversely determined, have a Material Adverse
      Effect on the financial condition of the Borrower or on the ability of the
      Borrower to perform its obligations under this Agreement;

15.3  promptly, such further information in the possession or control of the
      Borrower regarding its financial condition and operations as the Bank may
      reasonably request

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                                                                         Page 21

      and should the financial information not be given as requested then the
      Borrower shall be deemed to be in Default of this Agreement. Should the
      information be given however, then the Bank shall be obliged to keep such
      information confidential, provided that the Bank shall be entitled to
      provide any such information to any Subsidiary of Nedbank Limited with
      whom the Facility is placed in terms of clause 25; and

15.4  promptly, a written notification of any proposed amendment, variation or
      material change to the service level agreement between the Borrower and
      the Department.

16  AUTHORISATION

    The Borrower shall promptly, if applicable, obtain, maintain and comply
    with the terms of, and supply certified copies to the Bank of, any
    authorization required under any law or regulation to enable it to perform
    its obligations under, or for the validity or enforceability of, this
    Agreement.

17  NEGATIVE PLEDGE

    The Borrower shall not create, or permit to subsist, any Security Interest
    over a material portion of its assets or undertaking. The provisions of
    this clause shall not apply to any Security Interest created with the
    written consent of the Bank.

18  DISPOSALS

    The Borrower shall not either in a single transaction or in a series of
    transactions whether related or not and whether voluntarily or
    involuntarily dispose of a material portion of its assets or undertakings
    without the prior written consent of the Bank.

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19  INSURANCE

19.1  The Borrower shall maintain insurance with financially sound and reputable
      insurers with respect to its assets of an insurable nature against such
      risks and in such amounts as are normally maintained by persons carrying
      on the same or a similar class of business, and specifically against the
      risks associated with the handling and transport of cash. Such insurance
      policies:

19.1.1      shall be available for inspection by the Bank on demand at all
            times; and

19.1.2      shall, on demand, be ceded and pledged to and in favour of the Bank
            as security for the obligations of the Borrower in terms of this
            Agreement, and the Banks interest shall be noted on the said
            insurance policies.

19.2  Where the Borrower is self-insured, the Borrower shall ensure that at all
      material times, sufficient finance is available to cover any risks
      normally associated with the carrying on the same or similar class of
      business and specifically against the risks associated with the handling
      and transport of cash. In the event of the Borrower suffering losses of
      more than R10 000 000.00 (Ten Million Rand) in aggregate in any 12
      (Twelve) month period, as a result of theft or fraud, then the Bank will
      be entitled to require the Borrower to take out insurance with a
      recognized insurer agreed to by the Bank in respect of such risks and/or
      make alternative arrangements to the satisfaction of the Borrower.

20  MAINTENANCE OF STATUS

    The Borrower shall do all such things as are necessary to maintain its
    corporate existence; and ensure that it has the right and is duly
    qualified to conduct its business as it is

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                                                                         Page 23

    conducted in all applicable jurisdictions.

21  DEFAULT

21.1  EVENTS OF DEFAULT

      Each of the events set out in this clause 21 is an Event of Default
      (whether or not caused by any reason whatsoever outside the control of the
      Borrower or any other person).

21.2  NOTIFICATION OF DEFAULT

      The Borrower shall notify the Bank of any Default (and the steps, if any,
      being taken to remedy it) promptly upon its occurrence.

21.3  NON-PAYMENT

      The Borrower fails to pay any amount due in terms of this Agreement on the
      due date thereof.

21.4  INVOICE

      The Borrower fails to generate an Invoice on the Invoice Date, or fails to
      provide the Bank with a copy of the Invoice as provided for in clause 5.1.

21.5  BREACH OF OTHER OBLIGATIONS

      The Borrower does not comply with any provision of this Agreement
      (including, inter alia, a breach of any under-taking) (other than failure
      to pay any amount due in terms of this Agreement as provided for in clause
      21.3, or failure to generate an Invoice or provide the Bank with a copy of
      an Invoice as provided for in clause 21.4) and, if that Default is capable
      of remedy, does not remedy the failure within 3 (Three) Business

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                                                                         Page 24

      Days of the date of the notice from the Bank requiring the Borrower to
      remedy that default.

21.6  MISREPRESENTATION

      A representation, warranty or statement made or repeated in or in
      connection with this Agreement or in any document delivered by or on
      behalf of the Borrower under or in connection with this Agreement is
      incorrect in any material respect when made or given or deemed to be made,
      given or repeated.

21.7  CROSS-DEFAULT

21.7.1      Any Financial Indebtedness of the Borrower is not paid when due; or

21.7.2      An event of default howsoever described (or any event which, with
            the giving of notice, lapse of time, determination of materiality or
            fulfilment of any other applicable condition or any combination of
            the foregoing, would constitute such an Event of Default) occurs
            under any document relating to the Financial Indebtedness of the
            Borrower; or

21.7.3      Any Financial Indebtedness of the Borrower becomes prematurely due
            and payable and is not repaid in the notice period applicable
            thereto or is placed on demand as a result of an event of default
            (howsoever described) under the document relating to that Financial
            Indebtedness; or

21.7.4      Any commitment for, or underwriting of, any Financial Indebtedness
            of the Borrower is cancelled or suspended as a result of an event of
            default (howsoever described) under the document relating to that
            Financial Indebtedness; or

21.7.5      Any Security Interest securing Financial Indebtedness over any asset
            of the

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                                                                         Page 25

            Borrower becomes enforceable unless the Borrower, in good faith and
            on notice to the Bank defends such enforcement.

21.8  INSOLVENCY

      The Borrower is, or is deemed for the purposes of any law to be, unable to
      pay its debts as they fall due or to be insolvent, or admits inability to
      pay its debts as they fall due, where:

21.8.1      the Borrower suspends making payments on all or any class of its
            debts or announces an intention to do so, or a moratorium is
            declared in respect of any of its indebtedness; or

21.8.2      the Borrower, by reason of financial difficulties, begins
            negotiations with one or more of its creditors with a view to the
            readjustment or rescheduling of any of its indebtedness,

21.9  INSOLVENCY PROCEEDINGS

21.9.1      Any procedural step (including application, proposal or convening a
            meeting) is taken with a view to a composition, assignment or
            arrangement with any creditors of the Borrower; or

21.9.2      A meeting of the Borrower is convened for the purpose of considering
            any resolution for (or to apply for) its winding-up or for its
            administration or any such resolution is passed; or

21.9.3      Any person presents an application for the winding-up or for the
            administration of the Borrower (except for any frivolous or
            vexatious winding up application which the Borrower demonstrates is
            being contested in good faith and by due process

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            and for which an adequate reserve has been set aside to satisfy the
            claim underlying such application) and in respect of which the
            Borrower has not demonstrated to the Bank that it is taking steps to
            contest such action in good faith within ten Business Days of
            presentation of that application; or

21.9.4      An order for the winding-up or administration of the Borrower is
            made; or

21.9.5      Any other procedural step (including an application, proposal or
            convening a meeting) is taken with a view to the rehabilitation,
            administration, custodianship, liquidation, winding- up or
            dissolution of the Borrower or any other insolvency proceedings
            involving the Borrower.

21.10 APPOINTMENT OF RECEIVERS AND MANAGERS

21.10.1     Any liquidator, trustee in bankruptcy, judicial custodian,
            compulsory manager, receiver, administrative receiver, administrator
            or the like is appointed in respect of the Borrower or any part of
            its assets; or

21.10.2     The directors of the Borrower request the appointment of a
            liquidator, trustee in bankruptcy, judicial custodian, compulsory
            manager, receiver, administrative receiver, administrator or the
            like; or

21.10.3     Any other procedural step is taken to enforce any Security Interest
            over any part of the assets of the Borrower unless the Borrower in
            good faith and on notice to the Bank defends such enforcement.

21.11 CREDITORS PROCESS

      Any attachment, sequestration, distress or execution affects any Material
      portion of the Borrower's assets or undertaking and is not discharged
      within 21 (Twenty One)

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                                                                         Page 27

      days.

21.12 CESSATION OF BUSINESS

      The Borrower ceases, or threatens to cease, to carry on all or a
      substantial part of its business.

21.13 MANDATORY REPAYMENT

      If there is a change in law which renders, will render or may have the
      effect of rendering this Agreement or anything done or to be done pursuant
      to this Agreement illegal, invalid or unenforceable and the parties in
      good faith fail to rectify such illegality, invalidity or enforceability
      (provided such illegality, invalidity or enforceability is capable of
      being rectified), or do not agree upon alternative acceptable provisions,
      within five Business Days (or such longer period as may be agreed between
      the parties in writing) after receipt of notice from the Bank advising the
      Borrower of the relevant change, then the Bank shall in addition to and
      without. prejudice to any other rights it may have in terms of this
      Agreement or in law, be entitled to call upon the Borrower to repay the
      outstanding Loans together with all accrued interest thereon and all other
      amounts due in terms of this Agreement, which amounts shall immediately
      become due and payable.

21.14 MATERIAL ADVERSE EFFECT

      Any event or series of events occurs which, in the reasonable opinion of
      the Bank, might have a Material Adverse Effect on the financial condition
      of the Borrower or on the ability of the Borrower to comply with its
      obligations under this Agreement. For the purposes hereof:

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                                                                         Page 28

21.14.1     the fact that the service level agreement with the Department is not
            concluded and executed to the satisfaction of the Bank on or before
            31 January 2003 (or such later date as may be agreed upon by the
            parties in writing); or

21.14.2     any change of any nature whatsoever in the authorised or issued
            share capital from that at the date of this Agreement, or any change
            in the shareholding of the Borrower from that at the date of this
            Agreement which constitutes a change in control of the Borrower will
            be deemed to be a Material Adverse Effect as contemplated herein;

      will be deemed to be a material adverse change as contemplated herein.

21.15 CHANGE OF CONTROL

      An Event of Default will occur during the existence of the Facility where
      the Borrower is no longer a wholly owned Subsidiary of the Holding Company
      which is the Holding Company of the Borrower as at the Effective Date.

21.16 ACCELERATION

      At any time, whether or not there has been an Event of Default, the Bank
      may, by notice to the Borrower (provided that the Bank will give the
      Borrower 7 (seven) days written notice if there has not been an Event of
      Default):

21.16.1     cancel the Facility; and/or

21.16.2     demand that all Loans made in terms of this Agreement, together with
            accrued interest and all other amounts accrued under this Agreement,
            be immediately due and payable, whereupon it shall become
            immediately due and payable; and/or

21.16.3     set off the indebtedness of the Borrower to the Bank under or in
            terms of or

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                                                                         Page 29

            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 to the extent that any
            such indebtedness is or such amounts are in a currency other than
            Rands ("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;

21.16.4     demand reimbursement from the Borrower for all expenses incurred by
            the Bank in recovering any amounts owed by the Borrower, which
            reimbursement shall be payable by the Borrower upon such demand
            inclusive of costs on a scale as between attorney and own client.

21.17 INDEMNITY

      The Borrower hereby indemnifies the Bank against any loss o liability
      which the Bank incurs as a consequence of the occurrence of any Default.

22  FEES

22.1  BANK CHARGES

      The Bank shall be entitled to charge its normal transaction and bank
      charges as levied by the Bank from time to time, which have been disclosed
      to the Borrower, and the Borrower shall pay same in accordance with the
      Bank's policy in this regard from time to time.

22.2  FACILITY FEE

      The Borrower shall pay to the Bank a facility fee in the aggregate amount
      of ZAR 500,000 (Five Hundred Thousand South African Rand), which amount
      shall be

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                                                                         Page 30

      payable monthly in advance in 12 (twelve) equal instalments, the first
      instalment (for January 2003) falling due for payment on 1 January 2003
      and each following instalment payable on or before the first day of each
      succeeding month.

23  VAT

    Any fee referred to in this Agreement is exclusive of any value added tax
    or any other tax which might be chargeable in connection with that fee if
    any value added tax ("VAT') or other tax is so chargeable, it shall be
    paid by the Borrower at the same time as it pays the relevant fee. The
    Bank will provide the required VAT invoices in respect of any VAT which
    may be payable by the Borrower in terms hereof.

24  EVIDENCE AND CALCULATIONS

24.1  ACCOUNTS

      Accounts maintained by the Bank in connection with this Agreement are
      prima facie proof of the matters to which they relate.

24.2  CERTIFICATES AND DETERMINATIONS

      A certificate signed by any Assistant General Manager of the Bank (whose
      appointment need not be proved) shall be prima facie proof of all matters
      stated therein, for all purposes in connection with this Agreement.

24.3  CALCULATIONS

      Interest accrues from day to day and is calculated on the basis of the
      actual number of days elapsed and a year of 365 (Three Hundred and Sixty
      Five) days and will be compounded monthly in arrear.

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25  TRANSFER, CESSION AND ASSIGNMENT

    The Borrower may not assign, transfer, novate or dispose of any of, or any
    interest in, its rights or obligations under this Agreement. The Bank
    reserves the right to place the Facility in whole or in part with any
    Subsidiary of Nedbank Limited and to disclose to that subsidiary any
    financial information which may be required to support such placing.

26  SET-OFF

    Should the Borrower be in Default, the Bank may set-off any obligation
    owed by the Borrower under this Agreement against any other obligation
    (whether or not mature) owed by the Bank to the Borrower, regardless of
    the place of payment, booking branch or currency of either obligation.
    Nothing in this clause will be construed as creating a Security Interest.

27  COSTS

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

28  WHOLE AGREEMENT

    This Agreement constitutes the whole of the agreement between the parties
    hereto relating to the matters dealt with in this Agreement and save to
    the extent otherwise provided herein, or save as recorded in writing and
    signed by the parties, no undertaking, representation, term or condition
    relating to the subject matter of this agreement not

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                                                                         Page 32

    incorporated in this agreement shall be binding on any of the parties.

29  VARIATION OF TERMS

    No variation or amendment of this Agreement shall be of any force or
    effect unless reduced to writing and signed by the Borrower on the one
    hand and the Bank on the other.

30  NO INDULGENCE

    No indulgence or extension of time shown or allowed by the Bank to the
    Borrower shall operate as an estoppel or waiver against the Bank. No
    waiver of any of the terms and conditions of this Agreement will be
    binding or effectual for any purpose unless in writing and signed by or on
    behalf of the party giving the same. Any such waiver will be effective
    only in the specific instance and for the purpose given. No failure or
    delay on the part of either party hereto in exercising any right, power or
    privilege hereunder will constitute or be deemed to be a waiver thereof,
    nor will any single or partial exercise of any right, power or privilege
    preclude any other or further exercise thereof or the exercise of any
    other right, power or privilege.

31  PRESCRIPTION

    The Borrower waives all rights under the prescription laws of the Republic
    of South Africa.

32  SEVERABILITY

    Any provision in this Agreement which is or may become illegal, invalid or
    unenforceable in any jurisdiction shall, as to such jurisdiction, be
    ineffective to the extent of such prohibition or unenforceability and
    shall be treated pro non scripto and severed

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    from the balance of this Agreement, without invalidating the remaining
    provisions of this Agreement or affecting the validity or enforceability
    of such provision in any other jurisdiction.

33  RENUNCIATION OF BENEFITS

    The Borrower expressly waives and renounces all the benefits from the
    legal exceptions non numeratae pecuniae (the Borrower renounces the
    benefit of the exception that the money was not actually paid to it), non
    causa debiti (the Borrower renounces the benefit that there was no cause
    for the obligation in respect of the indebtedness), errore calculi (the
    Borrower waives the benefit of the legal exception that where there is an
    element of accountancy, that errors of calculation occurred), revision of
    accounts, no value received and all the other legal benefits and
    exceptions (the Borrower renounces the benefits that, where there is more
    than one debtor, e joint debtor is only liable for his pro rata share of
    the debt, the right to require that the creditor proceeds against the
    principal debtor first and thereafter against a surety, the benefit that a
    suretyship must be apportioned among the sureties and that there was no
    causa for the transaction), the meaning and effect of which exceptions the
    Borrower declares itself to be fully acquainted.

34  NOTICES

34.1  GIVING OF NOTICES

      A notices, copies of invoices, or other communications under or in
      connection with this Agreement ("notices") shall be given in writing, and,
      unless otherwise stated, may be made by letter or facsimile. Any such
      notice will be deemed to be given as follows:

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                                                                         Page 34

34.1.1      if by letter, when delivered, or on actual receipt; and

34.1.2      if by facsimile, when received in legible form.

      However, a notice given in accordance with the above but received on a
      non-Business Day or after normal business hours in the place of receipt
      will only be deemed to be given on the next Business Day at that place.

34.2  E-MAIL

      Copies of invoices or other communications, save for formal notices in
      terms of this agreement, may be communicated via e-mail to the addresses
      contained in clause 34.3 below. The party sending the e-mail will be
      obliged to prove the receipt of such e-mail by the party to which it was
      dispatched.

34.3  ADDRESSES FOR NOTICES

      The address, e-mail address and facsimile numbers of the Borrower are as
      follows:

            C/o Cash Paymaster Services (Proprietary) Limited
            4 Floor
            North Wing
            President Place
            Cnr Jan Smuts Avenue & Bolton Road
            Rosebank
            Johannesburg
            E-mail address: nolac@net-1.org; hermarik@net-1.org;
            nandap@net-1.orq; anjal@net-1.org
            Fax: (011)8807080
            Marked for Attention: The Financial Director

      The address, e-mail address and facsimile numbers of the Bank are as
      follows:

            Nedbank Limited
            Corporate & International Credit
            Nedcor Sandton
            135 Rivonia Road
            Sandown

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            2196

            E-mail address: AndreVa@nedcor.co.za:
            KandisS@nedcor.co.za; AngelinaV@nedcor.co.za;
            SandileS@nedcor.co.za; RobertS@nedcor.co.za;
            AnnaS@nedcor.co.za
            Marthak@nedcor.co.za
            Facsimile: (011)294-1333
            Marked for Attention: Assistant General Manager: Corporate and
            International Credit

      or such other addresses for notice as the Bank may notify to the Borrower
      or vice versa, by not less than 5 (Five) Business Days' notice.

35  GOVERNING LAW

    This Agreement is governed by the laws of the Republic of South Africa.

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                                                                         Page 36

                                   SIGNATORIES

 SIGNED AT _________________________________________ on this _______ day of
 ______________________________________ 2002.

For and on behalf of Cash Paymaster Services Eastern Cape (Proprietary) Limited
(who warrant that they are duly authorised hereto :

Name : ___________________________________  Name : _____________________________

Identity Number : ________________________  Identity Number : __________________

Designation : ____________________________  Designation : ______________________

Signature : ______________________________  Signature : ________________________

WITNESSES:

1. _______________________________________  2. _________________________________

SIGNED AT ________________________________________________ on this ______ day of
_________________________ 2003

For and on behalf of NEDBANK LIMITED
(who warrant that they are duly authorised hereto) :

Name : ___________________________________  Name : _____________________________

Identity Number : ________________________  Identity Number : __________________

Designation : ____________________________  Designation : ______________________

Signature : ______________________________  Signature : ________________________

WITNESSES:

1. _______________________________________  2. _________________________________

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                                                                   EXHIBIT 10.16

                                                                  9 October 2003

The Directors
NET 1 APPLIED TECHNOLOGY HOLDINGS LIMITED
4th Floor - President Place
Corner Jan Smuts & Bolton Road
Rosebank
Johannesburg
2196

Attention: Mr Herman Kotze

Dear Sirs

ADDENDUM TO "FACILITY LETTER" DATED 24 APRIL 2003 - APPROVAL OF INCREASED
BRIDGING LOAN FACILITIES

Further to recent discussions between Nedbank Limited ("Nedbank") and Net 1
Applied Technology Holdings Limited, Nedbank is pleased to advise the approval
of the following increased limits 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),
replacing clauses 3 and 4 of the facility letter dated 24 April 2003 and any
addendum thereto.

Words and phrases used in this letter bear the same meaning as assigned to them
in the Facility Letter, unless the context of this letter otherwise dictates,
and to the extent that there are any inconsistencies between the Facility Letter
and this letter, this letter shall prevail.

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

      Amount     R250 000 000,00 (two hundred and fifty million rand).

      Purpose:

                 3.1    The financing of social grant payments made through Cash
                        Paymaster (KwaZulu Natal) up to an amount of R215 000
                        000,00 (two hundred and fifteen 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).

      Facility:  BRIDGING LOAN FACILITY

NEDBANK LIMITED REG NO 1951/000009/06
Directors: CF Liebenberg (Chairman) WAM Clewlow (Deputy Chairman) Prof MM Katz
(Vice-chairman) RCM Laubscher (Chief Executive) TA Boardman* Dr IJ Botha* BJS
Hore* SG Morris* DGS Muller* ML Ndlovu* AA Routledge* CJW Ball RG Cottrell BE
Davison N Dennis+ Prof B Figaji MJ Levett JB Magwaza ME Mkwanazi PF Nhleko TH
Nyasulu JVF Roberts+ (*EXECUTIVE +BRITISH) Company Secretary: WJ Kruger 29.07.03

<PAGE>

                        A fluctuating bridging loan facility of an amount of up
                        to R250 000 000,00 (two hundred and fifty 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:           R270 000 000,00 (two hundred and seventy million rand).

      Purpose:          The financing of social grant payments made through Cash
                        Paymaster (Eastern Cape) up to an amount of
                        R270 000 000,00 (two hundred and seventy million rand).

      Facility:         BRIDGING LOAN FACILITY

                        A fluctuating bridging loan facility of an amount of
                        up to R270 000 000,00 (two hundred and seventy
                        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.

All other facilities terms and conditions remain unchanged.

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
letter 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

________________________        _____________________       ____________________
GG PAYNE                        S BETZ                      A J VAN ROOYEN
ASSISTANT GENERAL               SENIOR MANAGER              CORPORATE BANKER
MANAGER                         CORPORATE &
CORPORATE &                     INTERNATIONAL CREDIT
INTERNATIONAL CREDIT

                                                                               2

<PAGE>

ACCEPTED THIS ___________DAY OF _____________________ 2003.

_________________________________________________
For and on behalf of:
NET 1 APPLIED TECHNOLOGY HOLDINGS 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)

                                                                               3

<PAGE>

ACCEPTED THIS ___________DAY OF _____________________ 2003.

_________________________________________________
For and on behalf of:
CASH PAYMASTER SERVICES (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)

ACCEPTED THIS ___________DAY OF _____________________ 2003.

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

                                                                               4

<PAGE>

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)

                                                                               5

<PAGE>

EXTRACT FROM THE MINUTES OF A MEETING OF THE DIRECTORS OF NET 1 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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 SOLUTIONS,
(PROPRIETARY) LIMITED ("THE COMPANY") HELD AT ____________________________ ON
____________________________

Resolved:-

1.    that the company accept the increased 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 authorised 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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00085-of-00352.parquet"}]]