Document:

Filed by Automated Filing Services Inc. (604) 609-0244 - NET 1 UEPS Technologies, Inc. - Exhibit 10.24

EXHIBIT 10.24

NET 1 UEPS TECHNOLOGIES, INC.
STOCK OPTION
AGREEMENT

     Net 1 UEPS Technologies, Inc.
(the “Company”) has granted to the Employee named below, pursuant
to the employment agreement entered into between the Company and the Employee
effective as of the Date of Grant specified below, an option (the
“Option”) to purchase certain shares of common
stock, par value $0.001 per share, of the Company (the “Shares”)
upon the terms and conditions set forth in this Stock Option Agreement (the
“Agreement”). By signing this Agreement, the Employee: (a)
acknowledges he/she has read this Agreement, (b) accepts the Option subject to
all of the terms and conditions of this Agreement, and (c) agrees to accept as
binding, conclusive and final all decisions or interpretations of the Company
upon any questions arising under this Agreement. For purposes of this Agreement,
actions and determinations to be made by the Company may be made by the Board of
Directors of the Company or by such Company or delegate as may be appointed by
the Board of Directors from time to time.

		Name of Employee: 	DAVID A. SCHWARZBACH 
		Date of Grant: 	January 9, 2006 
		Number of Option Shares: 	200,000 shares 
		Exercise Price: 	US$30.71 per Share 
		Option Expiration Date: 	January 9, 2016 

     For clarity, as used in this
Agreement, the term “exercise” means to acquire ownership of Shares which are
the subject of the Option in accordance with the terms of this Agreement. Except
as provided in Section 6 below, the aggregate number of whole Shares for which
this Option may be exercised as of any date is determined by multiplying the
number of Option Shares listed above by the following percentage, and reducing
that result by the number of Shares previously acquired upon exercise of the
Option:

		Exercise Date 	Percentage 
	 	 	 
		Prior to First Anniversary of Grant Date 	0% 
	 	 	 
		On or after First Anniversary of Grant Date
      and prior to 	  
		Second Anniversary of Grant Date 	20% 
	 	 	 
		On or after Second Anniversary of Grant Date
      and prior to 	  
		Third Anniversary of Grant Date 	40% 
	 	 	 
		On or after Third Anniversary of Grant Date
      and prior to 	  
		Fourth Anniversary of Grant Date 	60% 
	 	 	 
		On or after Fourth Anniversary of Grant Date
      and prior to 	  
		Fifth Anniversary of Grant Date 	80% 
	 	 	 
		On or after Fifth Anniversary of Grant Date
    	100% 

     The Option shall not become
exercisable for any additional Option Shares after the date the Employee’s
employment or other service with the Company and its affiliates terminates for
any reason.

         
1.         
CONSTRUCTION. 

     The captions and titles contained
in this Agreement are for convenience only and do not affect the meaning or
interpretation of any provision of this Agreement.

         
2.          TAX
CONSEQUENCES.

     This Option is intended to be a
nonstatutory stock option and shall not be treated as an incentive stock option
within the meaning of Section 422(b) of the Code. This Option will be subject to
the tax laws of the country or jurisdiction in which the Employee is a tax
resident or is otherwise subject to taxation.

         
3.         
EXERCISE OF THE
OPTION.

                   
3.1          Method of
Exercise. The Option shall be exercisable in the discretion of
the Employee on or after the first anniversary of the Grant Date and prior to
termination of the Option in an amount not to exceed the number of Shares for
which the Option is then exercisable less the number of Shares previously
acquired upon exercise of the Option. Exercise of the Option shall be by means
of electronic or written notice (the “Exercise
Notice”) in a form authorized by the Company which states the
Employee’s election to exercise the Option, the number of whole Shares for which
the Option is being exercised and such other representations and agreements as
to the Employee’s investment intent with respect to such Shares as may be
required pursuant to the provisions of this Agreement or by applicable law.
Further, each Exercise Notice must be (a) signed or otherwise authenticated by
the Employee in a manner acceptable to the Company, (b) received by the Company
or the Company’s authorized representative, in a manner acceptable to the
Company, prior to the termination of the Option as set forth in Section 5 of
this Agreement, and (c) accompanied by full payment of the aggregate Exercise
Price for the number of Shares being purchased. The Option exercise will be
effective upon receipt by the Company or the Company’s authorized representative
of such electronic or written Exercise Notice and the aggregate Exercise
Price.

                   
3.2          Payment of Exercise
Price.

               
             
(a)          Forms of
Consideration Authorized. Except as otherwise provided below,
payment of the aggregate Exercise Price for the number of Shares for which the
Option is being exercised may be made (i) in cash (US dollars) or cash
equivalent acceptable to the Company (including offset against US dollars, if
any, owed by the Company to the Employee as of the date of exercise), (ii) if
permitted by the Company, by tender to the Company, or attestation to the
ownership, of whole Shares owned by the Employee, including Shares deliverable
upon exercise of the Option, (iii) by means of a Cashless Exercise, as defined
in Section 3.3(c) of this Agreement, (iv) by any other means acceptable to the
Company, or (v) by any combination of the foregoing as may be permitted by the
Company, in its sole discretion.

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Shares tendered in payment of the Exercise Price will be valued
at their Fair Market Value as of the date that the exercise occurs.

         
                   
(b)          Limitations on Forms
of Consideration.

                               
       
(i)          Tender of Stock.
Notwithstanding the foregoing, the Option may not be exercised by tender to
the Company, or attestation to the ownership, of Shares to the extent such
tender or attestation would violate any law, regulation or agreement restricting
the redemption of the Company’s stock.

                   
                   
(ii)          Cashless Exercise.
A “Cashless Exercise” means the delivery of a
properly executed Exercise Notice together with irrevocable instructions to a
broker in a form acceptable to the Company providing for the assignment to the
Company of the proceeds of a sale or loan with respect to some or all of the
Shares acquired upon the exercise of the Option pursuant to a program or
procedure approved by the Company. The Company reserves the sole and absolute
right to establish, decline, suspend or terminate any such program or procedure,
including with respect to the Employee notwithstanding that such program or
procedures may be available to others.

                   
3.3           Tax and/or
Social Insurance Withholding. At the time any withholding is
required by applicable law, or at any time thereafter as requested by the
Company, the Employee hereby authorizes withholding from payroll and any other
amounts payable to the Employee, and otherwise agrees to make adequate provision
for (including by means of a Cashless Exercise to the extent permitted by the
Company), any sums required to satisfy the federal, state, local and foreign tax
and social insurance withholding obligations of the Company or its affiliate, if
any, which arise in connection with the Option. The Company shall have no
obligation to deliver Shares until the tax and social insurance withholding
obligations of the Company or its affiliate have been satisfied by the Employee.
The Company may, in its sole discretion, permit the Employee to satisfy, in
whole or in part, any tax and social insurance withholding obligation which may
arise in connection with the Option either by electing to have the Company
withhold from the Shares to be issued upon exercise that number of Shares, or by
electing to deliver to the Company already-owned Shares, in either case having a
Fair Market Value (as defined below) equal to the amount necessary to satisfy
the statutory minimum withholding amount due. For purposes of this Agreement,
(i) if the Shares are registered under Section 12(b) or 12(g) of the Securities
Exchange Act of 1934, as amended, and listed for trading on a national exchange
or market, “Fair Market Value” means, as applicable, (a) either
the closing price or the average of the high and low sale price on the relevant
date, as determined in the Company’s discretion, quoted on the New York Stock
Exchange, the American Stock Exchange, or the Nasdaq National Market; (b) the
last sale price on the relevant date quoted on the Nasdaq SmallCap Market; (c)
the average of the high bid and low asked prices on the relevant date quoted on
the Nasdaq OTC Bulletin Board Service or by the National Quotation Bureau, Inc.
or a comparable service as determined in the Company’s discretion; or (d) if the
Shares are not quoted by any of the above, the average of the closing bid and
asked prices on the relevant date furnished by a professional market maker for
the Shares, or by such other source, selected by the Company; provided,
however, that if no public trading of the Shares occurs on the relevant
date but the Shares are so listed, then Fair Market Value shall be determined as
of the next preceding date on which trading of the Shares does occur; and (ii)
if the Shares on the 

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relevant date are not listed for trading on a national exchange
or market, then Fair Market Value shall be the value established by the Company
in good faith.

                   
3.4          Certificate
Registration. The stock certificates evidencing the Shares
shall be registered on the Company’s books in the name of the Employee as of the
date of exercise. Physical possession or custody of such stock certificates
shall be retained by the Company until such time as the shares are transferable
without restriction and, thereafter, the Company shall either issue and deliver
to the Employee one or more certificates in the name of the Employee for that
number of Shares purchased by the Employee or provide for uncertificated, book
entry issuance of those Shares.

                   
3.5          Restrictions on
Grant of the Option and Issuance of Shares. The grant of the
Option and the issuance of Shares upon exercise are subject to compliance with
all applicable requirements of U.S. federal, state, local or foreign law with
respect to such securities. The Option may not be exercised if the issuance of
Shares upon exercise would violate any applicable laws or regulations, or any
requirement of any stock exchange or market system upon which the Shares may
then be listed. In addition, the Option may not be exercised unless (i) a
registration statement under the Securities Act of 1933 (the
“Securities Act”) shall at the time of exercise of
the Option be in effect with respect to the Shares issuable upon exercise of the
Option or (ii) in the opinion of legal counsel to the Company, the Shares
issuable upon exercise of the Option may be issued in accordance with the terms
of an applicable exemption from the registration requirements of the Securities
Act. THE EMPLOYEE IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE
FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE EMPLOYEE MAY NOT BE ABLE TO
EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS THEN EXERCISABLE. The
inability of the Company to obtain from any regulatory body having jurisdiction
the authority, if any, deemed by the Company’s legal counsel to be necessary to
the lawful issuance and sale of any Shares subject to the Option shall relieve
the Company of any liability in respect of the failure to issue or sell such
Shares as to which such requisite authority shall not have been obtained. As a
condition to the exercise of the Option, the Company may require the Employee to
satisfy any qualifications that may be necessary or appropriate, to evidence
compliance with any applicable law or regulation and to make any representation
or warranty with respect thereto as may be requested by the Company.

                   
3.6          Fractional
Shares. The Company shall not be required to issue fractional
shares upon the exercise of the Option.

4.         
NONTRANSFERABILITY OF THE
OPTION.

     During the lifetime of the
Employee, the Option shall be exercisable only by the Employee or the Employee’s
guardian, legal representative or attorney-in-fact. The Option shall not be
subject in any manner to anticipation, alienation, sale, exchange, transfer,
assignment, pledge, encumbrance, or garnishment by creditors of the Employee or
the Employee’s beneficiary, except transfer by will or by the laws of descent
and distribution. Following the death of the Employee, to the extent provided in
Section 6 of this Agreement, the Option may be exercised by the Employee’s legal
representative or by any person empowered to do so under the deceased Employee’s
will or under the then-applicable laws of descent and distribution.

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5.         
TERMINATION OF THE
OPTION.

     The Option shall terminate and
may no longer be exercised after the first to occur of (a) the close of business
at the Company’s principal executive office on the Option Expiration Date, (b)
in the event of termination of the Employee’s employment or other service with
the Company (such employment or other service with the Company referred to
hereafter as “Service”), the date specified in Section 6 of this
Agreement, or (c) the occurrence of an event described in Section 9.2 of this
Agreement to the extent determined by the Company.

6.         
EFFECT OF TERMINATION OF
SERVICE.

         
6.1          Option
Exercisability. The Option shall terminate immediately upon the Employee’s
termination of Service with the Company and its affiliates to the extent that it
is not exercisable on the date such Service terminates. To the extent the Option
is exercisable on the date such Service terminates, whether or not such portion
of the Option shall continue to be exercisable after such termination shall be
determined in accordance with the remaining provisions of this Section 6.

                   
(a)         
Disability. If the Employee’s Service terminates because of
the Employee’s Disability (as defined below), (i) the portion of the Option that
is not then exercisable shall terminate immediately, and (ii) the portion of the
Option that is then exercisable shall remain exercisable during the six-month
period following such termination of Service, but in no event beyond the
Expiration Date of the Option. Unless sooner terminated, any remaining
unexercised portion of the Option shall terminate upon the expiration of such
six-month period. For purposes of this Agreement, “Disability” means the
inability of the Employee to perform in all material respects the Employee’s
duties and responsibilities to the Company, or any affiliate of the Company, by
reason of a physical or mental disability or infirmity which inability is
reasonably expected to be permanent and has continued (i) for a period of six
consecutive months or (ii) such shorter period as the Company may reasonably
determine in good faith. The Disability determination shall be in the sole
discretion of the Company and the Employee (or the Employee’s representative)
shall furnish the Company with medical evidence documenting the Employee’s
disability or infirmity which is satisfactory to the Company.

                   
(b)         
Death. If the Employee’s Service terminates because of the
death of the Employee, (i) the portion of the Option that is not then
exercisable shall terminate immediately, and (ii) the portion of the Option that
is then exercisable shall remain exercisable, by the Employee’s legal
representative or other person who acquired the right to exercise the Option by
reason of the Employee’s death, during the six-month period following such
termination of Service, but in no event beyond the Expiration Date of the
Option. Unless sooner terminated, any remaining unexercised portion of the
Option shall terminate upon the expiration of such six-month period.

                   
(c)          No-Fault
Termination. If the Employee’s Service terminates because of a No-Fault
Termination, (i) the portion of the Option that is not then exercisable shall
terminate immediately, and (ii) the portion of the Option that is then
exercisable shall remain exercisable during the 30-day period following such
termination of Service, but in no event beyond the Expiration Date of the
Option. Unless sooner terminated, any remaining unexercised 

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portion of the Option shall terminate upon the expiration of
such 30-day period. “No-Fault Termination” means the termination
of the Employee’s Service for any reason (other than Disability or death) based
on (i) the constructive dismissal of the Employee; (ii) the early or compulsory
retirement of the Employee in terms of the rules of any relevant Company or
affiliate retirement fund; (iii) the operational requirements of the Company or
its affiliate or (iv) termination by mutual agreement. No-Fault Termination
shall not include any voluntary termination of Service by the Employee other
than for the reasons described in clauses (i) through (iv) of the preceding
sentence or any termination of the Employee’s Service due to the Employee’s
misconduct or other misdemeanor.

         
6.2          Other Termination
of Service. If the Employee’s Service terminates for any reason, except
Disability, death, or No-Fault Termination, the Option shall terminate on the
date the Employee’s Service terminates.

7.         
RIGHTS AS A
STOCKHOLDER,
DIRECTOR, EMPLOYEE OR
CONSULTANT.

     The Employee shall have no rights
as a stockholder with respect to any Shares covered by the Option until the date
of the issuance of the Shares for which the Option has been exercised (as
evidenced by the appropriate entry on the books of the Company or of a duly
authorized transfer agent of the Company). No adjustment shall be made for
dividends, distributions or other rights for which the record date is prior to
the date the Shares are issued. The Employee understands and acknowledges that,
except as otherwise provided in a separate, written employment agreement between
the Company or an affiliate and the Employee, the Employee’s employment is “at
will” and is for no specified term. Nothing in this Agreement shall confer upon
the Employee any right to continue in the Service of the Company or an affiliate
or interfere in any way with any right of the Company or an affiliate to
terminate the Employee’s service as a director, an employee or consultant, as
the case may be, at any time.

8.         
LEGENDS.

     The Company may at any time place
legends referencing any restrictions on transfer and any applicable U.S.
federal, state, or foreign securities law restrictions on all certificates
representing Shares subject to the provisions of this Agreement. The Employee
shall, at the request of the Company, promptly present to the Company any and
all certificates representing Shares acquired pursuant to the Option in the
possession of the Employee in order to carry out the provisions of this
Section.

9.         
ADJUSTMENTS FOR CORPORATE
TRANSACTIONS AND OTHER
EVENTS.

        
9.1         Stock Dividend, Stock
Split and Reverse Stock Split. In the event of a stock dividend of,
or stock split or reverse stock split affecting, the common stock of the
Company, the number of shares covered by and the exercise price and other terms
of the Option, shall, without further action of the Board of Directors of the
Company, be adjusted to reflect such event. The Company may make adjustments, in
its discretion, to address the treatment of fractional shares and fractional
cents that arise with respect to adjustment of the Option as a result of the
stock dividend, stock split or reverse stock split.

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9.2          Significant
Corporate Transaction. In the event of a significant corporate transaction
such as a sale of voting stock, merger, sale of substantial assets, or other
similar corporate event involving the Company, the Company may, but shall not be
obligated to, (A) cancel the Option for fair value (as determined in the sole
discretion of the Company) which may, but need not be, equal to the excess, if
any, of the value of the consideration to be paid in such corporate transaction
to holders of the same number of Shares subject to the unexercised Option (or,
if no consideration is paid in any such transaction, the Fair Market Value of
the Shares subject to such Option) over the aggregate exercise price of the
Option or (B) provide for the issuance of substitute options that will
substantially preserve the otherwise applicable terms of the Option as
determined by the Company in its sole discretion or (C) provide that for a
period of at least 15 days prior to the consummation of such corporate
transaction, the Option shall be exercisable as to all shares subject thereto
and that upon the consummation of such corporate transaction, the Option shall
terminate and be of no further force and effect. The Company may treat the
portion of the Option that is exercisable as of the date of the corporate
transaction differently than the unexercisable portion and, in this regard, may
cause the unexercisable portion of the Option to be canceled without
consideration as of or immediately before the effective time of the transaction
in its sole discretion.

         
9.3          Unusual or
Nonrecurring Events. The Company is authorized to make, in its discretion
and without the Employee’s consent, adjustments in the terms and conditions of
the Option in recognition of unusual or nonrecurring events affecting the
Company, or the financial statements of the Company or any affiliate, or of
changes in applicable laws, regulations, or accounting principles, whenever the
Company determines that such adjustments are appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under this Agreement.

10.         
INVESTMENT
REPRESENTATIONS.

         
10.1          The Employee
represents, warrants and covenants that:

                   
(a)          Any Shares purchased
upon exercise of this Option shall be acquired for the Employee’s account for
investment only and not with a view to, or for sale in connection with, any
distribution of the Shares in violation of the Securities Act or any rule or
regulation under the Securities Act, and that the Employee will not distribute
the same in violation of any state or federal law or regulation.

                   
(b)          The Employee has had
such opportunity as the Employee deemed adequate to obtain from representatives
of the Company such information as is necessary to permit the Employee to
evaluate the merits and risks of the Employee’s investment in the Company.

                   
(c)          The Employee is able
to bear the economic risk of holding Shares acquired pursuant to the exercise of
this Option for an indefinite period.

                   
(d)          The Employee
understands that (i) the Shares acquired pursuant to the exercise of this Option
will not be registered under the Securities Act or under the securities laws of
any state and are “restricted securities” within the meaning of Rule 144 under
the 

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Securities Act; (ii) such Shares cannot be sold, transferred or
otherwise disposed of unless they are subsequently registered under the
Securities Act, and such registration or qualification as may be necessary under
the securities laws of any state, or an exemption from registration is then
available; and (iii) there is as of the date of this Agreement no registration
statement on file with the Securities and Exchange Commission with respect to
any stock of the Company and the Company has no obligation or current intention
to register any Shares acquired pursuant to the exercise of this Option under
the Securities Act.

     By making payment upon
exercise of this Option, the Employee shall be deemed to have reaffirmed, as of
the date of such payment, the representations made in this Section
10.

11.         
MISCELLANEOUS
PROVISIONS.

         
11.1          Reservation of
Shares. The Company will reserve and set apart and have at all times, free
from preemptive rights, a number of authorized but unissued Shares deliverable
upon the exercise of this Option sufficient to enable it at any time to fulfill
all its obligations hereunder.

         
11.2          Further
Instruments. The parties hereto agree to execute such further instruments
and to take such further action as may reasonably be necessary to carry out the
intent of this Agreement.

         
11.3          Binding Effect;
Parties; Entire Agreement. Subject to the restrictions on transfer set forth
herein, this Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective heirs, executors, administrators, successors
and assigns. This Agreement is between the Employee and the Company. This
Agreement shall constitute the entire understanding and agreement of the
Employee and the Company with respect to the subject matter contained in this
Agreement and supersedes any prior agreements, understandings, restrictions,
representations, or warranties among the Employee and the Company with respect
to such subject matter. To the extent contemplated in this Agreement, the
provisions of this Agreement shall survive any exercise of the Option and shall
remain in full force and effect.

         
11.4          Termination or
Amendment. The Company may terminate, amend or suspend the Option at any
time; provided, however, that except as provided in Section 9 of this Agreement,
no such termination or amendment may adversely affect the Option or any
unexercised portion of the Option without the consent of the Employee unless
such termination or amendment is necessary to comply with any applicable law or
government regulation. No amendment or addition to this Agreement shall be
effective unless in writing.

         
11.5          Delivery of
Documents and Notices. Any notice required or permitted under this Agreement
shall be given in writing and shall be deemed effectively given (except to the
extent that this Agreement provides for effectiveness only upon actual receipt
of such notice) upon personal delivery, upon electronic delivery at the e-mail
address, if any, provided for the Employee by the Company, or, upon deposit with
an internationally recognized overnight courier service with postage and fees
prepaid, addressed to the other party at the address of such party set forth in
this Agreement or at such other address as such party may designate in writing
from time to time to the other party.

- 8 -

                   
(a)          Description of
Electronic Delivery. The Agreement and any reports of the Company
provided generally to the Company’s stockholders may be delivered to the
Employee electronically. In addition, if permitted by the Company, the Employee
may deliver electronically the Exercise Notice called for by Section 3 of this
Agreement to the Company or to such third party as the Company may designate
from time to time. Such means of electronic delivery may include but do not
necessarily include the delivery of a link to a Company intranet or the internet
site of a third party involved in administering the Agreement, the delivery of
the document via e-mail or such other means of electronic delivery specified by
the Company.

                   
(b)          Consent to
Electronic Delivery. The Employee consents to the electronic
delivery of this Agreement and any reports of the Company provided generally to
the Company’s stockholders and, if permitted by the Company, the electronic
delivery of the Exercise Notice. The Employee acknowledges that he or she may
receive from the Company a paper copy of any documents delivered electronically
at no cost to the Employee by contacting the Company by telephone or in writing.
The Employee further acknowledges that the Employee will be provided with a
paper copy of any documents if the attempted electronic delivery of such
documents fails. Similarly, the Employee understands that the Employee must
provide the Company or any designated third party administrator with a paper
copy of any documents if the attempted electronic delivery of such documents
fails. The Employee may revoke his or her consent to the electronic delivery of
documents or may change the electronic mail address to which such documents are
to be delivered (if Employee has provided an electronic mail address) at any
time by notifying the Company of such revoked consent or revised e-mail address
by telephone, postal service or electronic mail. Finally, the Employee
understands that he or she is not required to consent to electronic delivery of
documents.

         
11.6          Applicable Law.
This Agreement shall be governed by the laws of the State of Florida as such
laws are applied to agreements between Florida residents entered into and to be
performed entirely within the State of Florida.

         
11.7          Counterparts.
This Agreement may be executed in counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

         
11.8          No Future
Entitlement. By execution of this Agreement, Employee acknowledges and
agrees that: (i) the grant of an Option is a one-time benefit which does not
create any contractual or other right to receive future grants of Options, or
compensation in lieu of Options; (ii) all determinations with respect to any
such future grants, including, but not limited to, the times when Options shall
be granted, the maximum number of Shares subject to each Option and the Exercise
Price, will be at the sole discretion of the Company; (iii) the value of the
Option is outside the scope of Employee’s employment contract; (iv) the value of
the Option is not part of normal or expected compensation for purposes of
calculating any severance, resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits or similar
payments; (v) the vesting of the Option ceases upon termination of Service with
the Company or transfer of employment from the Company, or other cessation of
eligibility for any reason, except as may otherwise be explicitly provided this
Agreement; (vi) if the underlying stock does not increase in value, this Option
will have no value, nor does the 

- 9 -

Company guarantee any future value; and (vii) no claim or
entitlement to compensation or damages arises if the Option does not increase in
value and Employee irrevocably releases the Company from any such claim that
does arise. Neither this Agreement nor any provision thereunder shall be
construed so as to grant the Employee any right to remain in the Service of the
Company.

          11.9         
  Personal Data. For the exclusive purpose of implementing, administering
  and managing the Option, Employee, by execution of this Agreement, consents
  to the collection, receipt, use, retention and transfer, in electronic or other
  form, of his or her personal data by and among the Company and its third party
  vendors. Employee understands that personal data (including but not limited
  to, name, home address, telephone number, employee number, employment status,
  social security number, tax identification number, job and payroll location,
  data for tax withholding purposes and Shares awarded, cancelled, exercised,
  vested and unvested) may be transferred to third parties assisting in the implementation,
  administration and management of the Option and Employee expressly authorizes
  such transfer as well as the retention, use, and the subsequent transfer of
  the data by the recipient(s). Employee understands that these recipients may
  be located in Employee’s country or elsewhere, and that the recipient’s
  country may have different data privacy laws and protections than Employee’s
  country. Employee understands that data will be held only as long as is necessary
  to implement, administer and manage the Option. Employee understands that he
  or she may, at any time, request a list with the names and addresses of any
  potential recipients of the personal data, view data, request additional information
  about the storage and processing of data, require any necessary amendments to
  data or refuse or withdraw the consents herein, in any case without cost, by
  contacting in writing the Company’s legal department representative. Employee
  understands, however, that refusing or withdrawing his or her consent may affect
  his or her ability to accept an Option.

         
11.10          The Company’s
Rights. The existence of the Option shall not affect in any way the right or
power of the Company or its stockholders to make or authorize any or all
adjustments, recapitalizations, reorganizations or other changes in the
Company's capital structure or its business, or any merger or consolidation of
the Company, or any issue of bonds, debentures, preferred or other stocks with
preference ahead of or convertible into, or otherwise affecting the Shares or
the rights thereof, or the dissolution or liquidation of the Company, or any
sale or transfer of all or any part of the Company's assets or business, or any
other corporate act or proceeding, whether of a similar character or
otherwise.

	NET 1 UEPS TECHNOLOGIES,
      INC. 	DAVID A. SCHWARZBACH 
	      	  
	By: /s/ Dr. Serge C.P.
      Belamant 	/s/ David A. Schwartzbach 
	      	Signature 
	Its: Chief Executive Officer
    	1/10/2006 
	      	  
	      	Date 
	Address: President Place 	P O Box 2163, Menlo Park, CA, 94026
  
	      	  
	          4th
      Floor 	Address 
	         
      Johannesburg 2196 	  
	          South
      Africa 	  

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	  	Employee:
      ___________________________
	 Nonstatutory Stock Option 	   
        
	  	Date:
      ___________________________
	  	  	  	  
	STOCK OPTION EXERCISE NOTICE
	  	  	  	  
	Net 1 UEPS Technologies, Inc.   
	Attention: Chief Financial Officer   
	President Place       
	4th Floor       
	Johannesburg 2196     
	South Africa       
	 	 	 	 
	Ladies and Gentlemen: 	  
	 	 
	1. 	
      Option. I was granted an option (the
      "Option") to purchase shares of the common stock (the
      "Shares") of Net 1 UEPS Technologies, Inc. (the
      "Company") pursuant to my Stock Option Agreement (the
      "Agreement") as follows: 

		   	 	 
	  	Date of Grant: 	January 9, 2006
	 	 	 
	  	Number of Option
      Shares: 	200,000 
	 	 	 
	  	Exercise Price per
      Share: 	US$ 30.71 
	 	 	 
	2. 	
      Exercise of Option. I hereby elect
      to exercise the Option to purchase the following number of Shares in
      accordance with the Agreement:

		   	 	  
	  	Total Shares Purchased:
    	 
    
	 	 	 
	  	Total Exercise Price
      (Total Shares X Price per Share) 	US$
	 	 	 
	3. 	
      Payments. I enclose payment in full
      of the total exercise price for the Shares in the following form(s), as
      authorized by my Agreement: 

		   	 	  
	  	o Cash:	US$
  
	 	 	 
	  	o
      Check:	US$
  
	 	 	 
	  	o
      Tender of Company Stock:	Contact Company 
	 	 	 
	  	o
      Promissory Note:	Contact Company 

- 1 -

 

	4.	
      Tax and Social Insurance Withholding.
      I authorize payroll withholding and otherwise will make adequate
      provision for the federal, state, local and foreign tax and social
      insurance withholding obligations of the Company, if any, in connection
      with the Option. I enclose payment in full of my withholding taxes, if
      any, as follows:    

	 	 	 	 
	(Contact Company for amount of
      tax due.)
	 	 	 	 
	  	o
      Cash: 	US$ 
	 	 	 	 
	  	o
      Check: 	US$ 
	 	 	 	 
	5. 	Employee
      Information. 	  
	 	 	 
	  	My address is: 	    
	  	  	    
	  	My Tax Identification Number is: 	    
	 	 	 
	6.	
      Binding Effect. I agree that the
      Shares are being acquired in accordance with and subject to the terms,
      provisions and conditions of the Agreement, to all of which I hereby
      expressly assent. This Agreement shall inure to the benefit of and be
      binding upon my heirs, executors, administrators, successors and assigns.
       

	 	 
	 	I understand that I am
      purchasing the Shares pursuant to the terms of my Agreement, a copy of
      which I have received and carefully read and understand.
	 	 
	 	 	 	Very truly yours,
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature)

Receipt of the above is hereby acknowledged.

NET 1 UEPS TECHNOLOGIES, INC.

By: _______________________________

Title: _______________________________

Dated: _______________________________

- 2 -Filed by Automated Filing Services Inc. (604) 609-0244 - Net 1 UEPS Technologies, Inc. - Exhibit 10.25

Exhibit 10.25

EMPLOYMENT AGREEMENT

         
This employment agreement (“Agreement”) is made by and between Net 1
UEPS Technologies, Inc. (the “Company”) and David A. Schwarzbach
(“Employee”).

         
The Company and Employee hereby agree as follows:

1.         
Employment and Duties and Responsibilities. Employee shall be
employed as Vice President, Business Development of the Company (the
“Employment”). Employee will also have duties relating to investor relations. In
that capacity, Employee shall do and perform all services, acts or things as
directed by the Company’s Chief Executive Officer. Employee shall commence his
duties on or about January 16, 2006.

2.         
At-Will Employment. Employee understands and acknowledges that
his employment at the Company is “at will.” This means that his employment with
the Company is voluntarily entered into, and Employee is free to resign at will,
at any time, with or without notice, with or without cause. Similarly, the
Company may terminate the employment relationship at will, at any time, with or
without notice, with or without cause. Employee also understands and
acknowledges that he may be demoted or disciplined, and the terms of his
employment may be altered at any time, with or without cause, at the discretion
of the Company. Employee understands and acknowledges that no individual other
than the Chief Executive Officer of the Company has the authority to enter into
any employment or other agreement that modifies Employee’s “at-will” status. Any
such modification must be in a single writing signed by both the Employee and by
the Company’s Chief Executive Officer. Employee further understands that no
policy, practice, procedure, statement, or action of the Company, or any
individual at the Company, may alter, modify, or waive the at-will nature of
employment with the Company in any way or at any time.

3.         
Employment Policies. Employee agrees to abide by the Company’s
policies, procedures, and rules, written or otherwise, as may be modified from
time to time in the sole discretion of the Company.

4.         
Competitive Activities. During his employment, Employee shall
not directly or indirectly either as an employee, employer, consultant, agent,
principal, partner, stockholder, corporate officer, director or in any other
individual or representative capacity, engage or participate in any business
that is in competition in any manner whatsoever with the business of the
Company.

5.         
Compensation.

         
a.         
Base Salary. Employee shall receive an annual base salary of
$225,000 less all legally required and authorized deductions. Payment of salary
shall be in accordance with the Company’s standard payroll practices. Employee
understands and acknowledges that he will be a salaried exempt employee under
state and federal wage and hour law.

         
b.         
Annual Bonus. Employee understands and acknowledges that, for
purposes of annual bonus calculations, the Company’s bonus calendar runs from
October 1 through September 30. For 2006, Employee shall receive a bonus of
$75,000, which will be prorated based on the number of months worked by Employee
in 2006 as of September 30, 2006. The amount of future annual bonuses shall be
determined in the sole discretion of the Company.

         
c.         
Stock Options. The Company shall grant Employee options to
purchase 200,000 shares of the Company’s common stock, at an exercise price
equal to the closing price of the Company’s common stock on the date of this
Agreement (the “Options”), in accordance with the terms and conditions of a
separate stock option grant agreement to be executed by Company and Employee.
The Options shall vest ratably in annual increments over a period of five
years.

         
d.         
Vacation. Employee shall be entitled to vacation benefits
consistent with those for similarly situated executives employed by the
Company.

         
e.         
Benefits. Employee understands and acknowledges that he will not
be eligible for health care benefits, and that if Employee desires to continue
the health care benefits offered by his former employer, he may due so by timely
electing continued coverage under COBRA. The Company agrees to consider the
establishment of healthcare and other employee benefits as it may deem
appropriate from time to time.

6.         
Trade Secrets and Confidential and/or Proprietary Information.
Employee acknowledges and agrees that during his employment, and in the course
of the discharge of his duties hereunder, Employee will have access to and
become acquainted with information concerning the operations of the Company,
including without limitation, financial, marketing, personnel, sales,
operational, client, and other information that is owned by the Company and
regularly used in the operation of the Company’s businesses, and that such
information constitutes the Company’s trade secrets and/or confidential or
proprietary information. Employee specifically agrees that he shall not misuse,
misappropriate or disclose any such trade secrets or confidential or proprietary
information directly or indirectly to any other person or use them in any way,
either during the term of his employment, or at any time thereafter, except as
is required in the course of the Employment. Employee further agrees that all
files, records, documents, drawings, specifications, equipment and similar items
relating to the Company’s businesses, whether prepared by Employee or others,
are and shall remain exclusively the property of the Company, and will be
returned to the Company upon termination of employment.

7.         
Non-Solicitation. Employee agrees that during his employment,
and for a period of one year after the termination of his employment, Employee
shall not, directly or indirectly, either on Employee’s own behalf, or as a
member of or agent of any other entity use the Company’s trade secrets and/or
confidential proprietary information to solicit, induce (or attempt to induce),
or endeavor to entice away any clients or customers of the Company (unless the
Company consents in writing); or (b) solicit, interfere with, induce (or attempt
to induce) or endeavor to entice away any employee or independent contractor
associated with the Company (or any person whose employment or status as an
independent contractor has terminated within six months preceding the date of
such solicitation) to become affiliated with him or any other person or
entity.

- 2 -

8.         
Arbitration. Any claim or controversy arising out of or relating
to Employee’s employment at the Company, the terms and conditions of this
Agreement, the enforceability of any term of this Agreement, or any breach
thereof between or among the parties, shall be submitted to arbitration in Palo
Alto, California before a sole arbitrator (the “Arbitrator”) selected from the
American Arbitration Association (“AAA”), and shall be conducted in accordance
with the AAA’s Rules for the Resolution of Employment Disputes and the
provisions of California Code of Civil Procedure Section 1280 et seq., as
the sole, binding and exclusive remedy for such claim or controversy. The
decision of the arbitrator shall be final and binding.

Judgment on any award rendered by such arbitrator may be
entered in any court having jurisdiction over the subject matter of the
controversy. The fees and costs of the arbitrator shall be paid in accordance
with California law. Should any of the parties institute any legal action or
administrative proceeding with respect to any claim or controversy covered by
this Agreement by any method other than said arbitration, the responding party
shall be entitled to recover from the other party all damages, costs, expenses
and attorneys' fees incurred as a result of such action or proceeding.

9.         
Sole and Entire Agreement. Except as expressly set forth herein,
this Agreement is the sole, complete and entire agreement between the Company
and Employee concerning the matters contained in this Agreement. This Agreement
supersedes all prior negotiations and/or agreements between the parties, whether
oral or written, concerning such matters.

10.         
Amendments. No amendment or other modification of this Agreement
will be effective unless and until it is embodied in a written document signed
by the Chief Executive Officer on behalf of the Company, and by Employee.

11.         
Saving Provision. To the extent that any provision of this
Agreement or any paragraph, provision and/or word of this Agreement shall be
found to be illegal or unenforceable for any reason, such paragraph, provision
and/or word shall be modified or deleted in such a manner as to make this
Agreement, as so modified, legal and enforceable under California law. The
remainder of this Agreement shall continue in full force and effect.

11.         
Applicable Law. This Agreement and each and every portion of
this Agreement shall be interpreted pursuant to the laws of the State of
California.

12.         
References to the Company. The term “Company”, as such term is
used in Sections 4, 6 and 7 hereof, shall refer to the Company and its
subsidiaries.

13.         
Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed an original and both of which, taken together,
shall be deemed one and the same instrument.

- 3 -

     IN WITNESS WHEREOF, the Company
and Employee have each duly executed this Agreement as of the 9th day
of January, 2006.

NET 1 UEPS TECHNOLOGIES, INC.

By: /s/ Dr. Serge C.P.
Belamant

DAVID A. SCHWARZBACH

/s/ David A. Schwarzbach

- 4 -

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