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This project involves a proposed equity investment by IFC and AMC of up to $100 million in Net1 UEPS Technologies, Inc. (“Net1” or the “company”). Net1 delivers welfare payments to more than 10 million people in South Africa, and offers a broad range of solutions that provide access to financial services for the un(der)banked, including mobile financial services and smart card technology designed for rural areas of Africa where there is limited infrastructure. Net1 has leased spaces in 226 office buildings in South Africa. Light assembly of equipment is performed at only one of those spaces. Net1 operates a payment network for customers in South Africa, including approximately 800 stationary ATMs and 600 mobile ATMs, moved around on trucks. IFC’s investment will help to finance the company''s plans to expand within South Africa, and possibly to other countries in Africa and in other emerging markets. The company also has some operations in South Korea, but since it is a Part I country, those operations are not subject to environmental and social review by IFC.