VP Business Development (David Schwarzbach) Employment Agreement

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 ...