SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                 FORM 10-QSB/A
(Mark One)

[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2001

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______________________ to ______________________

                       Commission File Number: 65-0903895

                         NET 1 UEPS TECHNOLOGIES, INC.
-------------------------------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)

         FLORIDA                                       65-0903895
-------------------------------------------------------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

Suite 325-744 West Hastings Street, Vancouver, British Columbia, Canada V6C1A5
-------------------------------------------------------------------------------
(Address of executive offices)                                       (Zip Code)


Registrant's telephone number, including area code:  (604) 669-4561

Former Name, Former Address and Former Fiscal Year, if changed since last
Report.

         Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X]  No [ ]

         Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable dated.

         Common Stock Outstanding as of September 30, 2001: 15,852,856 Shares





                         NET I UEPS TECHNOLOGIES, INC.
                         (A DEVELOPMENT STAGE COMPANY)

                               TABLE OF CONTENTS

                                 FORM 10-QSB/A
                    FOR THE QUARTER ENDED SEPTEMBER 30, 2001

         The Registrant hereby amends its Quarterly Report on Form 10-QSB for
the three month period ended September 30, 2001, in order to incorporate the
unaudited financial statements for the three month period ended September 30,
2001, as follows:

                         PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

         Condensed Balance Sheet as of September 30, 2001 (unaudited)
         and as of December 31, 2000.

         Condensed Statements of Operations (Unaudited) for the three
         months ended September 30, 2001 and 2000, for the nine months
         ended September 30, 2001 and 2000, and from the Company's
         inception, May 8, 1997 through September 30, 2001.

         Condensed Statements of Cash Flows (Unaudited) for the nine
         months ended September 30, 2001 and 2000.

         Notes to Financial Statements.





ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

THREE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000, AND THE NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO
THE NINE MONTHS ENDED SEPTEMBER 30, 2000.

         OPERATIONS: Management continues to be actively involved in
negotiations with established entities in IT services, financial services and
wireless applications for partnership agreements to market the FTS patent and
the related UEPS technologies and services. On April 6, 2001, the Company
issued the Reserve Bank of Malawi, Malawi's central bank, with a license to
operate the Company's FTS/UEPS technology on it's behalf and to market the
technology to the banks in Malawi. A national switching and smart card system
("Malswitch") is currently being installed by the Company's UEPS integrator,
with a launch date of November 2001. Malswitch's initial launch is expected to
total approximately 200,000 smart cards with initial applications in banking
services.

         The Company is currently engaged in advanced stage negotiations with
potential licensees of the FTS/UEPS technology in Kenya, Ghana, Congo, Uganda,
Tanzania, Chile, and Australia. The Australian organization wishes to implement
FTS based systems in Australia, Hong Kong, the Philippines, and Indonesia.

         REVENUES: The Company is still in its development stage and planned
principal activities have not commenced or produced revenues. Initial income is
expected in the fourth calendar quarter of 2001.

         ADMINISTRATIVE EXPENSES: Administrative expenses increased from
$67,629 for the three months ended September 30, 2000 to $194,469 for the three
months ended September 30, 2001, an increase of $128,840; and increased from
$218,097 for the nine months ended September 30, 2000 to $508,481 for the nine
months ended September 30, 2001, an increase of $290,384. The increases
resulted primarily from subcontract fees paid pursuant to an outsourcing
agreement with Net 1 Investment Holdings, Ltd., the Company's UEPS integrator
for the Central Europe, Middle East and African regions. The expenses for the
periods represented the Company's net loss for each of the periods.

         LIQUIDITY AND CAPITAL RESOURCES: Historically, the primary source of
the Company's cash has been through the sale of equity. The Company does not
have available any established lines of credit with banking facilities. The
Company proposes to utilize capital raised in private placements to fund
ongoing administrative expenses until such time that revenues commence from the
commercialization of the Company's products.





         The Company believes its current available cash position is sufficient
to meet its short-term cash needs. Management at all times continues to
optimize the use of the Company's limited funds. Management is not aware of any
known trends or demands, commitments, events, or uncertainties, as they relate
to liquidity not already identified in the Company's business plan that could
negatively affect the Company's ability to develop its business.

         The Company's ability to continue as a going concern is dependent upon
the Company's ability in the near future to (i) raise additional funds through
equity financings involving affiliates, controlling shareholders, and unrelated
parties, and (ii) develop a market for its products.





                           PART II. OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         (a)      Exhibits required by Item 601 of Regulation S-B

                  None

         (b)      Reports on Form 8-K

                  None





                                   SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                    NET 1 UEPS TECHNOLOGIES, INC.


                                    By: /s/ Claude Guerard
                                       ----------------------------------------
                                       Claude Guerard, CEO


DATED: November 27, 2001




FINANCIAL STATEMENTS

Balance Sheets                                                           F-2

Statements of Operations                                                 F-3

Statements of Cash Flows                                                 F-4

Notes to the Financial Statements                                     F-5 - F-7








Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Balance Sheets





                                                                   September 30,    December 31,
                                                                      2001             2000
                                                                       $                $
                                                                   (unaudited)       (audited)
                                                                                  
                                     Assets
Current Asset
     Cash                                                            252,051            789,613
Property, Plant and Equipment (Note 3)                                   503                831
Intangible Assets (Note 4)                                             3,709              5,179

Total Assets                                                         256,263            795,623

                      Liabilities and Stockholders' Equity

Current Liabilities

     Accounts payable (Note 5)                                       151,474            182,003
     Accrued liabilities                                               3,000              3,350

Total Current Liabilities                                            154,474            185,353

Contingent Liabilities (Notes 1 and 6)
Stockholders' Equity
Common Stock, 100,000,000 shares authorized, par value
     $.001 per share, 15,852,856 issued and outstanding               15,853             15,853
     Additional Paid in Capital                                    1,991,519          1,991,519

                                                                   2,007,372          2,007,372

Preferred Stock, 3,000,000 shares authorized, par value
     $0.10 per share, none issued                                         --                 --

Deficit Accumulated During the Development Stage                  (1,905,583)        (1,397,102)

Total Stockholders' Equity                                           101,789            610,270

Total Liabilities and Stockholders' Equity                           256,263            795,623




(See accompanying notes)



                                      F-2


Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Statements of Operations





                                                         Accumulated
                                                            from
                                                         May 8, 1997         Three months                 Nine months
                                                         (Inception)             ended                       ended
                                                      to September 30,       September 30,               September 30,
                                                            2001          2001          2000          2001          2000
                                                              $             $             $             $             $
                                                         (unaudited)   (unaudited)   (unaudited)   (unaudited)   (unaudited)
                                                                                                       
Revenues                                                         --            --            --            --            --

Administrative Expenses

     Amortization                                             7,270           599           678         1,797         1,403
     Bank charges                                             6,159           800            39         2,206           469
     Consulting (Note 5)                                    779,871        46,500        46,500       136,438       159,500
     Foreign exchange                                         8,098            --           (10)           --           740
     Investor relations - advertising                        22,907            --            --            --            --
     Investor relations - consulting                         37,574            --            --            --            --
     Office, rent and telephone                             130,233         2,101         4,037         5,468        12,085
     Professional fees                                      333,030        19,582        16,385        34,199        33,689
     Subcontract (Note 5)                                   293,987        90,000            --       270,000            --
     Transfer agent and regulatory fees                      24,856            --            --           127         2,245
     Travel                                                 262,314        34,961            --        58,487         7,966
     Less interest income                                      (716)          (74)           --          (241)           --

                                                          1,905,583       194,469        67,629       508,481       218,097

Net Loss                                                 (1,905,583)     (194,469)      (67,629)     (508,481)     (218,097)

Net Loss Per Share                                                           (.01)         (.01)         (.03)         (.02)

Weighted Average Shares Outstanding                                    15,853,000    15,603,000    15,853,000    13,501,000



(See accompanying notes)




                                      F-3

Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Statements of Cash Flows






                                                                Nine months
                                                                   ended
                                                                September 30,
                                                            2001            2000
                                                             $               $
                                                        (unaudited)     (unaudited)

                                                                 
Cash Flows to Operating Activities
     Net loss                                           (508,481)        (218,097)
     Adjustment to reconcile net loss to cash
         Amortization                                      1,797            1,403
     Change in non-cash working capital items
         Increase (decrease) in accounts payable
             and accrued liabilities                     (30,878)         151,099
         Decrease in prepaid expenses                         --           12,540

Net Cash Used in Operating Activities                   (537,562)         (53,055)

Cash Flows from Financing Activities                          --               --

Cash Flows to Investing Activities                            --               --

Decrease in cash                                        (537,562)         (53,055)
Cash - beginning of period                               789,613           71,635

Cash - end of period                                     252,051           18,580

Non-Cash Financing Activities                                 --               --

Supplemental Disclosures

     Interest paid                                            --               --
     Income tax paid                                          --               --





(See accompanying notes)



                                      F-4


Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Notes to the Financial Statements

1.   Development Stage Company

     Net 1 UEPS Technologies, Inc. herein ("the Company") was incorporated in
     the State of Florida on May 8, 1997.

     The Company is a development stage company engaged in the business of
     commercializing the smart card technology based Universal Electronic
     Payment System ("UEPS") and Funds Transfer System ("FTS") through the
     development of strategic alliances with national and international bank and
     card service organizations. The patent rights (or applications for patents)
     of the UEPS/FTS technology are for all worldwide territories (except South
     Africa and its surrounding territories) are held by Net 1 Holdings
     S.a.r.1., a company incorporated in Luxembourg ("Net 1 Holdings").

     The Company entered into a license agreement, dated May 19, 1997 (the
     "License Agreement"), with Net 1 Holdings, Net 1 Operations S.a.r.1. and
     Net 1 Pty (collectively, the "Licensors"), where the licensors granted a
     non-exclusive license to the Company for the UEPS technology for the
     issuance of 2,706,122 shares at a fair market value of $0.001 per share. A
     total of 5,412,244 shares were issued as the Company split the stock on a
     two new for one old basis. On October 1, 1997 an Amendment to the License
     Agreement was signed that provided for the transfer of the ownership of the
     UEPS technology and FTS patents and for the assignment of the Technology
     License Agreement between VISA International Service Association and Net 1
     Holdings, dated July 31, 1997 (the "Visa Agreement") to the Company in
     consideration for 2,364,806 shares on a pre-split basis, 4,729,612 on a
     post-split basis. The assignment of the Visa Agreement and the transfer of
     the ownership of the UEPS technology and FTS patents to the Company were
     never consummated because certain conditions precedent were never
     satisfied.

     On May 3, 2000 an agreement entitled "Patent and Technology Agreement" was
     entered into between the Company and Net 1 Holdings that granted the
     Company an exclusive marketing license for the UEPS technology and the FTS
     patent for the world excluding South Africa and its surrounding territories
     under terms similar to those stipulated in the Amendment to the License
     Agreement. No conditions precedent were stipulated. The 4,729,612 shares of
     Net 1 previously issued into trust in consideration for the Amendment to
     the License Agreement were thus released to Net 1 Holdings.

     The above issuances of shares were on a pre-split basis. Net 1 Holdings as
     at June 30, 2000 owns 10,141,856 common shares of 15,602,856 issued and
     outstanding common shares, or 65%.

     In a development stage company, management devotes most of its activities
     to establishing a new business primarily, the development of a detailed
     business plan, marketing strategy and the raising of funds required to
     develop and operate the business successfully. Planned principal activities
     have not yet produced revenues and the Company has suffered recurring
     operating losses as is normal in development stage companies. These factors
     raise doubt about the Company's ability to continue as a going concern. The
     ability of the Company to emerge from the development stage with respect to
     its planned principal business activity is dependent upon its successful
     efforts to raise additional equity financing, receive funding from
     affiliates and controlling shareholders, and develop a market for its
     products.

     On December 8, 2000, the Company announced that it granted an option, valid
     for 120 days, to a corporate management firm, Sandon Overseas Corporation
     Limited ("Sandon"), to acquire 8,750,000 shares of the Company at $3.50 per
     share. The purchase price would consist of $7 million in cash and the
     balance by a combination of cash and capital stock of Net 1 Applied
     Technology Holdings Ltd., the patent rights holder for South Africa and its
     surrounding territories, ("Aplitec") equal to 20.1% of the total issued
     share capital of Aplitec. On February 28, 2001 the Company announced that
     Sandon had cancelled their option.

2.   Summary of Significant Accounting Policies

     (a) Property, Plant and Equipment

     Computer equipment is amortized over five years on a straight-line basis.



                                      F-5


Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Notes to the Financial Statements


2.   Summary of Significant Accounting Policies

     (b) Intangible Assets

         Costs to acquire exclusive license rights to specific technology are
         capitalized as incurred. These costs are being amortized on a straight
         line basis over five years. Intangible assets are evaluated in each
         reporting period to determine if there were events or circumstances
         which would indicate a possible inability to recover the carrying
         amount. Such evaluation is based on various analyses including
         assessing the Company's ability to bring the commercial applications to
         market, related profitability projections and undiscounted cash flows
         relating to each application which necessarily involves significant
         management judgment.

     (c) Basic and Diluted Net Income (Loss) per Share

         The Company computes net income (loss) per share in accordance with
         SFAS No. 128, "Earnings per Share" (SFAS 128). SFAS 128 requires
         presentation of both basic and diluted earnings per shares (EPS) on the
         face of the income statement. Basic EPS is computed by dividing net
         income (loss) available to common shareholders (numerator) by the
         weighted average number of common shares outstanding (denominator)
         during the period. Diluted EPS gives effect to all dilutive potential
         common shares outstanding during the period including stock options,
         using the treasury stock method, and convertible preferred stock, using
         the if-converted method. In computing Diluted EPS, the average stock
         price for the period is used in determining the number of shares
         assumed to be purchased from the exercise of stock options or warrants.
         Diluted EPS excludes all dilutive potential common shares if their
         effect is antidilutive.

     (d) Foreign Currency Transactions/Balances

         Transactions in currencies other than the U.S. dollar are translated at
         the rate in effect on the transaction date. Any balance sheet items
         denominated in foreign currencies are translated into U.S. dollars
         using the rate in effect on the balance sheet date.

     (e) Use of Estimates

         The preparation of financial statements in conformity with generally
         accepted accounting principles requires management to make estimates
         and assumptions that affect the reported amounts of assets and
         liabilities and disclosure of contingent assets and liabilities at the
         date of the financial statements and the reported amounts of revenues
         and expenses during the periods. Actual results could differ from those
         estimates.

     (f) Adjustments

         These interim unaudited financial statements have been prepared on the
         same basis as the annual financial statements and in the opinion of
         management, reflect all adjustments, which include only normal
         recurring adjustments, necessary to present fairly the Company's
         financial position, results of operations and cash flows for the
         periods shown. The results of operations for such periods are not
         necessarily indicative of the results expected for a full year or for
         any future period.

     (g) Revenue Recognition

         The Company receives revenue from Net1 Holdings SARL from all sales of
         licenses equal to the Net1 Holdings SARL annual after tax net profit as
         certified by its auditors in its annual financial statement. The
         Company will recognize the revenue in the period when the audited
         financial statements of Net1 Holdings SARL become available. The
         Company will report the revenue on a net basis as the Company is acting
         as an agent for Net1 Holdings SARL as per the Patent and Technology
         agreement date May 3, 2000.



                                      F-6


Net 1 UEPS Technologies, Inc.
(A Development Stage Company)
Notes to the Financial Statements


3.   Property, Plant and Equipment

     Property and equipment are stated at cost less accumulated depreciation and
     amortization.




                                                                                       September 30,  December 31,
                                                                       Accumulated         2001           2000
                                                                    Depreciation and     Net Book       Net Book
                                                            Cost      Amortization         Value          Value
                                                              $             $                $              $
                                                                                        (unaudited)     (audited)
                                                                                                
     Computer equipment and software                         2,181        1,678             503             831



4.   Intangible Assets




                                                                                       September 30,  December 31,
                                                                       Accumulated         2001           2000
                                                                    Depreciation and     Net Book       Net Book
                                                            Cost      Amortization         Value          Value
                                                              $             $                $              $
                                                                                        (unaudited)     (audited)
                                                                                              
     Exclusive License                                       9,361        5,652           3,709           5,179



     See Note 1 for the description of the license and Note 6 for status of the
     underlying patents.

5.   Related Party Transactions

     The following transactions were recorded at their exchange amounts:

     (a) Consulting fees for the nine months ended September 30, 2001 include
         $112,500 (2000 - $112,500) paid or payable to a director. $12,500 of
         these fees are included in accounts payable at September 30, 2001.
         Subcontract costs include $270,000 paid or payable to a company with a
         common director.

     (b) See Note 1 for an exclusive license purchased from a related party.


6.   Legal Proceedings

     (a) Status of FTS Patents

         FTS was first patented in South Africa in 1989. The European patent was
         granted on December 28, 1994, with effect in Austria, Belgium,
         Switzerland, Germany, Denmark, Spain, France, Great Britain, Greece,
         Italy, Liechtenstein, Luxembourg, Netherlands and Sweden. The European
         Patent Convention provides for an opposition period immediately
         following the grant of a European patent, and six parties filed an
         opposition to the grant of the patent on the grounds that the invention
         was not patentable. The case was heard before a Board of the Opposition
         Division in March 1998, when the patent was upheld in a form slightly
         different than the original application. Following the issue of the
         formal decision, a number of the opponents filed an appeal. The appeal
         proceedings will be heard in two to three years before the Board of
         Appeal of the European Patent Office. Currently, the granted patent
         remains effective in each of the designated states and is currently in
         force.

     (b) Potential lawsuit

         Serge Belamant, the estate of Andre Mansvelt and Net I Canada Ltd. (a
         British Columbia corporation whose three shareholders are Serge
         Belamant, the estate of Andre Mansvelt and John Drove), have been
         served by John Drove, with a claim to the rights for UEPS for Canada in
         an action brought before the Supreme Court of Canada in February, 2000.
         The Company, as the exclusive licensee for UEPS for the world except
         South Africa, was served by John Drove with a notice of claim in
         February, 2000. The Company, as the exclusive licensee to the UEPS
         technology, can potentially expect to be joined as a defendant to this
         statement of claim. The Company plans to defend any and all claims
         brought against it.




                                      F-7