Lesaka Technologies' new brand that was announced in November last year.
Image: Supplied
Lesaka Technologies, listed on the Nasdaq, said Thursday that the date for its acquisition of Bank Zero to formally complete has been extended to January 31, 2027, from August 6, 2026, while it finalises regulatory approvals.
In June 2025, Lesaka, which holds a secondary listing on the JSE, announced that its subsidiary, Lesaka Technologies Proprietary, had entered into an agreement to acquire the interests of the shareholders of Bank Zero, save for Zero Research and Naught Holdings, for R1.1 billion.
The implementation agreement would lapse if outstanding conditions precedent were not fulfilled or, if permitted, waived, by August 6, 2026.
However, to obtain the remaining regulatory consents, on June 11, 2026, Lesaka and the sellers' representative agreed to extend this date to January 31, 2027.
Lesaka operates as a South African fintech company that aims to provide financial services, software, and other business services to Southern Africa's underserviced consumers and merchants.
It offers a multiproduct platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software, alternative digital products (ADP), and targeted payment solutions.
Last month, Lesaka announced its third quarter adjusted earnings per share of R1.80 was up by more than 200% year-on-year and that its full-year guidance was consequently adjusted upward.
The guidance excludes the impact of the Bank Zero acquisition. Chairman Ali Mazanderani said at the time they had built a diversified platform, with multiple levers of sustained growth that positioned the company “exceptionally well for years to come.”
Bank Zero’s current chairman and co-founder is former FNB CEO Michael Jordaan, while the other co-founder is Yatin Narsai, currently CEO of the online mutual bank. The bank was co-founded by seven individuals and reported previously that it was 45% black-owned and 20% women-owned.
Once the acquisition is finalised, the founders and sellers will hold 12% in Lesaka, with Jordaan set to join the Lesaka board.
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