LESAKA TECHNOLOGIES INC

Lesaka Technologies, Inc.

Business purpose

• Provides financial technology solutions to underserviced consumers, merchants and enterprises to improve daily financial activities and increase financial inclusion.
• Operates as an integrated fintech platform with three divisions that connect payment, banking, lending and insurance capabilities in a single ecosystem.

Go-to-market model

• Wide breadth of solutions: pay, receive, borrow, insure and grow, with multiple products per relationship.
• Differentiated reach: on-the-ground sales with branches and service centers in rural and peri-urban areas; direct, face-to-face merchant acquisition.
• Digital engagement: real-time channels (mobile app, USSD) for consumers; digital merchant accounts for merchants.
• Proprietary access to data: transaction visibility used to underwrite consumer and merchant lending; data insights enable cross-sell.
• Unified brand: relaunched as a single Lesaka brand in November 2025 to unify messaging and offerings.

Segments and core offerings

Merchant

• Channels: Community (local, high-growth retailers) and Corporate (larger, formal businesses).
• Solutions: Merchant acquiring; software (including Unity POS); cash management (cloud-connected cash vaults and related accounts); lending (merchant cash advances and business credit); and Alternative Digital Products (ADP: prepaid, bill payments, supplier-enabled payments).
• Bank Zero acquisition would extend capabilities with a banking license (same-day settlement for acquiring, integrated merchant bank accounts, savings, remittance) if completed.

Consumer

• Focus: banking, lending and insurance for underserved consumers, primarily social welfare grant beneficiaries in South Africa.
• Solutions: transactional accounts (card, mobile app, USSD); lending (short-term unsecured loans); insurance (funeral policies); payouts (secure payout solutions for corporate employees).
• Current consumer banking operations rely on a sponsorship with a third-party bank; Bank Zero acquisition would enable direct banking capabilities.

Enterprise

• Customers: over 650 billers and more than 50 corporate clients in South Africa.
• Solutions: ADP (prepaid solutions and multi-store vouchers); utilities (prepaid electricity submetering for tenants); payments (in-house payment switch and related services).
• Bank Zero is expected to extend the Enterprise offering into alliance banking with third-party partners through Bank Zero’s digital platform.

Scale and customers (operational metrics as of June 30, 2026)

• Active merchants: approximately 132,000
• Active consumers: approximately 2.1 million
• Enterprise network: more than 650 billers and over 50 corporate clients across South Africa
• Employees: approximately 3,900 across five countries (South Africa, Namibia, Botswana, Zambia, Kenya)
• Segment headcount (as of June 30, 2026):
  • Consumer: 1,514
  • Merchant: 1,883
  • Enterprise: 279
  • Group: 185
  • Total: 3,861

Geographic footprint and revenue

• Revenue (fiscal 2026): $721,554,000 (reported in thousands of USD)
  • South Africa: $679,021,000
  • Rest of the world: $42,533,000
  • India (MobiKwik): $0
• Long-lived assets: $411,694,000 (USD)

Corporate developments during/around fiscal 2026

• Acquisitions and integrations completed or in progress:
  • Connect Group (April 2022)
  • Adumo (October 2024)
  • Recharger (March 2025)
  • Bank Zero (agreement signed June 2025; closing is subject to conditions precedent)
• Brand and structure: unified Lesaka branding completed in fiscal 2026
• Bank Zero would shift consumer banking sponsorship from African Bank to Bank Zero if the acquisition closes and regulatory approvals are secured.

Regulatory and risk context

• Operations are primarily in South Africa with expansion in select African markets; activities are subject to financial services, payments, data privacy, anti-money-laundering and consumer protection regimes.
• The Bank Zero acquisition would affect licensing and regulatory treatment of consumer banking and related services.