Lesaka Technologies Inc. plans to buy Bank Zero Mutual Bank completely. The Southern African fintech company will pay with new stock shares and cash up to 91 million rand. Bank Zero owners will receive 12 percent of Lesaka shares when the deal closes. The purchase helps Lesaka offer complete banking services to customers across the region. Regulators must approve the transaction before it becomes final.
Bank Zero started operations in 2018 as a digital bank with no fees. The company serves more than 40,000 customers through mobile apps. Deposits at the bank total over 400 million rand as of April 2025. Bank Zero focuses on transparency and low costs for account holders. The bank operates without traditional branch locations.
Michael Jordaan will join Lesaka's board of directors after the sale completes. Jordaan previously led First National Bank for ten years as chief executive. Yatin Narsai will keep running Bank Zero as its current leader. Both executives worked at major South African banks before joining Bank Zero. The management team will stay at their current positions during the transition.
Lesaka expects the purchase to cut company debt by more than one billion rand. The combined business will use customer deposits to improve lending operations. The deal creates opportunities for both companies to serve more clients. Bank Zero brings modern technology that Lesaka can use across its operations. The transaction represents a major step toward integrated financial services.
Bank Zero started operations in 2018 as a digital bank with no fees. The company serves more than 40,000 customers through mobile apps. Deposits at the bank total over 400 million rand as of April 2025. Bank Zero focuses on transparency and low costs for account holders. The bank operates without traditional branch locations.
Michael Jordaan will join Lesaka's board of directors after the sale completes. Jordaan previously led First National Bank for ten years as chief executive. Yatin Narsai will keep running Bank Zero as its current leader. Both executives worked at major South African banks before joining Bank Zero. The management team will stay at their current positions during the transition.
Lesaka expects the purchase to cut company debt by more than one billion rand. The combined business will use customer deposits to improve lending operations. The deal creates opportunities for both companies to serve more clients. Bank Zero brings modern technology that Lesaka can use across its operations. The transaction represents a major step toward integrated financial services.
