Lesaka Technologies, Inc. announced that its subsidiary, Lesaka Technologies Proprietary Limited, has entered into an agreement to acquire 100% of the issued ordinary shares of Bank Zero Mutual Bank. The acquisition will be completed through a combination of newly issued shares and up to ZAR 91 million ($5.1 million) in cash, resulting in Bank Zero shareholders holding approximately 12% of Lesaka's shares upon completion. Michael Jordaan, Chairman of Bank Zero, will join the Lesaka Board of Directors, while Yatin Narsai will continue as CEO of Bank Zero. The transaction aims to enhance Lesaka's fintech platform by integrating Bank Zero's neobank capabilities, with Bank Zero expected to be profitable in the fiscal year following the transaction's completion.
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