– Lesaka Technologies, a financial technology company, has announced a definitive agreement to acquire Bank Zero, a South African digital bank, for approximately R1.1 billion. The deal marks a significant move in the South African financial landscape, combining Lesaka’s established fintech infrastructure with Bank Zero’s innovative banking platform.

The acquisition will see Lesaka integrate Bank Zero’s capabilities into its existing portfolio, aiming to expand its reach and enhance its service offerings. Bank Zero, known for its unique cardless and fee-transparent banking model, has quickly gained traction in the South African market.

Following the announcement, Lesaka’s shares experienced a jump in value, reflecting investor confidence in the strategic move. The transaction is expected to bolster Lesaka’s position as a key player in the evolving digital finance sector in South Africa.

Details of the deal suggest a full takeover of Bank Zero, with the integration process expected to commence shortly after regulatory approvals are secured. Both companies anticipate synergies in technology, customer base, and market access, ultimately benefiting consumers with more innovative and accessible financial solutions.

This acquisition underscores the growing trend of consolidation within the South African fintech industry, as companies seek to scale and compete in a rapidly changing market. Further updates on the integration process and future plans will be released as they become available.