s is doubling down on South Africa’s fintech boom, agreeing to acquire Johannesburg-based neobank Bank Zero for ZAR 1.091 billion ($61.4 million).

The deal merges digital banking with Lesaka’s fintech muscle, aiming to supercharge innovation and service delivery.

Lesaka, through its subsidiary Lesaka Technologies Proprietary Limited, will fund the acquisition with ~12% of its fully diluted shares and up to ZAR 91 million ($5.1 million) in cash.

The deal needs green lights from South Africa’s Prudential Authority, Competition Commission, and Exchange Control. No closing date was shared.

The tie-up blends Bank Zero’s digital banking infrastructure and license with Lesaka’s fintech and distribution platform, promising faster product rollouts and better services across consumer, merchant, and enterprise segments. Lesaka calls it a “transformative shift” for its financial profile.

Lesaka, led by chairman Ali Mazanderani, already spans transactional accounts, lending, insurance, merchant acquiring, and alternative digital payments. This follows its $85.9 million acquisition of paytech firm Adumo in 2024, adding POS and SaaS solutions.

“The acquisition of Bank Zero is a transformative event in Lesaka’s journey, enabling us to better serve our consumers, merchants, and enterprise clients,” Mazanderani said.

: Lesaka’s latest move cements South Africa’s growing fintech clout, mirroring global trends like Sweden’s Länsförsäkringar Bank buying Savr to boost digital investments.

Source: Future Fintech