Lesaka’s move to acquire Bank Zero is not just a strategic investment—it marks a transformational shift for the company. By acquiring a fully licensed bank, Lesaka will now directly own a banking license, gaining access to a low-cost deposit base that can be leveraged to expand its lending capabilities across its growing merchant and consumer network. Lesaka currently serves more than 1.7 million consumers and 119,000 micro, small, and medium-sized enterprises (MSMEs) in South Africa.

Chris Meyer, Group CEO of Lesaka, stated, “This acquisition accelerates our vision of becoming the leading fintech platform in Southern Africa. By integrating Bank Zero’s modern digital infrastructure and experienced team, we’ll be better positioned to deliver more value to our customers—especially in the underserved market.”

The company expects Bank Zero to be earnings accretive within the first year after the transaction closes. It also anticipates material cost savings and capital efficiency, especially as Bank Zero’s deposit base is used to reduce Lesaka’s current debt and cost of capital.

The deal is subject to regulatory approvals, including from the Prudential Authority of the South African Reserve Bank and the Competition Commission. Upon successful closing, Lesaka intends to integrate Bank Zero’s platform with its existing fintech ecosystem, combining Lesaka’s reach in township economies with Bank Zero’s cutting-edge digital capabilities.

Michael Jordaan, who is also the Chair of Bank Zero, expressed confidence in the partnership, noting, “We are thrilled to be joining forces with Lesaka. Our visions align closely—especially when it comes to delivering simple, fair, and secure financial services to South Africans who need them the most.”