Lesaka Technologies’ bid to take over Bank Zero has received the green light from the Competition Tribunal.
This comes as the financial technology group launched “One Lesaka”, a new unified brand identity that it says “takes the group beyond the sum of its parts”.
Late on Thursday, the Competition Tribunal said it had approved the merger without conditions that will see Lesaka take control of digital lender Bank Zero.
The R1.1bn acquisition was announced in June.
Founded in 2018, Bank Zero is among a group of challengers, including Discovery Bank, Old Mutual Bank, African Bank and TymeBank, that have sought to disrupt the country’s banking sector in recent years.
The integration of the bank into Lesaka’s operations will result in the group consolidating into a new proprietary core banking platform for consumers, thereby reducing third-party dependencies and giving room to review sponsorship banking fees.
By leveraging customer deposits, as opposed to normal bank loans, the group is hoping to use the Bank Zero deal to reduce its gross debt by R1bn.
Elsewhere, the group sees an opportunity to cross-sell bank offerings to merchants while providing banking solutions to enterprise clients.
This comes on the heels of Lesaka’s brand refresh this week. The group describes itself as “a challenger brand, combining digital reach with human touch, being present where others are not, and leaving a positive imprint wherever it goes.”
The company has come a long way since its days as Net1 UEPS Technologies, with its turnaround characterised by growth in SA’s competitive market for merchant payments, all while chasing a segment of consumers that had long been the preserve of the Post Office in its heyday.
The JSE- and Nasdaq-listed company has until recently consisted of two divisions: a merchant unit and a consumer segment. The consumer unit focuses on products such as unsecured credit, transactional banking, microinsurance and value-added services through the EasyPay platform. Following the recent acquisition of prepaid electricity submetering and payments business, Recharger, the group now has a third division, enterprise.
Lesaka CEO Lincoln Mali said: “We are not here to push products — we are here to put people first. Our mission is to understand what customers truly need and deliver solutions that empower them in a digital world."
“This is not about selling a transactional account or insurance; it’s about building trust, creating access, and shaping the future together. Everything we’ve achieved has led to this moment: one platform, one brand, one shared mission.”
Earlier in the month, the company said it had started its 2026 financial year on a strong note, meeting its guidance as the group reported increases in all three of its main divisions.
The fintech group reported a 10% increase in revenue to $171.5m for the quarter ended September, while achieving a 45% growth in net revenue.
Group adjusted earnings before interest, tax, depreciation and amortisation (ebitda) was up 61% at R270.6m, achieving the guidance provided.
Adjusted EPS increased 97% to R1.07.
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