Lesaka Acquires Bank Zero in R1.1 Billion Fintech Deal
Lesaka Technologies has agreed to purchase the digital bank Bank Zero. The deal, valued at R1.1 billion, marks a significant move in the fintech landscape, potentially reshaping how financial services are delivered to consumers and businesses alike.
Acquisition Details
Lesaka Technologies is set to acquire Michael Jordaan‘s digital bank, Bank Zero. This deal was announced via social media, with the former FNB CEO confirming the acquisition late Thursday evening. The transaction awaits regulatory approvals.
So Lesaka Technologies Inc bought @BankZeroSA for R1.1-billion. Lot of regulatory approvals still needed, but both teams are excited about the merger synergies
— Michael Jordaan (@MichaelJordaan) June 20, 2025
Michael Jordaan will remain as chairman of Bank Zero, ensuring continuity, and the entire team will stay in place. The deal will be financed through a mix of newly issued shares and up to R91 million in cash.
“The transaction marks another key milestone in Lesaka’s journey to build a vertically integrated fintech platform.”
—Lesaka Technologies Statement
Digital banking is experiencing rapid growth, with mobile banking users in South Africa reaching 30.9 million in 2024 (Statista).
Bank Zero’s Distinctive Features
Bank Zero, launched in 2021, specializes in app-based banking for individuals and enterprises. The bank differentiates itself by eliminating many fees, including monthly charges and costs for EFT payments. It offers a patented secure debit card designed to prevent fraud by using various card numbers for different transaction types.
Future Impact
Lesaka anticipates that the acquisition will boost its balance sheet, enabling it to fund its lending operations more effectively through customer deposits. The company also anticipates a reduction in gross debt.
The transaction is expected to benefit shareholders, with Bank Zero projected to be profitable in the fiscal year following completion. Michael Jordaan is slated to join Lesaka‘s board after the deal closes, while Yatin Narsai will continue as Bank Zero’s CEO.
