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Lesaka Technologies said its Bank Zero acquisition is in final approvals and could close by end of 2026, though January 2027 may be more prudent.
Lesaka Technologies used its fiscal 2027 first quarter results webcast to give an update on Bank Zero.
Executive Chairman Ali Mazanderani said the company believes it is in the final stage of approvals. He said the company believes all outstanding submissions to the Prudential Authority have been provided.
Mazanderani said the transaction could still be completed by the end of the calendar year. He added that it may be more prudent to expect completion by the end of January 2027.
Lesaka’s results announcement continued to describe the acquisition as pending regulatory approval.
Lesaka linked the deal to how it plans to fund its lending books. Mazanderani said that between the third and fourth quarter, Lesaka expects to start funding its lending books with Bank Zero’s deposits rather than borrowed money.
He also said that early in fiscal 2028, Lesaka expects to move its bank sponsorship across. He said the consequences would be materially reducing the group’s net debt to group Adjusted.
Primary Source: StockAnalysis.com
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