JSE-listed fintech group Lesaka has extended the long-stop date for its planned acquisition of Bank Zero to 31 January 2027, as the transaction continues to await outstanding regulatory approvals.
The update follows an agreement reached on 11 June between Lesaka and the sellers’ representative to push out the original deadline from 6 August.
Last year, Lesaka announced it will acquire 100% of the issued ordinary shares of Bank Zero for R1.1 billion.
Based on a zero-fee banking model, Bank Zero launched to the public in August 2021. It is co-founded by seven investors, including former First National Bank CEO Michael Jordaan and banking innovator Yatin Narsai.
In November, the Competition Commission recommended that the Competition Tribunal approves the proposed transaction without conditions.
According to Lesaka, the long-stop date applies to the transaction implementation agreement entered into on 26 June,2025, between Lesaka, Zero Research Proprietary Limited, Bank Zero Mutual Bank and the relevant shareholder groups identified in the agreement.
Under the terms of the agreement, the transaction will lapse if all outstanding conditions precedent are not fulfilled – or waived where permitted – by the revised deadline of 31 January.
Lesaka notes that the extension allows additional time for the completion of remaining regulatory consents required to finalise the deal.
The Bank Zero transaction is part of Lesaka’s broader expansion strategy in digital banking and financial services in South Africa.
In a recent interview with ITWeb TV, Lincoln Mali, CEO of Lesaka Southern Africa, said the acquisition of Bank Zero seeks to bring new banking solutions and talent to its 120 000 merchant clients and 1.9 million customers.
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