Net1 to change name to Lesaka Technologies

Staff Writer
By Staff Writer, ITWeb
Johannesburg, 09 May 2022

Dual-listed fintech group Net1 is set to change its name to Lesaka Technologies after garnering majority shareholder support last week.

In a statement, Net1, which is listed on the Johannesburg Stock Exchange and Nasdaq, says the change was approved by shareholders, with 46 593 141 voting in favour of the amendment, while 562 344 were against and 2 711 abstained.

Net1 offers banking, lending and insurance products to consumers, and cash management solutions, bill payment technology, value-added services, business funding and card acquiring.

The company was recently granted regulatory approval to take control of one of SA’s biggest fintech firms, Connect Group, in a R3.7 billion deal.

The deal received the backing of anti-trust authorities in SA, Botswana and Namibia, which consented to its acquisition of 100% of the shares and claims in the Connect Group.

The transaction was first announced in November last year, when Net1 signed a definitive agreement to acquire 100% of the Connect Group.

In the notice to shareholders at the time, it said the acquisition of a “profitable, high-growth and leading South African fintech firm is transformational for Net1 in its journey to becoming South Africa’s leading fintech platform”.

Connect Group, which was founded in 2006, is one of the leading providers of fintech solutions in the country and services nearly 44 000 micro, small and medium enterprises in Southern Africa.