LESAKA TECHNOLOGIES INC 10-K

Business

ITEM 1. BUSINESS Overview Lesaka provides financial technology solutions to underserviced consumers, merchants and enterprises, improving the way they manage their daily financial activities and increasing financial inclusion in the markets in which we operate. In plain terms, we help our customers pay, receive, borrow, insure and grow : we enable them to make and accept payments, receive income such as wages and welfare grants, access credit, protect their families and assets through insurance, and grow their businesses and financial lives. We deliver these capabilities through three business divisions: Merchant, which provides payment acceptance, software, cash management, lending and alternative digital product solutions to merchants across our two channels; Community and Corporate. Consumer, which provides banking, lending and insurance solutions to consumers, principally recipients of social welfare grants in South Africa; and Enterprise, which provides payment processing, prepaid solutions and bill payment infrastructure connecting enterprises to consumers and businesses. We bring these customer communities together within a single ecosystem by enabling them to engage and transact with each other. For example, an enterprise biller connected to our proprietary biller network can collect payment from a consumer who pays their bill at a nearby merchant using cash withdrawn with a debit card linked to a transactional account we provide to that consumer to receive their welfare grant or wages with the merchant, in turn, digitizing the cash received through one of our cloud-connected cash vaults. Each participant in this chain is a Lesaka customer, and each interaction deepens our data insight and our cross-sell opportunity. As of June 30, 2026, we served approximately 132,000 active merchants and approximately 2.1 million active consumers, and our Enterprise division connected a network of more than 650 billers and over 50 corporate clients across South Africa. To build and maintain our ecosystem, we have approximately 3,900 employees operating on the ground in five countries: South Africa (our primary market), Namibia, Botswana, Zambia and Kenya as of June 30, 2026. Lesaka was created in 2022, and we have since combined organic growth with acquisitions including the Connect Group (April 2022), Adumo (October 2024), Recharger (March 2025), and the proposed