Lesaka Technologies Announces Leadership Changes, Strengthens Management Team

JOHANNESBURG, Sept. 05, 2024 (GLOBE NEWSWIRE) — Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS:LSAK; JSE: LSK) today announced changes to strengthen its management team to align with the Company’s ambitious growth goals. These changes represent a significant step forward as Lesaka positions itself as a natural consolidator and leading fintech in South Africa.

Changes in the management:

Naeem Kola, currently Group Chief Financial Officer, will be appointed Group Chief Operating Officer. Naeem is uniquely placed to drive strategic and operational synergies for the group with his extensive financial and operational experience in international fintech and his understanding of Lesaki’s transformation through his role as Group Chief Financial Officer of Lesaki from March 2022.
Dan Smith will be appointed Group Chief Financial Officer. Dan will also join the Board of the Company. Dan is a Chartered Accountant (RPA) who qualified with PricewaterhouseCoopers South Africa before holding various positions in the financial services sectors in South Africa and the UK. He is currently the Chief Investment Officer of Value Capital Partners (Pty) Ltd, Lesak’s largest shareholder, and has played an active role in Lesak’s development since 2021. Dan has over 25 years of experience in corporate finance, including leading the M&A investment banking team at Standard Bank South Africa.

Naeem Kola and Dan Smith will report directly to Lesaki’s Executive Chairman, Ali Mazanderani, and will assume their new duties on October 1, 2024.

Changes in the management:
In addition to the changes in executive management, the following changes were adopted in the Management Board:

As announced on 13 June 2024, Independent Non-Executive Director Javed Hamid will resign from the Board as of 30 September 2024.
Chris Meyer, Non-Executive Director and former Group Chief Executive Officer, will step down from the Board with effect from 1 October 2024.
Monde Nkosi, a Non-Executive Director, will step down from the Board upon completion of the Adumo Transaction, which, subject to certain customary closing conditions, is expected to occur in October 2024.
Dean Sparrow, Group CEO of Crossfin Technology Holdings (RF) (Pty) Ltd, will be appointed to the board as an independent non-executive director following the completion of the Adumo acquisition. Dean will also join Lesak’s Capital Allocation Committee.

Ali Mazanderani, Executive Chairman of Lesaki, said: “I am pleased to welcome Dan to the Lesak leadership team. As Lesak scales, we will continue to expand our leadership capabilities to capitalize on the opportunity before us. Dan is an exceptional addition to the team and has been closely involved in the transformation of the company over the past few years. I look forward to working with both him and Naeem in their new roles.”

“I would like to thank Javed, Chris and Monde for the roles they have played over the last few years during a period of significant change. I also welcome Dean to the Board. His insights and experience as a successful entrepreneur and investor with extensive experience in fintech in South Africa will be invaluable as we continue to build the leading fintech platform in South Africa.”

Forecast statements
This press release contains certain statements that may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements can be identified by the use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “could,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “pursuit,” “potential,” “mission,” “continue,” “goal,” “target,” “intends,” derivatives thereof and similar terms or phrases. Forward-looking statements are based on the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those expressed, contemplated or underlying the forward-looking statements. Statements in this press release regarding future management composition and future business opportunities are forward-looking statements. Additional information regarding factors that could cause actual events or results to differ materially from those contained in any forward-looking statement is included in our Form 10-K for the fiscal year ended June 30, 2023, filed with the SEC, and other filings we have made or will file with the SEC. We assume no obligation to update the information contained in this press release, to revise any forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements.

About Lesaka (www.lesakatech.com)
Lesaka Technologies (Lesaka™) is a South African Fintech company with a deep intention to provide financial services and software to underserved consumers (B2C) and merchants (B2B) in Africa, improving people’s lives and increasing financial inclusion in the markets we operate in. We offer a wide range of solutions including transaction accounts (banking), lending, insurance, cash management solutions, card acceptance, vendor payments, software services and bill payments. By providing a comprehensive Fintech platform in our connected ecosystem, we facilitate the digitalization of commerce in our markets.

Lesaka has a primary listing on NASDAQ (NasdaqGS: LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka Technologies (Lesaka™).

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Media relations:
Ian Harrison
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FNK IR:
Rob Fink / Matt Chesler, CFA
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