LESAKA TECHNOLOGIES INC

ITEM 3.

LEGAL PROCEEDINGS

Litigation related to CPS

As

a

result

of

relating

to,

and

ongoing

litigation

arising

out

of,

CPS’

SASSA

contract,

the

exhaustion

of CPS’

legal appeals

against a

court judgment

to repay

additional SASSA

costs, CPS

was placed

into

liquidation in October

2020. As a

result, CPS’ liquidators

are currently in

control of the CPS

liquidated estate

and are managing

the

affairs in

relation thereto.

We

have proven

our claims

and are

noted as

a creditor

along with

other creditors

in the

liquidated estate.

See Item

1A—“Risk Factors

—Cash Paymaster

Services, or

CPS, has

been placed

into liquidation.

While no

claim has

been made

against Lesaka for CPS’ obligations, we cannot provide assurance that

no such claim will be made” for additional information.

There are no other material pending legal proceedings, other than ordinary

routine litigation incidental to our business, to which

we are a party or of which any of our property is the subject.