LESAKA TECHNOLOGIES INC

Under

the

supervision

and

with

the

participation

of

our

management,

our

executive

chairman

and

our

group

chief

financial officer, we conducted

an evaluation of our disclosure controls and procedures, as such term is defined

under Rule 13a-15(e)

promulgated under the Securities Exchange Act of 1934, as amended, as of

We previously identified and disclosed in Part II, Item 9A of our Annual Report on Form 10-K for the

year ended June 30, 2024,

material weaknesses in our internal control over financial reporting

related to: (1) information technology general controls (“ITGCs”),

specifically

insufficient

risk

assessment,

design

and

implementation,

monitoring

activities

and

training

of

individuals

to

operate

controls

in the

areas of

user access

and

program-change

for

certain

information

systems

that support

our

financial reporting processes and (2) insufficient design and implementation of controls and associated policies

and procedures in our

annual goodwill impairment assessment. A material weakness is a deficiency,

or combination of deficiencies, in internal control

over

financial reporting such

that there

is a

reasonable possibility that

a material misstatement

of our annual

or interim

statements will not be prevented or detected on a timely basis.

As a result of

insufficient time to design, implement and fully

test controls to ensure we

have remediated

the material weaknesses

discussed in our

Annual Report on

Form 10-K for

our fiscal year

ended June 30,

2024 (as described

above), the executive

chairman

and the group chief financial officer concluded

that our disclosure controls and procedures were not effective as of

Notwithstanding

the

previously

material

weaknesses,

believes

the

statements included

in this Quarterly

Form 10-Q fairly

present, in

all material respects,

our financial

condition, results

of

operations and cash flows as of and for the periods presented in accordance with

GAAP.

Remediation Plan

Management has made

good progress

and continues to

actively work

on remediating the

identified material weakness

and remains

committed

to

remediating

the material

weakness

in

a

timely

manner.

Our remediation

process is

ongoing

and

includes, but

is not

limited to, the following steps:

the

review

of

ITGCs

and

implementation

of

changes

to

certain

controls

to

address

the

issues

related

to

the

material

weaknesses identified above; and

the review and implementation of changes to the design of the controls related

to the goodwill impairment assessment.

The remediation plan

may be adjusted

as is appropriate,

as we continue

to evaluate and

enhance our internal

control over financial

reporting. Other than the

design and implementation of

the remediation plan, there

have not been any

changes in our internal control

over

during

the

fiscal

quarter

ended

March

31,

2025,

that

have

affected,

or

are

reasonably

likely

to

materially affect, our internal control over financial reporting.