LESAKA TECHNOLOGIES INC

ITEM 1.

BUSINESS

Overview

Lesaka enables underserviced consumers and businesses in the southern

cone of Africa to manage their daily financial activities

in a better way, improving

people's lives and increasing financial inclusion in the markets in which

we operate. We

have developed a

unique ecosystem of communities that provides:

(1) over 2 million consumers with specialized

banking, credit, insurance and payout

to

help

them

manage

their

evolving

needs;

(2)

over

125,000

of

all

sizes

with

payment

acceptance

solutions to facilitate

their daily commercial

activities more efficiently

and effectively; and

(3) over 750

enterprises with proprietary

network capabilities to facilitate payments between consumers and businesses

in a fast and secure manner.

We bring these communities

together within the Lesaka ecosystem by enabling them to engage and transact with each other in a

better, more

convenient and safe

manner.

For example, we

offer bill payment

solutions to consumers,

merchants and enterprises

by:

(1) connecting over

620 enterprise service

providers to our

proprietary biller network

so that

they can

offer their customers

a convenient

channel to

pay their

respective bills;

(2) enabling

over 95,000

merchants to

offer our

Alternative Digital

Products (“ADP”)

at their

locations and then digitizing any cash payments they receive through one of our cloud-connected cash vaults or recycling the cash via

an ATM

that we

may place

in their

store to

drive foot-traffic;

and (3)

offering consumers

the convenience

of paying

their bills

at a

nearby merchant

where they may

already shop frequently,

using cash withdrawn

from one of

or paying with

a debit card

linked to

a digital-bank

account that

we provided

to them

to deposit

and manage

from their

employer payrolls

or welfare

grants from the South African government.

To

build

and

our

valuable

and

growing

ecosystem,

we

have

over

3,500

on

the ground

in

five

countries, including

(our primary

market), Namibia,

Botswana, Zambia,

and Kenya,

and we

have the

ability to

reach

deeper and more broadly into adjacent markets through a variety of strategic

partnerships. This enables us to target and serve a market

with approximately 250

million people and an

estimated serviceable addressable

market of approximately

$12 billion in net

revenue

by 2030 according to reports by Global Data Analytics, McKinsey & Company,

BDO, Genesis Analytics, the International Monetary

Fund,

the

Population

Reference

Bureau

and

estimates.

According

to

a

report

by

Boston

Consulting

Group,

favorable secular tailwinds, have helped position

Africa as the fastest

growing fintech market globally, that projects growth in the total

African fintech revenue pool to grow by 13 times between 2021 and 2030,

as illustrated below.

Our Strategy

To

build our unique ecosystem

and capture this large

and attractive market opportunity,

we developed a 5-phase

strategy to win

and serve customers across a diversified range of channels and markets. These

phases include:

Address

First,

we

develop

or

acquire

a

to

address and

serve

the

specialized

needs

of

a

segment.

Today,

we

have

three

core

platforms

to

each

of

our

segments

(or

divisions), Consumer, Merchant and

Enterprise;

Position

• Second,

we position

ourselves in

to gain

data that

gives us

valuable

insights into

our

base.

We

develop

that

enable

us

to

learn

from

the

flow

of

funds

and

behaviours

in

our

customers daily

lives to better

understand their

needs. For

example, our banking

solutions enable us

to see the

sources

and frequency of

consumer income deposits

their spending

behaviours, while our

merchant solutions enable

us to see a merchant’s cash flows and selected

spending such as inventory purchases and supplier payments;

Develop

– Third,

we develop

and foster

differentiation

in the

market by

combining financial,

software and

technologies to create

integrated, end-to-end fintech

solutions that have superior

functionality and convenience

relative

to

alternatives.

Competitor

offerings

are

typically

by

(i)

legacy

banks

with

poor

track

records

of

service for

the underserviced,

(ii) government

entities, such

as the

post office,

with limited

capabilities and

R&D budgets to invest in

solutions, or (iii) a fragmented

universe of single-solution vendors

who provide more narrow

services, forcing a customer to spend more and manage multiple relationships

to meet their end-to-end needs;

Combine

–

Fourth,

we

combine

our

data-driven

insights

with

our

suite

of

to

sell,

cross-sell

and

serve

our

in an

advantaged way.

We

use the

advantages

embedded

in our

to (i)

drive

client acquisition

and

retention with targeted offers that may

best meet their needs, (ii) bundle or cross-sell new solutions that may be suitable

for their evolving financial journeys, (iii) underwrite and manage risk effectively;

and

Consolidate

– Fifth, we

identify and execute

on attractive consolidation

opportunities with potential

revenue synergies

to grow our customer

base, extend our capabilities

and expand our ecosystem

into new areas,

and potential cost synergies

to scale our ecosystem and improve our operating efficiencies. For example, in fiscal 2025 we closed and are

integrating

two acquisitions

which expanded

our customer

base, broadened

our suite

of solutions,

and provided

additional cross-

selling opportunities, including:

a.

Adumo

–

a

and

enablement

that

payment

and

to

29,000

active

(as

of

June

30,

in

a

variety

of

verticals across

South

Africa,

Namibia,

Botswana and

Kenya.

This acquisition

has enabled

us to

extend

our

reach

into

larger

with

more

sophisticated

point-of-sale

(“POS”)

needs.

Adumo

was

integrated into our

Merchant Segment and has

contributed to our fiscal

2025 financial results since

b.

– a

prepaid electricity

that provides

submetering administration

and payment

solutions to

an installed

base of

over 500,000

registered prepaid

electricity meters

across South

Africa. This

acquisition has

enabled us

to enter

the private

utilities market

and extend

our payment

solutions into

a large,

new

base.

was integrated

Segment

and has

contributed

to our

fiscal

2025 financial results since March 3, 2025.

Our Go-

To

-Market Model

To

go-to-market,

we created

a proprietary

business model

to reach,

engage and

serve our

Merchant, Consumer

and Enterprise

Segments’ customers over time. The five elements of our go-to-market model

include:

Wide-Breadth of Solutions

– We

have a large and

growing suite of solutions

that we sell to

our customers at different

stages of

their financial

journeys using

a

Land and

Expand

approach.

We

start by

critical financial

needed

to

win

a

relationship

at

a

relatively

stable

cost

(“CAC”).

These

include

our

government grant and bill payment solutions for consumers, and our card acquiring and cash management solutions for

merchants. Then we offer a growing range of complementary services to expand our share of wallet, bundling or cross-

selling complementary

or adjacent

services as

a customer’s

needs grow.

We

believe this

increases the

lifetime value

(“LTV”) of our customer base with very

little incremental CAC, increasing

our LTV/CAC ratio and compounding value

over time. We

organize our solutions across our

customers’ financial lifecycles including: (1)

Receive Money

,

Manage

Money

,

Borrow Money

, and

Protect Assets

for our consumers,

and (2)

Accept Payments

,

,

Grow Revenue,

and

Access Capital

for our merchants.

Differentiated Reach in the Market

– Instead of relying on online sales or using expensive bank branches, we reach our

close

to

where

they

live

or

close

to government

offices

that

disburse

grant

by

deploying

on-the

ground

sales teams

and

low-cost retail

offices,

or hubs.

Our salespeople

are

trained

to engage

in-person and

educate

customers on the value and advantages of our solutions in a friendly

and respectful manner.

A Digital Engagement

Approach

– After our

initial sale, we want

to utilize technology

to engage more

efficiently and

effectively

customers, so

we train

and steer

them to

use our

digital apps

to manage

and grow

their financial

services over time.

We have developed a variety

of digital apps

for our customers

to use when

engaging with our

solutions including a digital banking app for

our consumers and a payments management account app

for our merchants.

Proprietary Access to Data

– We leverage our

solutions to gain access to data that provides us with unique insights

into our customers, which we use to serve them more effectively.

For example, we can often see the timing, amount

and frequency of a consumer’s income deposits and how

they spend their money and pay their bills. We

believe this is

rare in Africa, particularly among the underserviced,

and provides a competitive advantage in the market.

Leading Brand Value

– Based on our market

penetration and length of time

in the market, we have established

several

strong brands and brand equity in the market across our three business segments and different product lines. We

believe

these brands are valuable touch points, with which

to evolve a unified leading brand, that

helps us attract new customers,

build trust, and facilitate the roll-out and adoption of new solutions over

time.

Our Business Segments

We

go-to- market

and operate

through three

business segments

including our

Merchant Segment

(“Merchant”), our

Segment (“Consumer”) and our Enterprise Segment (“Enterprise”).

Our Merchant Segment

Our Merchant Market

We

serve

of all

sizes, ranging

from micro

-merchants

to

small-to-medium

merchants.

Currently,

we

serve over

125,000 merchants across Southern Africa, of which more than 100,000 merchants are in South Africa. Approximately 95,000 of

the merchants

are micro

merchants who

range from

local kiosks

and spaza

shops (corner

stores) to

sole proprietors,

taverns, marketplaces and

the businesses and suppliers

that serve them.

These merchants typically

have lower payment

volume,

and a lower proportion of merchants accepting digital payments given

a larger dominance of cash in rural areas. However,

as the

secular

shift

from

cash

to

digital payments

continues

to

progress, we

believe

these

will increase

adopt

new digital

payment

solutions and

complementary services.

Approximately 30,000

of the

merchants are

small-to-medium merchants,

who

are larger and

more formal businesses.

They can range

from small local retailers

to merchants with

multi-lane stores, franchises

and online storefronts.

These merchants are

more professional

businesses with sophisticated

business needs with

a greater need

for more advanced business solutions that can help them run and grow their

businesses more efficiently.

Our Merchant Solutions

Our merchant solutions serve merchants of all sizes offering a wide breadth of capabilities across their financial lifecycles to

help them

Accept Payments

,

,

Grow Revenue,

and

Access Capital

, as illustrated below.

Our Merchant solutions and products comprise:

●

Merchant acquiring:

Merchant acquiring solutions for micro-merchants and small-to-medium

sized merchants.

●

Software:

Integrated POS software and hardware to the hospitality industry.

●

Cash:

Cash management

and digitalization

solutions helps

merchants manage

their money

and effectively

“puts the

bank” in

micro-merchants’

and small-to-medium

sized businesses’

stores. We

provide

them with

digital accounts

so

merchants can track their deposits and supplier payment services to order

and pay for more inventory.

●

Access to capital to

small-to-medium merchants by providing small

cash advances or business

credit utilizing

our proprietary visibility into their business activity.

●

ADP

:

This

categories

prepaid

(airtime,

data,

and

gaming),

bill

payments,

Money

Transfers

(“IMT”)

and

enabled

payments.

Our

enabled

product suite has specifically been developed for the micro-merchants.

Merchant Competitive Landscape and Market Share

We estimate an addressable revenue

pool of approximately of $2.8 billion of which we believe we have approximately 7.0%

market

share

of

the

revenue

in

the

market

(according

to

Global

Data

Analytics

2024,

Genesis Analytics

2024,

Reserve Bank

Interchange

Rate 2021,

IFC MSME

Opportunity in

2019, Electrum

Value

Added Services

Africa 2020, peer company public quarterly results from

2024 and management’s

best estimates).

A key

component

of

our

is to

differentiate

ourselves

by

being

a

customer-led

provider

rather

than

a

product-led

company by

evolving our

product offerings

to meet

the various

needs of

our customers,

being merchants.

While the

rest of

the

industry is highly fragmented with companies providing 1-2 products on their platforms, we have positioned ourselves to provide

an integrated suite of solutions for merchants. No single competitor offers the range of solutions we provide in the market. In this

respect

we

face

a

environment

dependent

on

the

product.

For

example,

while

traditional

South

African banks

may dominate

the core

merchant acquiring

market, they

do not

offer software

or alternative

digital products

for

which we face a different universe of competitors.

Our Consumer Segment

Our Consumer Market

Through

our

Division

we

focus

on

individuals

who

have

historically

been

from

traditional

Our

are

designed

for

at

the

lower

socioeconomic

end

of

the

market

within

Living

Standards

Measures

(“LSMs”)

to

6,

which

million

people

as

of

(according

to

a

report

by

Genesis

Analytics). LSM is a

research tool used

to segment the population

based on living

standards rather than

income

alone. It considers factors like access

to services and durable goods (for

example electricity, running water, appliances) to classify

consumers into different groups, typically from LSM 1 (lowest)

to LSM 10 (highest).

There are approximately 12.1

million permanent grant beneficiaries

in South Africa, in

addition approximately 9.0 million

people

receive a Social Relief of Distress

(“SRD”) grant each month (according

to the South African Social Security

Agency (“SASSA”) as

of June

30, 2025).

As of

the date of

this Annual

Report, we have

approximately 2.1

million active

consumer customers

1.9 million

grant beneficiaries

(approximately 90%

permanent grant

beneficiaries and

the balance

SRD grant

beneficiaries) and

0.2

million

EasyPay

Payouts

cardholders.

We

believe

that

for

those

receiving

welfare

grants

from

the

South

African

government, there are no other providers able to provide a transactional account, lending and insurance product under one ecosystem.

Our proposition has a unique ‘last mile’ service and

distribution model whereby we go to the rural

and peri urban geographies across

the country

to bring our

services to the

customer.

Through digitally enabled

onboarding, we can

open accounts

and issue a

physical

card at the point of application.

Our Consumer Solutions

Our consumer

solutions serve

a wide breadth

of banking,

credit and

insurance capabilities

across their

lifecycles to help them

Receive Money

,

,

Borrow Money

, and

Protect Assets

, as illustrated below.

Our Consumer product offering is targeted at underserviced

South African consumers, and includes:

●

Transactional accounts:

Low-cost EasyPay Everywhere (“EPE”) transactional bank

account with access to

banking via

card, mobile application,

web integration and

unstructured supplementary

service data (“USSD”).

To

contextualize the

value of USSD

for our consumers

• consumers often

have no data

nor access to

WiFi, so USSD is

a very effective channel

for them. USSD

is a communication

protocol used by

mobile phones to

interact with a

mobile network operator’s system,

including real-time

interaction (no

need for

internet) and

works on

any mobile

phone, including

basic feature

phones.

Consumers can manage and

use the funds

they receive with a

complementary debit card and

a mobile app, through

which

they can withdraw cash at ATMs,

make purchases at points of sale, and pay bills. This helps us build a relationship with

our consumers and cross-sell additional financial services over time.

●

We

utilize

our

data on

money

flowing

in and

out of

our consumers’

deposit

short-term, unsecured

personal loans

EPE consumers.

For many

of our

consumers, we

provide

their first-time access to regulated credit.

●

Insurance:

We

help

our

EPE

protect

their

assets

with

our

funeral

offering,

leveraging

our

relationship with our consumers, and access to data.

●

Payouts:

Secure payout solutions

for consumers, being

corporate employees who

receive work-related payments

from

their employers (South African businesses) through us.

Consumer Competitive Landscape and Market Share

The consumer

market we

address today

is focused

on South

African grant

beneficiaries and

other payout

cardholders. We

estimate an

addressable revenue

pool of

approximately $1.4

billion of

which

we believe

we have

6.5% market

share of the

revenue in the market

(according to SASSA grant data

and management’s best estimates in 2024).

We have a different

subset of competitors depending on the product

offering. While banks are the principal competitors for

transactional accounts, the

lending market is dominated by micro-finance companies and the insurance

market by insurance companies.

Enterprise Segment

Our Enterprise Market

Our Enterprise

Division serves more

than 750 Enterprise

clients with large

ecosystems of billpayers,

tenants, employees or

constituents. The

Enterprise Division

is focused

on providing

strategic and

targeted

solutions that

facilitate payments

between

consumers and businesses. Our target

market primarily focuses on our network

of more than 620 billers across

South Africa and

over 100

corporate clients.

We

have deep

integrations across

municipal councils,

utility providers,

banks and

mobile operators

who leverage our technology to create readily scalable solutions.

Our Enterprise Solutions

Instead of a

financial lifecycle, our

enterprise solutions organized

by platforms which

provide hardware, software

to different constituents,

as illustrated below.

Our Enterprise product offering is focused across three core verticals

and includes:

●

ADP:

By providing

the integration

technology to

enable any

customer in

a prepaid

(e.g. airtime, electricity

or gaming) and/or

pay a bill

through channels such

as retailer distribution

networks and online

banking apps.

●

Utilities:

Provides a convenient

platform for tenants

to purchase and

top-up their prepaid

electricity meters which

enables

landlords

to

manage

the

usage

of

each

of

their

tenants

without

the

postpaid

risk.

This

was

incorporated

following our acquisition of Recharger in March 2025 and is a low

churn annuity-based revenue model.

●

Payments:

Houses the

proprietary payment

technology of

the Group,

particularly the

payment switch

enabling us

to

insource components

of the

payments value

chain to

create greater

and reduce

third party

dependencies.

Ancillary

and

tokenization

are

also

offered

to

enterprise

clients.

This

remains

a

modest

contributor to the Enterprise Division’s

revenue.

Enterprise Competitive Landscape and Market Share

We

estimate an

addressable revenue

pool of

approximately of

$200 million

of which

we believe

we have

10.0% market share of the revenue in the market

(according to South African Local Government Association 2024, Statista 2024,

South African Treasury

2024, Grand View Research

2024 and management’s

best estimates. Bill payments is a representation of

the non-bank bill collection market in South Africa).

Like

our

Division and

Division,

we

have

within

each of

our

core products,

however

no

specific competitor participating across the integrated suite of products,

offered in our Enterprise Division.

Human Capital Resources

Over

the

last

few

years

we

have

built

a

diverse

team

of

high-caliber

individuals,

from

to

form

our

leadership group. This

leadership group is

deeply committed to

building a high-performance

culture that is

based on our core

values

and a commitment to the care and development of our people.

Lesaka’s Core Values:

•

Entrepreneurial spirit;

•

Integrity;

•

Collective wisdom;

•

Ownership; and

•

A bias to action.

These are

our values

that underpin

our mission

to enable

Merchants

to compete

and grow,

and for

our Consumer

customers,

which comprise

mainly grant

beneficiaries,

to improve

their lives,

by providing

innovative financial

technology and

value-creating

solutions.

Employee training and skills development

We strongly believe that learning

is an ongoing process and that the majority of learning is in the doing. As such, while we offer

a range of formal

programs (as listed further

below), more importantly,

we continue to encourage

a culture of learning

in everything

that we do.

Sustainable

training

and

programs

impact

retention,

and

we

believe

that

our

in

employee development contributes

to high performance and

high employee engagement

as well as a strong pipeline

of talent for key

and

critical roles

This

increases loyalty,

which

will in

turn contribute

to employee

retention.

We

offer

the following

programs to enhance employee performance and skills:

•

training programs;

•

leadership development programs;

•

unemployed and employed learnerships;

•

internships;

•

financial assistance to pursue further studies and obtain formal qualifications;

•

other in-house and cross-functional training to aid with career advancement;

and

•

succession planning – training interventions to address scarce and critical skills.

Equal opportunity

Having an inclusive

and diverse workforce

which reflects our

economically active population

and society in

general, is crucial

for helping the organization attract and retain talent and is important

for long-term organizational success. Our human capital team

in

partnership with

our leaders

drive recruiting

and retaining

a talented

and diverse

workforce with

special focus

on hiring

disadvantaged

groups whenever

possible. We

are

committed

to

hiring

qualified

candidates without

regard

to

their

personal

status,

while

taking

into

account

the

unique

affecting

our

in

South

Africa

and

the

need

to

uplift

disadvantaged groups. This commitment extends to all levels of

our organization, including within senior management

and our board

of directors.

As of June 30, 2025, the composition of our workforce was:

•

53% female and 47% male;

•

42% between 18 and 34 years old, 53% between 35 and 54 years old, and 5% over

55 years old; and

•

66% Black, 9% two or more races, 10% Indian and 15% White.

We have no

female named executive officer.

We

to strive

to build

a more

inclusive workforce

and to

enhance our

pay structures

by taking

measures to

eliminate

potential remuneration discrimination

and to help close gender pay gaps

to progress towards gender equality

at work. We

have taken

positive strides towards a rewards philosophy that rewards high performance

and focuses on equal pay for work of equal value.

Employee compensation programs

We

are committed

to

that

all

our

are

paid

fair

and

remuneration. To

that

end,

we

offer the

following to our employees:

•

Access to a comprehensive medical, dental, and vision plan that our employees

have the option to join;

•

Access to a defined contribution retirement plan that our employees have

the option to join;

•

Paid sick, study, annual

and family responsibility leave;

•

Maternity benefits;

•

Life and disability insurance coverage;

•

Financial aid to fund tertiary education for children of employees;

•

Employee assistance programs; and

•

Product discounts.

Annual

increases

and

incentive

are

based

on

merit,

which

is

to

at

onboarding

and

documented as part of our annual remuneration review process.

Our number

of employees

on a

segmental

and

group

basis as

of the

2025,

2023,

is

presented in the table below:

Number of employees

(1)

1,542

1,333

1,306

(1)

1,957

1,059

(1)

Total segments

3,712

2,522

2,296

Group

(1)

Total

3,728

2,531

2,303

(1) Consumer includes one executive officer for

each of fiscal 2024 and 2023. Merchant includes one executive officer

for each

of fiscal 2024 and 2023. Group includes five executive officers for fiscal 2025, and two executive

officers for each of fiscal 2024 and

On a

functional basis,

as of June

30, 2025, five

of our

employees were

our named

executive officers,

1,567 were

employed in

sales and marketing, 703 were employed in finance and

administration, 432 were employed in information technology and 1,021 were

employed in operations.

Health and safety laws and regulations

We

are

subject

to various

South

African

that regulate

the health

and

safety of

our

South African-based

workforce, including

those laws monitored

by the

Department of

Employment and

Labour which

stipulates the

legal

framework within

need to

function. This

framework comprises

the Occupational

Health and

Safety Act,

Act 85

of 1993

(“OHSA”),

the

Compensation

for

Occupational

Injuries

and

Diseases

Act,

Act

of

(“COIDA”),

the

Basic

Conditions

of

Employment Act,

Act 75

of 1997

(“BCEA”) and

the Labour

Relations Act,

Act 66

of 1995

(“LRA”). Compliance

with COVID-19

regulations remains

regulated by the

National Institute of

Occupational Health (“NIOH”),

and the Occupational

Health Surveillance

System

(“OHSS”),

the

Centre

for

Scientific

Industrial

Research

(“CSIR”)

and

the

Institute

for

Communicable

Diseases

(“NICD”).

We

have

and regularly

update human

capital-related

policies that

are designed

to ensure compliance

with

applicable South African laws and regulations.

Our Executive Officers

The table below presents our executive officers, their

ages and their titles:

Name

Age

Title

Executive Chairman and Director

Dan L. Smith

Group Chief Financial Officer and Director

Naeem E. Kola

Group Chief Operating Officer and Director

Lincoln C. Mali

Chief Executive Officer: Southern Africa and Director

Steven J. Heilbron

Head of Corporate Development and Director

has been our Executive

Chairman since February 1,

2024. He is a fintech

investor and entrepreneur.

He is the

co-founder

and

chairman

of Teya,

a pan-European

fintech. He

is also

a non-executive

director

on the

several companies

including Thunes (Singapore based

private fintech), Kushki (Latin

American payments company) and

is the president

of The European

Digital Payments Industry Alliance

(EDPIA). He was previously

on the board of

several other leading payments

companies globally

StoneCo

(Nasdaq:

STNE)

in

Brazil

and

Network

Plc

(LSE:NETW)

in

the

Middle

East.

He

was

formerly a Partner at Actis, a London-based emerging market private equity firm, where

he led multiple landmark fintech investments

globally. Prior to his career at Actis, Mr.

Mazanderani advised private equity and corporate clients for OC&C Strategy Consultants in

London

and

served

as

lead

consultant

for

First

Bank

based

in

Johannesburg.

He

holds

postgraduate

degrees

in

Economics from

the University of

Pretoria, Oxford University

and the London

School of Economics,

an MBA from

INSEAD and a

Masters in Business Law from the University of St Gallen.

Dan

L.

Smith

has

been

our

Group

Chief

Officer

since

October

1,

He

has

held

various

roles

in

the

services sectors

Africa and

Kingdom. Mr.

Smith is

a director

of ADvTECH

Limited (JSE:

ADH). He

founded

DLS Advisors in

2020 and

was its CEO

until joining

VCP in

2021, where

he was employed

until September

2024. Prior

to that, he

was

employed

by

Standard

Bank

South

Africa

for

a

number

of

years

where

he

vast

finance

experience,

including heading the Mergers &

Acquisitions investment banking team.

He holds a

Bachelor of Commerce, a

Bachelor of Accounting

and a Higher Diploma

in Taxation

Law from the University

of Witwatersrand

and is a Chartered

Accountant (SA). He is

a Graduate

of

the

Oxford

Fintech

Programme

from

the

Saïd

Business

School,

University

of

Oxford.

He

also

has

an

Advanced

Techniques certificat

ion from the Gordon Institute of Business Science and a Diploma in Strategic Client Management from the UCT

Graduate School of Business.

Naeem E. Kol

a has been

our Group Chief

Operating Officer since October

1, 2024, and

was previously our

Group Chief Financial

Officer from March 1, 2022 until September 30, 2024. Mr. Kola has progressively held senior finance roles in Dubai, most notably

as

Chief Financial Officer of the Emerging

Markets Payments Group (“EMP”), a high-growth

fintech business that grew materially and

successfully concluded and integrated

five acquisitions during

Mr. Kola’s six-year tenure as Chief

Financial Officer. Prior to becoming

Chief Financial Officer, Mr. Kola

was Senior Vice President

for Investments, Strategy

and Business Planning

at Network International.

Since the acquisition

of EMP by

Network International in

2017, Mr.

Kola had been an

Operations Director and

Strategic Advisor to

the emerging market private equity firm

Actis, where he again focused on fintech businesses.

He is a qualified Chartered Accountant

(SA) and a member of the South African Institute of Chartered Accountants.

Lincoln

C.

Mali

has

been

our

Chief

Officer:

Southern

Africa

since

May

1,

Mr.

Mali

is

a

executive with over 25 years in the

industry. Until April 2021, he was the Head of Group

Card and Payments at Standard Bank

Group,

having

served

in many

roles within

that organization

since 2001.

Mr.

Mali chaired

the board

of directors

of Diners

Club

until April

2021, and

was a

member of

the Central

and Eastern

Europe, Middle

East and

Africa Business

Council for

Visa.

Mr.

Mali holds

Bachelor of

Arts (BA)

and Bachelor

of Laws

(LLB) degrees

from Rhodes

University,

an MBA

from Henley

Management College, various diplomas and attended an Advanced

Management Program at Harvard Business School.

Steven J.

Heilbron

joined us following

of Connect

in 2022. Mr.

Heilbron has two

decades of

experience,

having

spent

years

working

for

Investec

in

South

Africa

and

the

UK,

where

he

served

as

Global

Head

of

Private

Banking and Joint Chief Executive

Officer of Investec Bank plc.

He led a private

consortium that acquired Cash

Connect Management

Solutions (Pty) Ltd

(“CCMS”) in 2013.

Mr. Heilbron

has presided over

significant organic

growth in the

rebranded Connect Group,

spearheading the successful

acquisition and integration of

Kazang and EFTpos

acquired from the

Paycorp Group in

2020. He is a member of the South African Institute of Chartered Accountants

.

Financial Information about Geographical Areas and Operating

Segments

Refer

to

Note

to

our

audited

in

this

Annual

Report

contains

detailed

information about our operating segments for fiscal 2025, 2024 and 2023. Revenues based on the geographic location from which the

sale originated and geographic location where long-lived assets are held for the years ended June 30, are presented in the table below:

Revenue

(1)

Long lived assets

$'000

$'000

$'000

$'000

$'000

$'000

624,846

537,594

505,558

392,098

286,700

300,104

India (MobiKwik)

76,297

76,297

Rest of the world

34,855

26,628

22,413

3,055

2,548

2,197

Total

659,701

564,222

527,971

395,153

365,545

378,598

(1)

Refer to

Note 16

to our

in this

Annual Report

which contains

detailed

financial information about our revenue for fiscal 2025, 2024

and 2023.

Corporate history

Lesaka was incorporated

in Florida in

May 1997 as

Net 1

UEPS Technologies, Inc. and

changed its name

to Lesaka Technologies,

Inc. on May 12, 2022. In 2004, Lesaka acquired Net1 Applied Technology

Holdings Limited (“Aplitec”), a public company listed on

the Johannesburg

Stock Exchange

(“JSE”). In

2005, Lesaka

completed an

initial public

and listed

on the

NASDAQ Stock

Market. In

2008, Lesaka

listed on

the JSE

in a

secondary listing,

which enabled

the former

Aplitec shareholders

(as well

as South

African residents generally) to hold Lesaka common stock directly.

Available information

We maintain a website at www.

lesakatech.com. Our Annual Report, Quarterly Reports on Form 10-Q, Current Reports on Form

8-K, and amendments to those reports, as well as our proxy statements, are available free of charge through the “SEC filings” portion

of our website,

as soon as

reasonably practicable after

they are filed

with the SEC.

The information contained

on, or accessible

through,

our website is not incorporated into this Annual Report.

The SEC

maintains a

website at

www.sec.gov

that contains

reports, proxy

and information

statements, and

other information

regarding issuers that file electronically with the SEC.

ITEM 1A. RISK FACTORS