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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-K

(Mark One)

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE

ACT OF 1934

For the fiscal year ended

June 30, ~~2024~~2025

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND

EXCHANGE ACT OF 1934

For the transition period from

Commission file number:

000-31203

LESAKA TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

Florida

98-0171860

(State or other jurisdiction

(IRS Employer

of incorporation or organization)

Identification No.)

President Place

4th Floor

Cnr. Jan Smuts Avenue and Bolton Road

Rosebank, Johannesburg

2196

South Africa

(Address of principal executive offices, including zip code)

Registrant’s telephone number,

including area code:

343-2000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange

on which registered

Common stock, par value $0.001 per share

LSAK

NASDAQ

Global Select Market

Securities registered pursuant to Section 12(g) of the Act:

Indicate by check

mark if the

registrant is a

well-known seasoned issuer, as

defined in Rule

405 of the

Securities

Act.

Yes

☐

☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d)

of the Act.

Yes

☐

☒

Indicate by check mark whether

the registrant (1) has filed

all reports required to be

filed by Section 13 or

15(d)

the

Securities

Exchange

Act

1934

during

the

preceding

months

(or

for

such

shorter

period

that

the

registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90

days.

Yes

☒

☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File

required

submitted

pursuant

Rule

405

Regulation

S-T

(§232.405

this

chapter)

during

the

preceding

months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated

filer, smaller

reporting company

or an

emerging growth

company. See the

definitions of

“large accelerated

filer,”

“accelerated

filer,”

“smaller

reporting

company,”

and

“emerging

growth

company”

Rule 12b-2

the

Exchange Act (check one):

☐

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

If an

emerging

growth company,

indicate by

check mark

if the

registrant has

elected not

to use

the extended

transition period

for complying

with any

new or

revised financial

accounting standards

provided pursuant

Section 13(a) of the Exchange Act.

☐

Indicate

check

mark

whether

the

registrant

has

filed

report

and

attestation

its

management’s

assessment

the

effectiveness

its

internal

control

over

financial

reporting

under

Section

404(b)

the

Sarbanes-Oxley Act

(15

U.S.C.

7262(b)) by

the registered

public

accounting firm

that prepared

issued its

audit report.

☒

If securities

are registered

pursuant to

Section 12(b)

of the

Act, indicate

by check

mark whether

the financial

statements of the registrant included in the filing reflect the correction of an error to previously issued financial

statements.

☐☒

Indicate by check mark

whether any of those

error corrections are restatements

that required a

recovery analysis

incentive-based

compensation

received

any

the

registrant’s

executive

officers

during

the

relevant

recovery period pursuant to §240.10D-1(b).

☐

Indicate by

check mark

whether the

registrant is

a shell

company (as

defined in

Rule 12b-2

of the

Exchange

Act). Yes

☐

☒

The

aggregate

market

value

the

registrant’s

common

stock

held

non-affiliates

the

registrant

December 31,

2024

(the

last

business day

the registrant’s

most

recently completed

second fiscal

quarter),

based upon the closing price of the common stock as reported by The NASDAQ Global Select Market on such

date, was $

~~125~~288,~~426~~493,~~157~~330

. This calculation

does not reflect

a determination that

persons are affiliates

for any other

purposes.

As of September 1129, ~~2024~~2025,

6383,~~243~~673,~~350~~097

shares of the registrant’s common stock, par value $0.001 per share, net

of treasury shares, were outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

Certain

portions

the

definitive

Proxy

Statement

for

our

2025

Annual

Meeting

Shareholders

are

incorporated by reference into Part III of this Form 10-K.

LESAKA TECHNOLOGIES, INC

INDEX TO ANNUAL REPORT ON FORM 10-K

Year

Ended June 30, 2025

Page

PART

1013

Unresolved Staff Comments

2427

2427

2528

2528

Mine Safety Disclosures

2528

PART

Item 5.

Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer

Purchases of Equity Securities

2629

Item 6.

[

Reserved]

2730

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of

Operations

2831

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

5557

Item 8.

Financial Statements and Supplementary Data

5759

Item 9.

Changes in and Disagreements with Accountants on Accounting and Financial

Disclosures

5860

Item 9A.

Controls and Procedures

5860

Item 9B.

Other Information

6164

Item 9C.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

6164

PART

III

Item 10.

Directors, Executive Officers and Corporate Governance

6265

Item 11.

Executive Compensation

6265

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related

Stockholder Matters

6265

Item 13.

Certain Relationships and Related Transactions, and Director Independence

6265

Item 14.

Principal Accountant Fees and Services

6265

PART

Item 15.

Exhibits and Financial Statement Schedules

6366

6671

6772

PART

FORWARD

LOOKING STATEMENTS

In addition to historical information,

this Annual Report on Form 10-K

(“Annual Report”) contains forward-looking

statements

that involve risks and uncertainties that could cause our actual results to differ

materially from those projected, anticipated or implied

in the

forward-looking

statements. Factors

that might

cause or

contribute

to such

differences

include,

but are

not limited

to, those

discussed in

Item 1A—“Risk

Factors.” In

some cases,

you can

identify forward-looking

statements by

terminology such

as “may,”

“will,”

“should,”

“could,”

“would,”

“expects,”

“plans,”

“intends,”

“anticipates,”

“believes,”

“estimates,”

“predicts,”

“potential”

“continue” or

the negative of

such terms and

other comparable terminology.

You

should not place

undue reliance on

these forward-

looking statements, which reflect

our opinions only

as of the

date of this

Annual Report. We undertake no

obligation to release

publicly

any

revisions

to the

forward-looking

statements after

the date

of this

Annual

Report.

You

should

carefully

review the

risk factors

described

in other

documents we

file from

time to

time with

the Securities

and

Exchange Commission

(the “SEC”),

including

the

Quarterly Reports on Form 10-Q to be filed by us during our 2026

fiscal year, which runs from July 1, 2025 to June 30,

2026.

All

references

“the

Company,”

“we,”

“us,”

“our”

are

references

Lesaka

Technologies,

Inc.

and

its

consolidated

subsidiaries, collectively, and all references to “Lesaka” are to Lesaka Technologies, Inc. only, except as otherwise indicated or where

the context indicates otherwise.

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

solutions

help

them

manage

their

evolving

financial

needs;

(2)

over

125,000

merchants

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

~~the~~locations ~~secular~~and ~~shift~~then ~~from~~digitizing any cash topayments ~~digital~~they ~~that~~receive isthrough ~~currently~~one ~~taking~~of ~~place.~~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

our ATMs

or paying with

a debit card

linked to

a digital-bank

account that

we provided

to them

to deposit

and manage

the funds

from their

employer payrolls

or welfare

~~value~~grants tofrom ~~our~~the ~~customers~~South African government.

build

and

maintain

our

valuable

and

growing

ecosystem,

have

over

3,500

employees

operating

the ground

five

countries, including

South Africa

(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

internal

management

estimates.

According

report

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.

~~Customers~~Our Strategy

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:

~~Report, we have approximately~~ 1.~~5 million active consumer customers.~~

Address

First,

develop

acquire

platform

address and

serve

the

specialized

financial

needs

specific

customer

segment.

Today,

have

three

core

platforms

allocated

each

our

reported

business

segments

(or

divisions), Consumer, Merchant and

Enterprise;

Position

- Second,

we position

ourselves in

the market

to gain

access to

data that

gives us

valuable

insights into

our

customer

base.

develop

solutions

that

enable

learn

from

the

flow

funds

and

financial

behaviours

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

as well as

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

hardware

technologies to create

integrated, end-to-end fintech

solutions that have superior

functionality and convenience

relative

available

alternatives.

Competitor

offerings

are

typically

provided

(i)

legacy

banks

with

poor

track

records

customer

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,

combine

our

data-driven

insights

with

our

suite

solutions

sell,

cross-sell

and

serve

our

customers

in an

advantaged way.

use the

advantages

embedded

in our

strategy

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:

Adumo

–

payments

and

commerce

enablement

platform

that

provides

payment

processing

and

integrated

software

solutions

approximately

29,000

active

merchants

(as

June

30,

2025)

variety

business

verticals across

South

Africa,

Namibia,

Botswana and

Kenya.

This acquisition

has enabled

us to

extend

our

reach

into

larger

merchants

with

sophisticated

point-of-sale

(“POS”)

software

needs.

Adumo

was

integrated into our

Merchant Segment and has

contributed to our fiscal

2025 financial results since

October 1,

2024.

Recharger

– a

prepaid electricity

platform

that provides

submetering administration

and payment

processing

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

customer

base.

Recharger

was integrated

into our

Enterprise

Segment

and has

contributed

to our

fiscal

2025 financial results since March 3, 2025.

Our Go-

-Market Model

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

Land and

Expand

approach.

start by

offering

critical financial

services

needed

win

customer

relationship

relatively

stable

customer

acquisition

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.

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

Manage Money

Grow Revenue,

and

Access Capital

for our merchants.

~~Customers~~ 2.

~~providers.~~Differentiated Reach in the Market

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

customers

where

they

live

to government

offices

that

disburse

grant

payments

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.

~~(“MNOs”) and municipalities~~3.

A Digital Engagement

Approach

– After our

initial sale, we want

to utilize technology

to engage more

efficiently and

effectively

with our

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

different

solutions including a digital banking app for

our consumers and a payments management account app

for our merchants.

~~2024 and expected to close in October 2024)~~4.

~~Products~~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.

~~Market Opportunity~~ 5.

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

go-to- market

and operate

through three

business segments

including our

Merchant Segment

(“Merchant”), our

Consumer

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

Our Merchant Segment

Our Merchant Market

serve

merchants

of all

sizes, ranging

from micro

-merchants

small-to-medium

merchants.

Currently,

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,

including

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

digital payments

continues

progress, we

believe

these

merchants

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

Manage Money

Grow Revenue,

and

Access Capital

, as illustrated below.

~~from~~Our ~~55%~~Merchant tosolutions ~~76%.~~and products comprise:

~~markets continue to rely on expensive and unreliable legacy systems and focus on narrow customer segments with mono-line (single-~~●

~~line)~~Merchant ~~products.~~ 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

merchants can track their deposits and supplier payment services to order

and pay for more inventory.

●

Lending:

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

solution

comprises

categories

including

prepaid

solutions

(airtime,

data,

electricity

and

gaming),

bill

payments,

International

Money

Transfers

(“IMT”)

and

supplier

enabled

payments.

Our

supplier

enabled

payments

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

the

revenue

the

market

(according

Global

Data

Analytics

2024,

Genesis Analytics

2024,

South African

Reserve Bank

Interchange

Rate 2021,

IFC MSME

Opportunity in

South Africa

2019, Electrum

Value

Added Services

in South

Africa 2020, peer company public quarterly results from

2024 and management’s

best estimates).

A key

component

our

strategy

is to

differentiate

ourselves

being

customer-led

provider

rather

than

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

face

different

competitive

environment

dependent

the

specific

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

Consumer

Division

focus

individuals

who

have

historically

been

excluded

from

traditional

financial

services.

Our

products

are

designed

for

consumers

the

lower

socioeconomic

end

the

market

within

Living

Standards

Measures

(“LSMs”)

which

comprises

approximately

million

people

2023

(according

report

Genesis

Analytics). LSM is a

research tool used

in South Africa

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

comprising

1.9 million

grant beneficiaries

(approximately 90%

permanent grant

beneficiaries and

the balance

SRD grant

beneficiaries) and

0.2

million

EasyPay

Payouts

cardholders.

believe

that

for

those

consumers

receiving

welfare

grants

from

the

South

African

~~Competition~~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

to provide

a wide breadth

of banking,

credit and

insurance capabilities

across their

financial

Atlifecycles anto ~~enterprise~~help ~~level,~~them ~~our financial switch and VAS and bill payments business competes with BankservAfrica, Pay@, eCentric~~

~~and~~Receive ~~Transaction Junction.~~ Money

Manage 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”).

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.

●

Lending:

utilize

our

access to

data on

money

flowing

in and

out of

our consumers’

deposit

accounts

to provide

access to

short-term, unsecured

personal loans

to qualifying

EPE consumers.

For many

of our

consumers, we

provide

their first-time access to regulated credit.

●

Insurance:

help

our

EPE

consumers

protect

their

assets

with

our

funeral

insurance

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

approximately

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.

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

and services

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

South Africa

to purchase

a prepaid

solution

(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

manage

the

electricity

usage

each

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

insource components

of the

payments value

chain to

create greater

efficiencies

and reduce

third party

dependencies.

Ancillary

security

and

tokenization

services

are

also

offered

enterprise

clients.

This

solution

remains

modest

contributor to the Enterprise Division’s

revenue.

Enterprise Competitive Landscape and Market Share

estimate an

addressable revenue

pool of

approximately of

$200 million

of which

we believe

we have

approximately

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).

our

Merchant

Division and

Consumer

Division,

have

competitors

within

each of

our

core products,

however

specific competitor participating across the integrated suite of products,

offered in our Enterprise Division.

Human Capital Resources

Over

the

last

few

years

have

built

diverse

team

high-caliber

individuals,

from

different

organizations,

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

employee

training

and

development

programs

impact

employee

retention,

and

believe

that

our

investment

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.

offer

the following

development

programs to enhance employee performance and skills:

•

training programs;

unemployed and employed learnerships;

•

leadership development programs;

internships;

•

unemployed and employed learnerships;

leadership development programs;

•

internships;

training programs;

•

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

partnership with

our leaders

drive recruiting

and retaining

a talented

and diverse

workforce with

special focus

on hiring

previously

disadvantaged

groups whenever

possible. We

are

committed

hiring

qualified

candidates without

regard

their

personal

status,

while

taking

into

account

the

unique

circumstances

affecting

our

operations

South

Africa

and

the

need

uplift

previously

disadvantaged groups. This commitment extends to all levels of

our organization, including within senior management

and our board

of directors.

710

As of June 30, ~~2024~~2025, the composition of our workforce was:

•

5553% female and 4547% male;

•

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

55 years old; and

•

~~positive~~66% ~~strides~~Black, ~~towards~~9% atwo ~~rewards~~or ~~philosophy~~more ~~that rewards high performance~~races, is10% ~~externally~~Indian ~~benchmarked~~ and ~~focuses~~15% onWhite. ~~equal pay for~~

We have no

female named executive officer.

continue

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.

work of equal value.

Employee compensation programs

are committed

ensuring

that

all

our

employees

are

paid

fair

and

competitive

remuneration. To

that

end,

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

compensation

are

based

merit,

which

communicated

employees

onboarding

and

documented as part of our annual remuneration review process.

Our number

of employees

allocated

on a

segmental

and

group

basis as

of the

years ended

June 30,

2025,

2024 and

2023,

presented in the table below:

Number of employees

2025

2024

2023

2022

Consumer

(1)

1,542

1,333

1,306

1,826

Merchant

(1)

1,~~189~~957

~~990~~1,059

~~824~~872

Enterprise

(1)

213

130

118

Total segments

3,712

2,522

2,296

2,650

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

~~2,657~~2023.

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

are

subject

to various

South

African

laws and

regulations

that regulate

the health

and

safety of

our

South African-based

workforce, including

those laws monitored

by the

South African

Department of

Employment and

Labour which

stipulates the

legal

framework within

which we

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

130

1993

(“COIDA”),

the

Basic

Conditions

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

National

Institute

for

Communicable

Diseases

(“NICD”).

have

implemented

and regularly

update human

capital-related

policies that

are designed

to ensure compliance

with

applicable South African laws and regulations.

811

Our Executive Officers

The table below presents our executive officers, their

ages and their titles:

Name

Age

Title

Ali Mazanderani

4243

Executive Chairman and Director

~~Naeem~~Dan EL. ~~Kola~~Smith

5153

Group Chief Financial Officer and Director

Naeem E. Kola

Group Chief Operating Officer and Director

Lincoln C. Mali

5657

Chief Executive Officer: Southern Africa and Director

Steven J. Heilbron

5960

~~Executive~~Head of Corporate Development and Director

Ali Mazanderani

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

board of

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

including

StoneCo

(Nasdaq:

STNE)

Brazil

and

Network

International

Holdings

Plc

(LSE:NETW)

the

Middle

East.

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

lead

strategy

consultant

for

First

National

Bank

based

Johannesburg.

holds

postgraduate

degrees

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

Smith

has

been

our

Group

Chief

Financial

Officer

since

October

2024.

has

held

various

roles

the

financial

services sectors

in South

Africa and

the United

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

Standard

Bank

South

Africa

for

number

years

where

accumulated

vast

corporate

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

the

Oxford

Fintech

Programme

from

the

Saïd

Business

School,

University

Oxford.

also

has

Advanced

Valuation

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

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

a(SA) ~~has~~and ~~been~~a ~~our~~member ~~Group~~of ~~Chief~~the ~~Financial~~South ~~Officer~~African ~~since~~Institute ~~March~~of 1,Chartered ~~2022~~Accountants. ~~Mr. Kola has progressively held senior finance~~

Lincoln

Mali

has

been

our

Chief

Executive

Officer:

Southern

Africa

since

May

2021.

Mr.

Mali

financial

services

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

different

roles within

that organization

since 2001.

Mr.

Mali chaired

the board

of directors

of Diners

Club

South Africa

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

the acquisition

of Connect

in 2022. Mr.

Heilbron has two

decades of

financial services

experience,

having

spent

years

working

for

Investec

South

Africa

and

the

UK,

where

served

Global

Head

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,

as well as

spearheading the successful

acquisition and integration of

Kazang and EFTpos

acquired from the

Paycorp Group in

February

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

~~Steven~~12 ~~J. Heilbron~~

Financial Information about Geographical Areas and Operating

Segments

Refer

Note

our

audited

consolidated

financial

statements

included

this

Annual

Report

contains

detailed

financial

~~Bank~~information ~~plc.~~about Heour ~~led~~operating asegments ~~private~~for ~~consortium~~fiscal ~~that~~2025, ~~acquired~~2024 ~~Cash~~and ~~Connect~~2023. ~~Management~~Revenues ~~Solutions~~based ~~(Pty)~~on ~~Ltd~~the ~~(“CCMS”)~~geographic inlocation ~~2013.~~from ~~Mr.~~which ~~Heilbron~~the

integration of Kazang and EFTpos acquired from the Paycorp Group in February 2020. He is a member of the South African Institute

of Chartered Accountants.

information about our operating segments for fiscal 2024, 2023 and 2022. 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

2025

2024

2023

~~2022~~2025

2024

2023

2022

$'000

South Africa

624,846

537,594

505,558

~~215~~392,~~046~~098

286,700

300,104

359,725

India (MobiKwik)

76,297

Rest of the world

34,855

26,628

22,413

73,~~563~~055

2,548

2,197

2,811

Total

659,701

564,222

527,971

~~222~~395,~~609~~153

365,545

378,598

(1)

Refer to

Note 16

to our

audited consolidated

financial statements

included

in this

Annual Report

which contains

detailed

financial information about our revenue for fiscal 2025, 2024

and 2023.

438,833

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

offering

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.

1013

ITEM 1A. RISK FACTORS

OUR OPERATIONS

AND FINANCIAL

RESULTS

ARE SUBJECT

TO VARIOUS

RISKS AND

UNCERTAINTIES,

INCLUDING

THOSE

DESCRIBED

BELOW,

THAT

COULD

ADVERSELY

AFFECT

OUR

BUSINESS,

FINANCIAL

CONDITION, RESULTS

OF OPERATIONS,

CASH FLOWS, AND THE TRADING PRICE OF OUR COMMON STOC

Risks Relating to Our Business

To achieve our mission, our

strategy is to

build and operate

the leading South

African full service

fintech

platform offering cash

management, payment and

financial services. Our

future success, and

our ability to

return

profitability

and

positive

cash

flow

substantially

dependent

our

ability

complete

the

implementation of this strategy successfully.

Our board conducted an extensive

review of our business strategy

and operations in July 2020,

and decided to focus on

our South

African

operations

and

other

business

opportunities

South

Africa

and,

lesser

extent,

the

rest

the

African

continent.

The

restructuring

the

consumer

business

and

acquisition

Connect

were

integral

parts

the

strategy

return

the

business

profitability

and

positive

cash

flow.

have

made

significant

progress

both

these

initiatives,

including

the

acquisitions

Adumo

and

Recharger,

and

the

proposed

acquisition

Bank

Zero

(which

remains

subject

the

fulfilment

waiver

various

conditions

precedent),

however

cannot

assure

you

that

will

able

complete

our

strategy

successfully

and

return

profitability and positive cash flow. ~~We have made significant progress on both of these initiatives however we cannot assure you that~~

Even if we do return to profitability, achieving net income does not necessarily

ensure positive cash flows. Future periods of net

losses

from

operations

could

result

negative

cash

flow

and

may

hamper

ongoing

operations

prevent

from

sustaining

expanding our business. We cannot assure you that we will achieve, sustain or increase profitability in the future and if we do not, our

business will be materially and adversely affected.

have a

significant amount

of indebtedness that

requires us

to comply with

restrictive and financial

covenants. If we are unable to comply with these

covenants, we could default on this debt, which would have

a material adverse effect on our business and financial condition.

As of June 30,

2025, we had

aggregate borrowings outstanding

of ZAR 3.6 billion

($200.8 million translated

at exchange rates

as of June 30, 2025). We partially funded certain of

our recent acquisitions through South

African bank borrowings. We, together with

Lesaka SA

and the majority

of Lesaka SA’s directly and indirectly wholly-owned

subsidiaries, have agreed

to guarantee the

obligations

Lesaka

and

the

other

borrowers

under

the

certain

the

borrowings

the

lenders.

Certain

these

borrowings

contain

customary covenants which include a

requirement for Lesaka SA

to maintain specified Net

Debt to EBITDA and

Interest Cover Ratios

(as defined in

the lending agreements) and

restricts the ability

of Lesaka SA,

and certain of

its subsidiaries to

make certain distributions

with respect

to their

capital stock,

prepay other

debt, encumber

their assets,

incur additional

indebtedness, make

investment above

specified levels, engage in certain business combinations and engage in

other corporate activities.

The borrowings through our merchant lending operations, through Cash

Connect Capital (Pty) Ltd (“CCC”) and K2020 Connect

(Pty) Ltd (“K2020”),

include a ZAR 400

million revolving credit

facility agreement. This

facility contains customary

covenants that

require

the borrowing

parties to

collectively

maintain

a specified

capital adequacy

ratio, restrict

the ability

of the

entities

to make

certain distributions with respect to

their capital stock, encumber their assets,

incur additional indebtedness, make investments, engage

~~future~~in ~~repayments~~certain atbusiness ~~risk~~combinations and engage in other corporate activities.

These security arrangements and covenants may

reduce our operating flexibility or

our ability to engage in

other transactions that

may

beneficial

us.

are

unable

comply

with

the

covenants,

could

default

and

the

indebtedness

could

550.0 million (both fully utilized and ZAR 512.5 million outstanding after scheduled repayments); and (iv) an asset-backed facility of

ratios.

accelerated. If this were to occur, we might not be able to obtain waivers of default or to refinance the debt with another lender and as

a result, our business, financial condition and stock price would suffer.

Failure to complete, or delays in completing, the

Bank Zero acquisition, could materially and adversely

term sustainability.

customer base.

•

manner in which grant recipients may transact;

•

political interference and changes in the regulatory environment;

•

cyber-attacks, data breaches and data leaks;

•

further civil unrest similar to that experienced in July 2021;

•

loss of key technical and operations staff;

•

expired property leases disrupting business operations; and

•

affect our results of operations and stock price.

The

completion

of the

Bank

Zero

acquisition

is subject

number

conditions

precedent,

including

receipt

regulatory

approvals and certain third-party consents. Some of these conditions are

outside our control.

complete

the

acquisition,

must

make

certain

filings

with,

and

obtain

certain

consents

and

approvals

from,

various

governmental and regulatory authorities.

The regulatory approval processes may

take a lengthy period of time to complete,

and there

can be no assurance

as to the outcome

of the approval processes,

including the undertakings

and conditions that

may be required

for

approval, or whether the regulatory approvals will be obtained at all.

In addition,

the completion

of the

acquisition is

conditional

on, among

other things,

no action

or circumstance

occurring that

would result in a material adverse effect on the Bank Zero’s

business operations or financial results.

We cannot

provide any assurance regarding if or

when all conditions precedent to the acquisition

will be satisfied or waived. If,

for any reason, the acquisition is

not completed, or its completion is

materially delayed and/or the transaction agreement is terminated,

the market price of our common stock may be materially and adversely

affected.

In addition, if the acquisition is not completed for any reason, there are risks that (i) the announcement of the acquisition and (ii)

the dedication

of management’s

attention and other

of our resources

to the completion

thereof, could have

a negative impact

on our

relationships with our stakeholders

and could have a material

adverse effect on

our current and future operations,

financial condition

and prospects.

We may not realize some or all of the anticipated benefits

from the Bank Zero acquisition or

we may fail

to realize

some or

all of

the expected

benefits of

certain recently

integrated acquisitions,

including Adumo

Weand ~~may~~Recharger ~~not realize some or all of the anticipated benefits from the Adumo acquisition.~~

Even

complete

the

Bank

Zero

acquisition,

may

experience

unforeseen

events,

changes

circumstances

that

may

adversely affect us. For

example, we may

incur unexpected costs,

charges or expenses resulting

from the transaction,

including charges

future

earnings

Bank

Zero’s

business

does

not

perform

expected.

Our

expectations

regarding

Bank

Zero’s

business

and

prospects

may not

be realized,

including

as a

result of

changes in

the financial

condition of

the markets

that Bank

Zero serves.

addition, there are risks associated with Bank Zero’s product and service offerings or

results of operations, including the risk of failing

to comply with certain regulatory rules required to operate its business.

Further,

there

are numerous

challenges, risks

and

costs involved

with integrating

the operations

of Bank

Zero with

ours. For

example, integrating

Bank Zero

into our

company will

require significant

attention from

our senior

management which

may divert

their attention from our day-to-day business. The difficulties of

integration may also be increased by cultural differences between our

two organizations and the necessity of retaining and integrating

personnel, including Bank Zero’s

key employees.

During fiscal

2025 we

closed the

acquisitions of

Adumo and

Recharger and

have integrated

their businesses

into our

ours. As

these businesses have only been

recently integrated in our business

there is a risk

that we may fail to

realize some or all

of the expected

12benefits from these acquisitions.

Our Sarbanes-Oxley

Act of

2002 (“Sarbanes”)

management certification

and auditor

attestation regarding

the effectiveness

our internal control over

financial reporting as of

June 30, 2025, excludes

the operations of

Adumo and Recharger as these

transactions

were only closed during fiscal 2025. The requirement to evaluate and report on our internal

controls also applies to companies that we

acquire,

including

Bank

Zero.

group

South

African

private

companies

prior

acquisition,

Adumo,

and

recently

Recharger,

were not required to comply with Sarbanes prior

to the time we acquired them. The integration

of Adumo, Recharger and

Bank

Zero

into our

internal

control

over

financial

reporting would

expected

to require

significant

time

and

resources

from

our

management and other

personnel and is

expected to increase our

compliance costs. If

we fail to successfully

integrate the operations

of Adumo,

Recharger and

Bank Zero

into our

internal control

over financial

reporting, our

internal control

over financial

reporting

may not be effective.

As such, if some or

all of the aforementioned

risks materialize, our ability to

successfully integrate Bank Zero’s

operations into

our business

and realize

the associated

benefits of

that acquisition

could be

adversely impacted.

This could

lead to

the recording

material impairments, and as a result, our financial condition, results of

operations, cash flows and stock price could suffer.

We may undertake acquisitions

that could

increase our

costs or

liabilities or

be disruptive

to our

business.

Acquisitions are

an integral part

of our new

growth strategy

as we seek

to expand our

business and deploy

our technologies

new markets

in Southern

Africa. However,

we may

not be

able to

locate suitable

acquisition

candidates at

prices that

we consider

appropriate.

identify an

appropriate

acquisition

candidate,

may

not be

able to

successfully

negotiate

the

terms

the

transaction, finance it

or, if the

transaction occurs, integrate the

new business into

our existing business.

These transactions may

require

debt financing or additional equity financing, resulting in additional leverage

or dilution of ownership.

Acquisitions of businesses

or other material

operations and the

integration of these

acquisitions or their

businesses will require

significant attention

from members

of our senior

management team,

which may

divert their

attention from

our day-to-day

business.

The difficulties

of integration

may be

increased by

the necessity

of integrating

personnel with

disparate business

backgrounds

and

combining

different

corporate cultures.

also may

not be

able to

retain key

employees or

customers

of an

acquired business

realize

cost

efficiencies

synergies

other

benefits

that

anticipated

when

selecting

our

acquisition

candidates.

Acquisition

candidates may have liabilities or adverse operating issues that we fail to

discover through due diligence prior to the acquisition.

may

need

to record

write-downs

from future

impairments of

goodwill or

other intangible

assets, which

could reduce

our

future reported earnings.

~~may~~15 ~~adversely affect our business and results of operations.~~

Geopolitical conflicts,

including the

conflict between

Russia and

Ukraine and

in the

Middle East,

may

~~concerns~~adversely ~~that~~affect ~~could~~our ~~result~~business ~~in broader European military~~ and ~~political~~results ~~conflicts~~of ~~and otherwise have a substantial impact on regional and~~ operations.

~~global~~The ~~economies~~current conflicts between Russia and Ukraine, ~~any~~and orin ~~all~~the ofMiddle ~~which~~East ~~could~~are ~~adversely~~creating ~~affect~~substantial ~~our~~uncertainty ~~business.~~about the future of

the global economy.

Countries across the globe have instituted sanctions and other penalties

against Russia. The retaliatory measures

that have been taken, and

could be taken in the future,

by the U.S., NATO,

and other countries have created

global security concerns

that could

result in broader

European military

and political conflicts

and otherwise

have a substantial

impact on

regional and

global

economies, any or all of which could adversely affect our business,. ~~including:~~

While the broader consequences are uncertain at this time, the continuation

and/or escalation of the conflicts, along with any

expansion of the conflict to surrounding areas, create a number of risks that could

adversely impact our business, including:

•

Increased inflation and significant volatility in the macroeconomic environment;

•

Disruptions to our technology infrastructure, including through

cyberattacks, ransom attacks or cyber-intrusion;

•

~~adverse~~Adverse changes in international trade policies and relations;

•

~~disruptions~~Disruptions in global supply chains; and

•

~~constraints~~Constraints, volatility or disruption in the credit and capital markets.

All of these risks could materially

and adversely affect our business

and results of operations. We

are continuing to monitor the

situation in Ukraine, the Middle East and globally and assessing the potential

impact on our business.

A prolonged economic

slowdown or lengthy

or severe recession

in South Africa

or elsewhere could

harm

our operations.

A prolonged economic

downturn or recession

in South Africa

could materially

impact our results

from operations, particularly

in light

of electricity

disruptions, a

significantly weak

USD/ ZAR

exchange rate

compared with

previous periods,

and our

strategic

decision to focus on

our South African operations. Economic

confidence in South Africa, our

main operating environment, is

currently

low and, as

a result, the

risk of a

prolonged economic downturn

is increased, which

could have a

negative impact on

merchants and

retailers; mobile

phone operators;

our account

holders; the level

of transactions

we process; the

take-up of

the financial

services we

offer

and

the ability

of our

customers

repay our

loans or

pay

their insurance

premiums.

If financial

institutions

and

retailers

experience decreased demand for their products

and services, our hardware, software, related

technology sales and processing revenue

~~with~~could ~~previous periods, and our strategic decision to focus on our South African operations~~decrease. ~~Economic confidence in South Africa, our~~

Any economic slowdown may be further exacerbated by the

recently imposed trade tariffs on South Africa by the

U.S. While the

South African government

intends to negotiate the

reduction of the

30% tariff hike,

it is uncertain

as to whether the

planned attempt

to negotiate will result

in the desired outcome.

It is therefore necessary to

consider the macroeconomic

effect of the tariff

hike in the

context of

the South

African economy

which may

ultimately have

a ripple effect

on our operations

as our client

consists of,

but are

not limited

to, merchants,

retailers, mobile

phone operators

and account

holders. We

are unable

to quantify

the impact

of the

tariff

~~technology~~hike ~~sales~~on ~~and~~our ~~processing~~business ~~revenue~~and ~~could~~results ~~decrease~~of operations.

Our

ability

to fund

our ATM

network

requires that

continue

to have

access to

agreement

with

~~carrying~~African ~~value~~Bank ~~based~~to onprovide ~~readily~~liquidity ~~determinable fair values. In addition, our ability~~ to ~~dispose~~operate of our ~~interest~~ATM in network.

The operational

maintenance

of our

ATM

network,

along with

an increase

in our

consumer

banking

client base,

necessitates

access to large amounts

of cash to stock the

ATMs

and maintain uninterrupted service

levels. In September 2024,

we entered into an

arrangement with African Bank Limited (“African Bank”) and certain cash-in-transit service

providers to fund our ATMs.

Under this

arrangement, African Bank will use its cash resources to fund our ATMs

and it is specifically recorded that the cash in our ATMs

are

African Bank’s

property.

Therefore, as

we have

not utilized

a facility

to obtain

the cash,

and do

not own

or control

the cash

for an

extended period of time, we do not record

cash or cash equivalents and borrowings in our

consolidated statement of financial position.

~~MobiKwik~~Cash onwithdrawn ~~acceptable~~from ~~terms,~~our orATMs atby ~~all,~~our ~~may~~EPE becustomers ~~limited~~and ~~under~~other ~~certain~~consumers ~~circumstances.~~are settled through the interbank settlement system from

the ATM

users bank account to African Bank’s

bank accounts. We pay

African Bank a monthly fee for the service provided which is

calculated based on the cumulative

daily outstanding balance of cash

utilized multiplied by the South

African prime interest rate less

1%. We

are exposed to

the risk of

cash lost while

it is in

our ATMs

(i.e. from theft)

and are required

to repay African

Bank for any

~~have a readily determinable fair value~~shortages. ~~The determination of the fair value of an investment requires us to make significant judgments~~

may not

be able

to extend

the terms

of the

arrangement with

African Bank

and certain

cash-in-transit service

providers to

fund our ATMs

on commercially reasonable

terms or at all. Our

ability to continue the

uninterrupted operation of our

ATM

network

will be adversely

impacted by our

failure to

renew these arrangements,

any adverse change

to the terms

of these arrangements,

or a

significant reduction in the amounts provided under these arrangements. We

may also suffer reputational damage if our service levels

Weare ~~did~~negatively ~~not~~impacted ~~identify~~due ~~any~~to ~~observable price changes during either of fiscal 2024, 2023 and 2022 and therefore did not adjust~~ the ~~value~~unavailability of cash.

~~calendar~~16 ~~2024. MobiKwik filed its draft red herring prospectus in January 2024.~~

Our

consumer

microlending

loan

book

and

merchant

lending

book

expose

credit

risk

and

our

successfully complete its contemplated initial public offering, (ii) due to fluctuations in its market price upon listing, including during

investment on acceptable terms, if at all, if MobiKwik fails to list.

facilities, which requires compliance with restrictive and financial covenants.

covenants included in our lending facilities may reduce our operating flexibility or our ability to engage in other transactions that may

be accelerated. If this were to occur, we might not be able to obtain waivers of default or to refinance the debt with another lender and

as a result, our business and financial condition would suffer.

negatively impacted due to the unavailability of cash.

allowance for doubtful finance loans receivable may not be sufficient to absorb future write-offs.

All of our microfinance loans made are for a period of nine months or less and all of our merchant

lending is for a period of less

than

months.

have

created

allowance

for

doubtful

finance

loans

receivable

these

books.

When

creating

the

allowance, management considered factors including the period

of the finance loan outstanding,

creditworthiness of the customers and

the past payment

history of the borrower.

consider this policy

to be appropriate

as it takes into

account factors such

as historical

bad debts, current

economic trends and

changes in our customer

payment patterns. However,

additional allowances may

be required

should the ability of our customers to make

payments when due deteriorate in the future. A

significant amount of judgment is required

~~All~~to ofassess ~~our~~the ~~microfinance~~ultimate ~~loans~~recoverability ~~made are for a period~~ of ~~six~~these ~~months~~microfinance orloan ~~less and all of our merchant lending through Connect is for~~ receivables.

We may face competition from other

companies that offer innovative

payment technologies and payment

processing,

which

could

result

the

loss

our

existing

business

and

adversely

impact

our

ability

customers and the past payment history of the borrower. We consider this policy to be appropriate as it takes into account factors such

successfully market additional products and services.

Our primary competitors in

the payment processing

market include other independent

processors, as well

as financial institutions,

independent

sales

organizations,

new

digital

and

fintech

entrants

and,

potentially

card

networks.

Many

our

competitors

are

companies who

are larger

than we

are and

have greater

financial and

operational resources

than we

have. These

factors may

allow

them to offer better pricing

terms or incentives to customers, which

could result in a loss of our potential

or current customers and/or

force us to lower our prices. Either of these actions could have a significant effect

on our revenues and earnings.

Our

future

success

will

depend

part

our

ability

attract,

integrate,

retain

and

incentivize

key

personnel

and

sufficient

number

skilled

employees,

particularly

the

technical,

sales

and

senior

management areas.

We believe our management team has the right experience

and skills to execute on our strategy. However,

in order to succeed in

our product

development and

marketing efforts,

we may

need to identify

and attract new

qualified technical

and sales personne

l, as

well as motivate and retain our

existing employees. As a result, an

inability to hire and retain such

employees would adversely affect

our ability to

achieve our strategic

goals and maintain

our technological relevance.

We may face difficulty in

assimilating, transitioning

and integrating

newly-hired

personnel or

management of

any future

acquisitions into

our existing

management team,

and this

may

adversely affect

our business. Competitors

may attempt

to recruit

our top

management and

employees. In

order to

attract and retain

personnel in

a competitive

marketplace, we

must provide

competitive pay

packages, including

cash and equity

-based compensation

and

the

volatility

our

stock

price

may

from

time

adversely

affect

our

ability

recruit

or retain

employees.

not

maintain

any

“key

person”

life

insurance

policies.

fail

attract,

integrate,

retain

and

incentivize

key

personnel

and

skilled

employees, our ability to manage and grow our

business could be harmed and our product

development and marketing activities could

be negatively affected.

~~System~~Cybersecurity ~~failures, including~~ breaches inand ~~the~~other ~~security~~system ofdisruptions ~~our~~pose ~~system,~~a ~~could~~significant ~~harm~~threat ~~our~~to business operations.

As a fintech organization reliant on digital infrastructure, we

are highly susceptible to cybersecurity incidents involving sensitive

data

such

as personally

identifiable

information

(“PII”),

payment

card

information

(“PCI”),

and

proprietary

business records.

Our

exposure

includes

the

risk

of data

breaches,

ransomware,

denial-of-service

attacks,

and

unauthorised

system

access.

Although

follow the National Institute

of Standards and

Technology (“NIST”) Cybersecurity Framework in our

security controls, evolving cyber

threats

mean

system

invulnerable.

successful

cybersecurity

breach

could

result

financial

losses,

regulatory

penalties,

reputational

damage,

operational interruptions,

and legal

consequences. Prolonged

or frequent

breaches or

system disruptions

may

diminish

customer

trust, potentially

leading

customers

consider

our

systems

unreliable,

which

could

impact

adoption

and

harm

brand reputation.

Addressing breaches

or system disruptions

can significantly

strain staff

resources and delay

new service launches.

Furthermore, if customers rely on

our products for critical transactions,

a breach could disrupt their

businesses and lead to claims

for

compensation. Even if unsuccessful, this type of claim could be time-consuming

and costly for us to address.

Although certain of our systems

have been designed to reduce

downtime in the event of

outages or catastrophic occurrences, they

remain vulnerable to damage or interruption from earthquakes, floods, fires, power loss, telecommunication

failures, terrorist attacks,

computer viruses, computer denial-of-service attacks and similar events. Some of

our systems are not fully

redundant, and our disaster

~~computers~~recovery ~~could~~planning ~~harm~~may ~~our~~not ~~business~~be ~~and~~sufficient ~~severely~~for ~~affect~~all ~~our customer relationships~~eventualities. ~~Frequent or persistent interruptions in our services~~

Protection against fraud is of key

importance to the purchasers and end

users of our solutions. We

incorporate security features,

including encryption

software, biometric

identification and

secure hardware,

into our solutions

to protect

against fraud in

electronic

transactions and to provide for the privacy and integrity of

cardholder data. Our solutions and systems may be vulnerable to

breaches

in security due to

defects in the security mechanisms,

the operating system, applications

or the hardware platform

as well as through

risk introduced

into our

environment through

third party

suppliers, which

the group

relies heavily

on. Security

vulnerabilities could

jeopardize the security of

information transmitted using our solutions.

If the security of our

solutions is compromised, our

reputation

and marketplace acceptance of

our solutions may be

adversely affected, which would cause

our business to

suffer, and we may become

subject to damages claims. We

have not yet experienced any significant security breaches affecting

our business.

~~altogether,~~17 ~~and could permanently harm our reputation and brands. These interruptions would increase the burden on our staff, which,~~

Despite

robust

measures,

unforeseen

cyber

incidents

or natural

disasters

could

trigger

lengthy

service

interruptions.

Existing

business interruption insurance may not adequately compensate for losses stemming

from cybersecurity failures.

Defending

our

intellectual

property

rights

defending

ourselves

infringement

suits

that

may

losses that may result from interruptions in our service as a result of system failures.

against Lesaka for CPS’ obligations, we cannot provide assurance that no such claim will be made.

CPS has significant obligations and ongoing litigation related to its SASSA contract and has been placed into liquidation. While

judgments, and while we do not believe that there would be a legitimate legal basis for any such claims, we cannot assure you that no

operations and cash flows.

brought against us is expensive and time-consuming and may not be successful.

Litigation to enforce our trademarks or other intellectual property rights or

to protect our trade secrets could result in substantial

costs

and

may

not

successful.

Any

loss

of,

inability

protect,

intellectual

property

our

technology

could

diminish

our

competitive

advantage and

also seriously

harm our

business. In

addition,

the laws

of certain

foreign

countries may

not protect

our

~~substantial~~intellectual ~~costs~~property ~~and~~rights ~~may~~to ~~not~~the besame ~~successful.~~extent ~~Any~~as ~~loss~~do ~~of,~~the orlaws ~~inability~~in tocountries ~~protect,~~where ~~intellectual~~we ~~property~~currently inhave ~~our~~protection. ~~technology~~Our ~~could~~means ~~diminish~~of protecting

our ~~competitive~~intellectual ~~advantage~~property ~~and~~rights ~~also~~in ~~seriously~~countries ~~harm~~where ~~our~~we ~~business.~~currently Inhave ~~addition~~protection, ~~the~~or ~~laws~~any ofother ~~certain~~country ~~foreign~~in ~~countries~~which we operate, may not ~~protect~~be ~~our~~

adequate to

fully protect

our intellectual

property rights.

Similarly,

if third

parties claim

that we

infringe their

intellectual property

rights, we

may be

required to

incur significant

costs and

devote substantial

resources to

the defense

of such

claims, to

discontinue

using and

selling any

infringing technology

and services,

to expend

resources to

develop non-infringing

technology or

to purchase

licenses or pay royalties

for other technology.

In addition, if we

are unsuccessful in

defending any such third-party

claims, we could

suffer costly judgments and injunctions that

could materially adversely affect our business,

results of operations or financial

condition.

may incur

material losses

in connection

with our

movement of

cash through

our infrastructure

protecting our intellectual property rights in countries where we currently have patent or trademark protection, or any other country in

operations or financial condition.

South Africa.

In our merchant

business we collect

and process large

volumes of cash

from our customers,

assuming the

risk of loss

from the

moment that cash is

deposited into our vaults.

We are then responsible for its

collection and transportation to

processing centers, which

we outsource to various cash-in-transit service providers. These services extend

across all areas of South Africa.

South Africa suffers

from high levels

of crime and

in particular cash-in-transit

heists. We

cannot insure against

certain risks of

loss or theft

of cash from

our delivery and

collection vehicles, and

we will therefore

bear the full

cost of certain

uninsured losses

theft in connection with

the cash handling process

Such losses could materially

and adversely affect our financial

condition, cash flows

and results

of operations.

have not

incurred any

material losses

resulting from

cash distribution

in recent

years, but

there is

~~theft~~assurance inthat ~~connection~~we ~~with~~will ~~the~~not ~~cash~~incur ~~handling~~any ~~process, and~~ such material losses ~~could~~in ~~materially~~the ~~and~~future. ~~adversely affect our financial condition, cash~~

no assurance that we will not incur any such material losses in the future.

We depend upon third-party suppliers, making us vulnerable to supply shortages and price fluctuations,

which could harm our business.

obtain our

smart cards,

ATMs,

electronic payment

and POS

devices, components

for our

vaults, components

to repair

the

ISV (independent

software vendor)

division’s

POS hardware, and

the other hardware

we use in

our business from

a limited number

of suppliers, and

do not manufacture

this equipment ourselves.

We generally do not have

long-term agreements with

our manufacturers

or component suppliers.

If our suppliers

become unwilling or

unable to provide

us with adequate

supplies of parts

or products when

we need them,

or if they

increase their prices,

we may not

be able to

find alternative

sources in a

timely manner

and could be

faced

with a critical shortage. This

could harm our ability to meet customer

demand and cause our revenues

to decline. Even if we are

able

to secure alternative sources in a timely manner,

our costs could increase as a result of supply or geopolitical shocks, which

may lead

to an

increase in

the prices

of goods

and services

from third

parties. A

supply interruption,

such as

the previous

global shortage

semiconductors, or

an increase

in demand

beyond current

suppliers’ capabilities

could harm

our ability

to distribute

our equipment

and thus to

acquire new customers

who use our

technology. Any

interruption in the

supply of the

hardware necessary to

operate our

technology, or our inability to obtain substitute equipment at acceptable prices in a

timely manner, could impair our ability to meet the

demand of our customers, which would have an adverse effect on

our business.

Our EasyPay Insurance business exposes us to risks typically experienced by life assurance companies.

EasyPay Insurance Limited (“EasyPay Insurance”)

is a life insurance company and exposes us to risks typically

experienced by

life assurance companies.

Some of these

risks include the

extent to which

we are able

to continue to

reinsure our risks

at acceptable

costs, reinsurer

counterparty risk,

maintaining regulatory

capital adequacy,

solvency and

liquidity requirements,

our ability

to price

our insurance

products appropriately,

the risk

that actual

claims experience

may exceed

our estimates,

the ability

to recover

policy

premiums from our customers and the

competitiveness of the South African insurance

market. If we are

unable to maintain our desired

level of reinsurance

at prices that

we consider acceptable,

we would have

to either accept an

increase in our

risk exposure or

reduce

~~EasyPay~~our ~~Insurance~~insurance iswritings. aIf ~~life~~our ~~insurance~~reinsurers ~~company~~are ~~and~~unable ~~exposes~~to usmeet their commitments to ~~risks~~us ~~typically~~in ~~experienced~~a bytimely ~~life~~manner, ~~assurance~~or ~~companies.~~at ~~Some~~all, we may be unable to

discharge our

obligations under our

insurance contracts. As

such, we are

exposed to counterparty

risk, including credit

risk, of these

16reinsurers.

Our

product

pricing

includes

long-term

assumptions

regarding

investment

returns,

mortality,

morbidity,

persistency

and

operating

costs

and

expenses

the

business.

Using

the

wrong

assumptions

price

our

insurance

products

could

materially

and

adversely affect our financial

position, results of

operations and cash flows.

If our actual

claims experience is

higher than our

estimates,

our financial position, results of

operations and cash flows could be

adversely affected. Finally,

the South African insurance industry

highly

competitive.

Many

our

competitors

are

well-established,

represented

nationally

and

market

similar

products

and

therefore may not be able to effectively penetrate the South

African insurance market.

Risks Relating to Operating in South Africa and Other Foreign Markets

Operating in

Southern and East

Africa, both

emerging markets, subjects

us to

greater risks than

those

we would face if we operated in more developed markets.

Emerging markets such as

Southern Africa are subject

to greater risks

than more developed markets.

While we focus

our business

primarily

emerging

markets

because

that

where

perceive

the

greatest

opportunities

market

our

products

and

services

successfully, the

political, economic and market conditions

in these markets present risks that

could make it more difficult

to operate

our business successfully.

Some of these risks include:

•

Political, legal and economic instability,

including higher rates of inflation and currency fluctuations;

•

~~high~~High levels of corruption, including bribery of public officials;

•

~~loss~~Loss due to civil strife, acts of war or terrorism, guerrilla activities and insurrection;

•

lack

well-developed

legal

systems

which

could

make

difficult

for

enforce

our

intellectual

property

and

contractual rights;

•

Logistical, utilities (including electricity and water supply) and communications

challenges;

•

Potential

adverse

changes

laws

and

regulatory

practices,

including

import

and

export

license

requirements

and

restrictions, tariffs, legal structures and tax laws;

•

Difficulties in staffing and managing operations

and ensuring the safety of our employees;

•

~~restrictions~~Restrictions on the right to convert or repatriate currency or export assets;

•

~~greater~~Greater risk of uncollectible accounts and longer collection cycles;

•

Indigenization and empowerment programs;

•

~~exposure~~Exposure to liability under the UK Bribery Act; and

•

Exposure to

liability under

U.S. securities

and foreign

trade laws,

including the

Foreign Corrupt

Practices Act,

or FCPA,

and regulations established by the U.S. Department of Treasury’s

Office of Foreign Assets Control, or OFAC.

not

achieve

applicable

Broad-Based

Black

Economic

Empowerment

objectives in

our

South

African businesses, we

may be subject

to fines and

we risk losing

our government and/or

private contracts.

In addition,

it is

possible that

we may

be required

to increase

the Black

shareholding of

our company

in a

manner that

could dilute

your ownership

and/or change

the companies

from which

we purchase

goods or

procure services (to companies with a better BEE Status Level).

aThe ~~level~~legislative 4framework ~~BEE~~for ~~rating~~the ~~for~~promotion ~~our~~of Broad-Based Black Economic Empowerment (“BEE”) in South ~~African~~Africa ~~business.~~has been

established through

the Broad-Based

Black Economic

Empowerment

Act, No.

53 of

2003, as

amended from

time to

time, and

the

Amended

BEE

Codes

Good

Practice,

2013,

BEE

Codes,

and

any

sector-specific

codes

good

practice,

Sector

Codes,

published pursuant

thereto. Sector

Codes are

fully binding

between and

among businesses

operating in

a sector

for which

a Sector

Code has been

published. Achievement

of BEE objectives

is measured by

a scorecard which

establishes a weighting

for the various

elements. Scorecards

are independently

reviewed by

accredited BEE

verification agencies

which issue

a verification

certificate that

presents an

entity’s

BEE Status

Level. This

BEE verification

process must

be conducted

on an

annual basis,

and the

resultant BEE

verification certificate is only valid for a

period of 12 months from

the date of issue. Under

our consolidated scorecard, which includes

~~Regulations~~all ~~sets~~South ~~out~~African ~~the~~businesses, ~~various~~we ~~occupational~~currently ~~levels~~hold ~~which~~a ~~are~~BEE ~~determined~~Status inLevel ~~accordance~~2. ~~with the relevant grading systems applied by~~

Two

of our

South African

businesses, being

EasyPay Financial

Services (Pty)

Ltd (“EP

FS”) and

EasyPay Insurance

Limited,

are

subject

the

Amended

Financial

Sector

Code,

the

Sector

Code,

and

all

other

businesses

are

consolidated

under

the

Department

of Trade

and Industry

(DTI)

Generic

Codes. The

FS Sector

Code have

been amended

and aligned

with the

new BEE

Codes and

were promulgated

in December

2017. Licensing

and/or regulatory

authorities overseeing

these South African

businesses

may set minimum adherence

requirements to BEE

standards as a

condition for an

operating license to

trade. The minimum

requirement

under the Financial Sector

Code is Level 8. We

currently have a BEE

Status Level 5 for

EP FS and BEE Status

Level 4 for EasyPay

Insurance.

The BEE scorecard includes

a component relating to management

control, which serves to determine

the participation of Black

people in the board, as

well as at various

levels of management within a

measured entity (including, inter alia,

Executive Management,

Senior Management,

Middle Management

and Junior

Management). The

BEE Codes

and/or Sector

Codes define

the terms

"Senior

Management", "Middle

Management" and

"Junior Management"

as those occupational

categories as determined

in accordance

with

the

Employment

Equity

Regulations,

with

specific

emphasis

improving

participation

proportion

the

demographics

the

Economically

Active

Population

South

Africa,

as published

Statistics South

Africa,

from

time

time.

Employment

Equity

legislation seeks to

drive the alignment

of the workforce

with the racial

composition of the

economically active population

of South

Africa

and

accelerate

the

achievement

employment

equity

targets,

introducing

monetary

fines

for

non-compliance

with

the

Employment Equity legislation and misrepresented submissions. Annexure EEA9 to the Employment

Equity Regulations sets out the

~~the~~various ~~measured~~occupational ~~entity~~levels ~~and~~which ~~referred~~are todetermined in ~~said~~accordance ~~Annexure.~~with the relevant grading systems applied by the measured entity and

17referred to in said Annexure.

~~complies~~19 ~~with certain design principles. This will benefit the workers of the merged entity and result in them receiving a shareholding~~

During fiscal 2025, we made cash contributions to 36 community-based organizations and enterprises to enable them to

promote

growth

and strengthen

their capacity

to develop

innovative platforms

or provide

services to

the markets

they

serve. We

were also

involved in disaster relief efforts for 275 families who were affected by disasters such as

floods, cyclones and fires. We also advanced

digital transformation in over 80 high schools by donating over 3,800 mobile devices. On November 14,

2024, our shareholders voted

on and approved the funding and issuance of 2,490,000 shares

of our common stock to the Lesaka ESOP

Trust. The Lesaka Employee

Share Ownership

Plan (“ESOP”)

is designed

to create

alignment with

our long-term

growth objectives.

The Lesaka

ESOP Trust

also expected to advance our transformation initiatives and plays an important

role in improving our BEE Status Level.

However, it

is possible that these

and other actions

may not be sufficient

to enable us to

achieve the applicable

BEE objectives

~~implementation~~set ~~date~~out offor ~~the~~specific ~~transaction,~~financial weyears. ~~generate~~In athat ~~positive~~event, ~~net~~in ~~profit~~order ~~for~~to ~~three~~maintain ~~consecutive~~competitiveness ~~quarters,~~in the ~~ESOP~~South ~~shall~~African ~~increase~~marketplace, towe 5%may have

to seek to

increase compliance through other means,

including by selling or

placing additional shares

of Lesaka or

of our South African

subsidiaries to Black

South Africans (either directly

or indirectly), over

and above what has already

been approved, and/or

changing

to suppliers that

have higher BEE Status

Levels. Such sales

or placements of

shares could have a

dilutive impact on

your ownership

interest, which could cause the market price of our stock to decline.

We expect

that our BEE Status Level

will be important in order

for us to remain

competitive in the South

African marketplace.

We continually seek

ways to improve our BEE Status Level, especially the ownership (so-called “equity”) and procurement elements

thereof.

may not be

able to effectively

and efficiently

manage the disruption

to our operations

as a result

erratic electricity supply in

South Africa, which could

adversely affect our, financial position, cash flows

and

future growth.

Our businesses in

South Africa are

dependent on electricity

generated and supplied

by the state-owned

utility,

Eskom, in order

to operate, and,

in recent years, Eskom

has been unable to

consistently generate and

supply the amount of

electricity required by

the

South

African

economy

which

has

resulted

significant

and

often

unpredictable

electricity

supply

disruptions.

Eskom

has

implemented

a number

of short-

and

long-term

mitigation

plans

correct

these

issues, but

supply

disruptions

continued

to occur

~~event~~regularly ofand ~~intermittent~~with ~~disruptions~~no topredictability, ~~our~~although consistency of electricity supply. Wehas ~~have~~improved tosignificantly ~~perform~~since ~~regular~~April ~~monitoring~~2024. ~~and~~As ~~maintenance~~part of ~~these generators~~

our

business continuity

programs, we

have

installed back-up

diesel generators

in order

for

us to

continue

to operate

our

core data

processing

facilities

the

event

intermittent

disruptions

our

electricity

supply.

have

perform

regular

monitoring

and

maintenance of these

generators and also

source and manage

diesel fuel levels.

may also be

required to replace

these generators

on a more frequent basis due to the additional burden placed on them.

Our results of operations, financial position, cash flows

and future growth could be adversely affected if Eskom is

unable to raise

sufficient funding to operate

and/or commission new electricity-generating

power stations in accordance with its

plans, or at all, or if

we are unable to effectively and efficiently test, maintain,

source fuel for, and replace, our generators.

Fluctuations in

the value

of the

South African

rand have

had, and

will continue

to have,

a significant

impact

our

reported

results

operations,

which

may

make

difficult

evaluate

our

business

performance between reporting periods and may also adversely affect our stock price.

The South

African rand,

or ZAR,

is the

primary operating

currency for

our business

operations while

our financial

results are

reported in U.S. dollars. Therefore, any depreciation in

the ZAR against the U.S. dollar, would negatively impact

our reported revenue

and net

income. The

U.S. dollar/ZAR

exchange rate

has historically

been volatile

and we

expect this

volatility to

continue (refer

Item

7—“Management’s

Discussion

and

Analysis

Financial

Condition

and

Results

Operations—Currency

Exchange

Rate

Information.”).

Due

the

significant

fluctuation

the

value

the

ZAR

and

its

impact

our

reported

results,

you

may

find

difficult to

compare our results

of operations between

financial reporting periods

even though we

provide supplemental information

about our

results of

operations determined

on a

ZAR basis.

Similarly,

depreciation in

the ZAR

may negatively

impact the

prices at

which our stock trades.

We generally do not engage in any currency hedging

transactions intended to reduce the

effect of fluctuations in foreign currency

exchange rates on our results of

operations, other than economic hedging

using forward contracts relating to

our inventory purchases

which are settled in U.S.

dollars or euros. We

cannot guarantee that we will

enter into hedging transactions

in the future or,

if we do,

18that these transactions will successfully protect us against currency fluctuations.

South Africa’s

high levels of

poverty, unemployment

and crime may

increase our costs

and impair our

ability to maintain a qualified workforce.

While South Africa has a highly developed financial and legal infrastructure, it also has high levels of crime and unemployment,

relative to peer

countries in Africa

and other emerging

economies, and there

are significant differences

in the level

of economic and

social development among its people,

with large parts of the population,

particularly in rural areas, having limited

access to adequate

education, healthcare, housing and other

basic services, including water

and electricity. In addition, South Africa has

a high prevalence

HIV/AIDS

and

tuberculosis,

the

impact

which

may

exacerbated

the

short-term

the

discontinuation

the

U.S.

government’s funding of certain HIV/AIDS

research and outreach programs.

of20 ~~HIV/AIDS and tuberculosis. Government policies aimed at alleviating and redressing the disadvantages suffered by the majority of~~

Government policies

aimed at

alleviating and

redressing the

disadvantages suffered

by the majority

of citizens

under previous

governments may

increase our

costs and

reduce our

profitability,

all of

which could

negatively affect

our business.

These problems

may prompt

emigration of

skilled workers,

hinder investment

into South

Africa and

impede economic

growth. As

a result,

we may

have difficulties attracting and retaining qualified employees

The

economy

South

Africa

exposed

high

rates

inflation,

interest

and

corporate

tax,

which

could

increase

our

operating

costs

and

thereby

reduce

our

profitability.

Furthermore,

the

South

African

government requires additional

income to fund

future government

expenditures and may

be required,

among

other things, to

increase existing income

tax rates, including

the corporate income tax

rate, amend existing

tax legislation or introduce additional taxes.

The economy of

South Africa in the

past has been, and

in the future may

continue to be, characterized

by rates of inflation

and

interest that

are substantially

higher than

those prevailing

in the United

States and

other highly-developed

economies. High

rates of

inflation could increase our South African-based costs and decrease our operating margins. High interest rates increase the cost of our

debt financing, though conversely, they also

increase the amount

of income we

earn on any

cash balances. The

South African corporate

income tax rate, of 27%, is higher than the

U.S. federal income tax rate, of 21%. Any increase

in the effective South African corporate

income tax rate would adversely impact our profitability and cash flow generation.

Risks Relating to Government Regulation

are required to

comply with

certain laws

and regulations, including

economic and trade

sanctions,

which could adversely impact our future growth.

are

subject

to U.S.

and

other

trade

controls,

economic sanctions

and

similar

laws and

regulations,

including

those in

the

jurisdictions

where

operate.

Our

failure

comply

with

these

laws

and

regulations

could

subject

civil,

criminal

and

administrative

penalties

and

harm

our

reputation.

These

laws and

regulations

place

restrictions

our

operations,

trade

practices,

partners

and

investment

decisions.

In particular,

our operations

are subject

to U.S.

and

foreign

trade

control laws

and

regulations,

including various export controls and economic sanctions programs, such as those administered by OFAC. We monitor compliance in

accordance with

the 10

principles as

set out

in the

United Nations

Global Compact

Principles, the

Organisation

for Economic

Co-

operation and

Development recommendations

relating to

corruption, and

the International

Labor Organization

Protocol in

terms of

certain of the items to be

monitored. As a result of doing business

in foreign countries and with foreign

partners, we are exposed to a

heightened risk of violating trade control laws as well as sanctions regulations.

Violations

trade

control

laws and

sanctions

regulations

are

punishable

by civil

penalties,

including

fines,

denial

of export

privileges,

injunctions,

asset seizures,

debarment

from

government

contracts

and revocations

or restrictions

of licenses,

well

criminal fines and imprisonment.

We have

developed policies and procedures as

part of a company-wide compliance

program that is

designed to

assist our compliance

with applicable

U.S. and international

trade control laws

and regulations,

including trade controls

and sanctions programs administered

by OFAC,

and provide regular training

to our employees to create awareness

about the risks of

violations of trade

control laws and

sanctions regulations and

to ensure compliance

with these laws

and regulations.

However, there

can be no assurance that all of our employees, consultants,

partners, agents or other associated persons will not act in violation

of our

policies and these laws and regulations, or that our policies and

procedures will effectively prevent us from violating these regulations

in every transaction

in which we

may engage, or

provide a defense

to any alleged

violation. In particular,

we may be

held liable for

the actions that our

local, strategic or joint venture

partners take inside or outside

of the United States, even

though our partners may

not be

subject to

these laws.

Such a

violation, even

if our

policies prohibit

it, could

materially and

adversely affect

our reputation,

business,

results

operations

and

financial

condition.

Any

expansion

into

developing

countries,

and

our

development

new

partnerships and joint venture relationships, could increase the risk

of OFAC violations in the

future.

In addition,

our payment

processing and

financial services

activities are

subject to

extensive regulation.

Compliance with

the

requirements under the various

regulatory regimes may cause

us to incur significant

additional costs and failure

to comply with such

requirements could result in the shutdown of

the non-complying facility, the imposition of liens, fines and/or civil or

criminal liability.

are

required

comply

with

anti-corruption

laws

and

regulations,

including

the

FCPA

and

Bribery Act, in the

jurisdictions in which we

operate our business, which could

adversely impact our future

growth.

The FCPA prohibits

us from providing anything of value to foreign

officials for the purposes of obtaining or retaining business,

securing

any

improper

business

advantage,

and

requires

keep

books

and

records

that

accurately

and

fairly

reflect

our

transactions.

As part

our

business,

may

deal

with

state-owned

business

enterprises,

the

employees

which

are

considered

foreign

officials

for

purposes of

the FCPA.

The UK

Bribery

Act includes

provisions

that extend

beyond bribery

of foreign

public

officials and also apply to

transactions with individuals not employed

by a government and

the act is also

more onerous than the FCPA

in a number of other respects, including

jurisdiction, non-exemption of facilitation

payments and penalties. Some of the international

locations in which we operate or have investments lack a developed

legal system and have higher than normal levels of corruption.

Any

failure

adopt

appropriate

compliance

procedures

and

ensure

that

our

employees,

agents

and

business

partners

comply with

the anti-corruption

laws and

regulations could

subject us

to substantial

penalties, and

the requirement

that we

comply

with these laws could

put us at a

competitive disadvantage against

companies that are not

required to comply.

For example, in many

emerging

markets,

there

may be

significant

levels

of official

corruption,

and

thus, bribery

of public

officials

may

a comm

only

accepted cost

of doing

business. Our

refusal to

engage in

illegal behavior,

such as

paying bribes,

may result

in us not

being able

obtain business that we

might otherwise have been able

to secure or possibly

even result in unlawful,

selective or arbitrary action being

taken against us.

Violations of anti-corruption laws and regulations are punishable by civil penalties, including fines, as well as criminal fines and

imprisonment. We

have developed policies

and procedures as part

of a company-wide

compliance program that

is designed to assist

our compliance with applicable U.S.,

South African and other international

anti-corruption laws and regulations,

and provide regular

training to our

employees to comply

with these laws

and regulations. However,

there can be

no assurance that

all of our

employees,

consultants, partners, agents or other associated persons will not take actions in violation of our policies or

these laws and regulations,

or that our

policies and procedures

will effectively prevent

us from violating

these regulations in every

transaction in which

we may

engage, or

provide a defense

to any alleged

violation. In

particular,

we may be

held liable for

the actions

that our

local, strategic

joint venture

partners take inside

or outside

of the United

States, even though

our partners may

not be subject

to these

laws. Such a

violation,

even

our

policies

prohibit

it,

could

materially

and

adversely

affect

our

reputation,

business,

results

operations

and

financial condition.

do not

have a South

African banking license

and, therefore, we

provide our EPE

solution through

an arrangement with

a third-party bank,

which limits our

control over this

business and the

economic benefit

we derive from it.

If this arrangement were

to terminate, we would

not be able to operate

our EPE business

without alternate means

of access to

a banking license.

We are also required to comply

with the requirements

of payment schemes,

including VISA and

Mastercard. Furthermore, we

provide certain of

our services under

partnerships

with

South

African

banks.

will

unable

provide

our

payments

and

card-acquiring

businesses if we fail

to comply with payment

scheme rules, and/or fail

to maintain certain regulatory

licenses

and registrations, and/ or if

we were unable to

continue to partner with

South African banks to

provide our

~~without~~payments ~~alternate~~and ~~means~~card ofacquiring ~~access to a banking license~~services.

The

South

African

retail

banking

market

highly

regulated.

Under

current

law

and

regulations,

our

EasyPay

Everywhere

(“EPE”) business activities require

us to be registered as

a bank in South Africa

or to have access to an

existing banking license.

are not currently so registered, but we have an

agreement with African Bank Limited, that enables us

to implement our EPE program

in compliance with the

relevant laws and regulations.

If this agreement were

to be terminated, we

would not be able

to operate these

services unless we were able to obtain access to a banking license

through alternate means. Furthermore, we have to comply

with the

South

African

Financial

Intelligence

Centre Act,

2001

and money

laundering and

terrorist financing

control

regulations,

when

open new

bank accounts

for our

customers and

when they

transact.

Failure to

effectively

implement

and monitor

responses

to the

legislation and regulations may result in significant fines or prosecution of

African Bank and ourselves.

20The South African Financial Advisory and Intermediary Services Act, 2002, requires persons who act as intermediaries between

financial product suppliers and consumers in South Africa to register as financial service providers. EasyPay Insurance was granted

Financial Service Provider (“FSP”) license

on June 9, 2015, and

EP FS was

granted a FSP license

on July 11, 2017. If

our FSP licenses

are withdrawn or suspended, we may be stopped from continuing our financial services businesses in South Africa unless we are able

to enter into a representative arrangement with a third party

FSP.

Furthermore, the

proposed Conduct

of Financial

Institutions (“COFI”)

Bill will

overhaul the

current regulatory

and legislative

framework by replacing

the rules-based approach

with an

outcomes-driven and principles-based

model, and the

adoption of

an activity-

based licensing regime. It will establish a uniform legislative framework to regulate the conduct of all financial institutions across the

financial services

sector.

While the

framework will

make significant

changes, including

the conversion

of existing

licences through

transitional

arrangements

and

new

activities

requiring

licensing,

likely

increase

operational

costs

meet

regulatory

expectations. The final draft

of the COFI

Bill is expected to

be tabled before Parliament

late 2025 or

early 2026 for approval.

However,

contingencies are in place to

ensure smooth transition should the

COFI Bill face further

delays which will include formal

consultations

and the phased introduction of the new legislative framework.

are required

to comply

with the

requirements of

payment schemes,

including VISA

and Mastercard.

have deployed

significant number of devices, and any

mandatory compliance upgrades to our deployed POS

devices would require significant capital

expenditures and/or be

disruptive to our

customer base. Failure

to comply with

the payment schemes’

rules may result

in significant

fines and/or a loss of license to participate in the scheme(s).

We provide card acquiring services

to our customers

by partnering with

Nedbank Limited and

ABSA Bank Limited,

and payment

processing services

in partnership

with the

largest banks

in South

Africa. If

these agreements

were to

be terminated,

Adumo would

not be able to operate

its payment services unless it

were able to obtain

alternative card acquiring or

payment processing agreements

with other partners

or obtain a

direct designation license

with the schemes

and regulatory bodies.

In addition, if

we were to

lose our

Payment Association of South Africa (“PASA

”) registrations or fail to have them renewed, it would be

unable to operate its payment

services.

Compliance with the requirements under these various regulatory regimes may

cause us to incur significant additional costs and

failure to

comply with

such requirements

could result

in the

shutdown of

the non-complying

facility,

the imposition

of liens,

fines

and/or civil or criminal liability.

Proposed regulatory changes to the national payments system are

expected to have a substantial impact

on the South African payments industry. It may change the manner

in which we conduct business and likely

lead to increased operating

costs for our business

as we work

to ensure compliance with

the new legislative

and regulatory framework, which may have a material adverse effect on our business.

On March

3, 2025,

the South

African Reserve

Bank (“SARB”)

published

certain draft

regulatory documents

for commentary

that

are

expected

to have

a substantial

impact

on how

we conduct

our

business namely:

(i)

a draft

directive

entitled

“Directive

respect

of specific

payment

activities within

the

national

payment

system”

(the “Directive”);

(ii) a

draft

exemption

notice

entitled

“Designation by the

Prudential Authority of

specific activities conducted

in the national

payment system which

shall be deemed

not

to constitute

‘the business

of a

bank’ under

paragraph (cc)

in section

1(1) of

the Banks

Act, 1990”

(the “Exemption

Notice”); and

(iii) the National

Payment System

Bill (“NPS

Bill”), which

seeks to

replace the

existing National

Payment System

Act, 1998.

The

proposed regulations

were made

available for

comment, and

we submitted

detailed comments

to our

industry body,

Association of

South African Payment Providers, on the proposed regulations.

The key objectives of the proposed regulations are to

clarify the mandate and objectives of the

SARB with respect to the national

payment

system

(“NPS”);

and

establish

robust

regulatory,

oversight,

and

supervisory

framework

for

the

NPS.

The

proposed

regulations also aim

to promote financial

inclusion, competition, the

prevention of financial

crime, and the

fair treatment and

protection

customers,

while introducing

an activity-based

licensing and

authorization

regime. In

this regard,

the Directive

defines

thirteen

“payment

activities”

and

provides

that

person,

which

can

bank

non-bank,

providing

“payment

activity"

must

obtain

authorisation from the

SARB to undertake

such activity.

Under the Exemption

Notice, certain payment

activities are exempted

from

the definition of ‘the business of a bank’. Prior to the

Exemption Notice, these activities could only be undertaken by a bank. Pursuant

to the

Exemption Notice,

these activities

can be

undertaken by

non-banks, subject

to certain

conditions. Certain

of our

businesses,

including EasyPay Everywhere,

Adumo and Kazang Pay,

currently undertake activities which

would qualify as “payment

activities”

under the

Directive and

the NPS Bill.

Under the

current regulatory

framework, these

activities are

undertaken in

partnership with

sponsoring bank and the sponsoring bank is

subject to regulation by the SARB.

In other words, the business undertaking the “payment

activity” is not subject to direct regulation with respect to such payment activities.

It is

uncertain if

and when

the proposed

regulations will

enter into

effect and

whether a

non-bank such

as the

relevant Lesaka

subsidiary

may

elect

whether

conduct

an exempted

payment

activity

partnering

with

bank

do so,

or on

its own,

authorised by the

SARB -

i.e. whether both

options will

be available

to a

non-bank. Should

our businesses

be subject to

direct regulation

under this new regime (i.e., if our current sponsorship model

is no longer available), we expect that we

will incur significant operating

costs to comply

with the new

requirements, and

to obtain

authorization with

respect thereto. Furthermore,

while some requirements

may already exist under

other current regulatory frameworks

for certain of our

businesses, we will likely

need to invest in additional

resources, systems and processes to

satisfy the regulatory requirements contemplated in the

proposed regulations, which may also lead

to increased operational costs, which may have a material adverse effect

on our business.

may

subject

regulations

regarding

privacy,

data

use

and/or

security,

which

could

adversely

affect our business.

We are

subject to regulations in

a number of the countries

in which we operate

relating to the processing

(which includes,

inter

alia

, the collection, use, retention, security and transfer) of

personal information about the people (whether natural or juristic)

who use

our products

and services.

The interpretation

and application

of user

data protection

laws are

in a

state of

flux. These

laws may

interpreted

and

applied

inconsistently

from

country

and

our

current

data

protection

policies

and

practices

may

not

consistent with those interpretations and applications. Complying

with these varying requirements could cause us to incur

substantial

costs or

require us

to change

our business

practices in

a manner

adverse to

our business.

Any failure,

or perceived

failure, by

us to

comply with any regulatory requirements or international

privacy or consumer protection-related laws and regulations could

result in

proceedings

actions

against

governmental

entities

others,

subject

significant

penalties

and

negative

publicity.

addition, as

noted above,

we are

subject to

the possibility

of security

breaches, which

themselves may

result in

a violation

of these

laws.

Amendments to

the NCA

were signed into

law in

South Africa

in August 2019.

Compliance with

these

amendments may adversely impact our micro-lending operations in South Africa.

In August 2019, the National Credit Amendment Bill, or debt-relief bill, was signed into law in South Africa.

The effective date

of the debt-relief

bill has not

yet been announced

and has been

significantly delayed.

believe that the

debt-relief bill will

restrict

the ability of financial services providers to provide lending

products to certain low-income earners and will increase the

cost of credit

these

consumers.

As a

result,

compliance

with

the debt

-relief

bill

may

adversely

impact

our

micro-lending

operations

South

Africa. Furthermore, we expect that it will take us, and other credit providers, some time to fully understand, interpret and

implement

this new legislation

in our lending processes

and practices. Non-compliance

with the provisions of

this new legislation may

result in

financial loss and penalties, reputational loss or other administrative punishment.

~~Africa.~~23 ~~Furthermore, we expect that it will take us, and other credit providers, some time to fully understand, interpret and implement~~

financial loss and penalties, reputational loss or other administrative punishment.

Risks Relating to our Common Stock

Our stock price has been and may continue to be volatile.

Our stock price has periodically experienced significant volatility. During the 2025 fiscal

year, our stock price ranged from a low

of $3.39 to a high of $5.60. We

expect that the trading price of our common stock may

continue to be volatile as a result of a number

of factors, including, but not limited to the following:

•

Any adverse developments in litigation or regulatory actions in which we are

involved;

•

Fluctuations in currency exchange rates, particularly the U.S. dollar/ZAR exchange

rate;

•

Announcement

additional

BEE

transactions,

especially

one

involving

the

issuance

potential

issuance

equity

securities or dilution or sale of our existing business in South Africa;

•

~~quarterly~~Quarterly variations in our operating results;

•

Significant fair value adjustments or impairment in respect of investments

or intangible assets;

•

~~announcements~~Announcements of acquisitions or disposals;

•

The timing of, or delays in the commencement, implementation or completion

of major projects;

•

~~large~~Large purchases or sales of our common stock; and

•

~~general~~General conditions in the markets in which we operate.

Additionally,

shares of

our common

stock can

be expected

to be

subject to

volatility resulting

from purely

market forces

over

which we have no control.

The put

right we granted

to the IFC

Investors on the

occurrence of certain

triggering events may

have

adverse impacts on us.

21In May 2016, we issued an aggregate of 9,984,311 shares of our common stock to the IFC Investors. Certain IFC Investors were

also investors in Adumo and on October 1, 2024, we issued an aggregate of 1,989,162 additional shares of our common stock to these

IFC Investors pursuant to the

Adumo transaction agreement. As of

June 30, 2025, the

IFC Investors held 9,356,028

shares. We granted

the IFC Investors certain rights, including the

right to require us to

repurchase any share held by the

IFC Investors pursuant to the May

2016 and

October 2024

transactions upon

the occurrence

of specified

triggering events,

which we

refer to

as a

“put right.”

The put

price per

share will

be the

higher of

the price

per share

paid to

us by

the IFC

Investors and

the volume-weighted

average price

per

share prevailing for the 60 trading days preceding the triggering event, except

that with respect to a put right triggered by rejection of

a bona

fide offer,

the put

price per

share will

be the

highest price

offered

by the

offeror.

If a

put triggering

event occurs,

it could

adversely impact

our liquidity

and capital

resources. In

addition, the

existence of

the put

right could

also affect

whether or

on what

terms a

third

party

might

in the

future

offer

to purchase

our

company.

Our response

to any

such offer

could also

be complicated,

delayed or otherwise influenced

by the existence of the put right.

Approximately

31%

our

outstanding

common

stock

owned by

two shareholders.

The

interests of

these shareholders may conflict with those of our other shareholders.

There is a concentration

of ownership of our

outstanding common stock because

approximately 31% of our

outstanding common stock

is owned by two shareholders. Based

on their most recent SEC filings

disclosing ownership of our shares, Value Capital Partners (Pty)

Ltd, or VCP, and IFC Investors, beneficially own approximately 19% and 12% of our outstanding common stock as of June 30, 2025,

respectively.

The interests of

VCP and the

IFC Investors may

be different

from or conflict

with the interests

of our other

shareholders. As a

result of

the significant

combined ownership

by VCP

and the

IFC Investors,

they may

be able,

if they

act together,

to significantly

influence the

voting outcome

of all

matters requiring

shareholder approval.

This concentration

of ownership

may have

the effect

delaying or preventing

a change of control of

our company,

thus depriving shareholders

of a premium for

their shares, or facilitating

a change of control that other shareholders may oppose.

We may seek to raise

additional financing by

issuing new securities

with terms or

rights superior to

those

of shares of our common stock, which could adversely affect the market price of such shares.

may require

additional financing

to fund future

operations, including

expansion in

current and new

markets, programming

development and acquisition,

capital costs and

the costs of any

necessary implementation of

technological innovations or

alternative

technologies, or to fund acquisitions. We may also wish to raise additional equity funding to

reduce the amount of debt funding on our

balance sheet. Because of the exposure to market risks associated

with economies in emerging markets, we may not

be able to obtain

financing on favorable terms or at all.

If we raise additional funds by

issuing equity securities, the percentage ownership of our

current

shareholders will be reduced, and the holders of the new equity securities may have rights superior to those of the holders of shares of

common stock,

which could

adversely affect

the market

price and

voting power

of shares

of common

stock. If

we raise

additional

funds by issuing debt securities, the holders of these debt securities would similarly have some rights senior

to those of the holders of

shares of common stock, and the terms of these debt securities could impose restrictions on operations and

create a significant interest

expense for us.

~~expense~~24 ~~for us.~~

Issuances

of significant

amounts of

stock in

the future

could potentially

dilute

your equity

ownership

and adversely affect the price of our common stock.

believe that

it is necessary

to maintain

a sufficient

number of

available authorized

shares of our

common stock

in order

provide

with

the flexibility

issue shares

for

business

purposes

that

may

arise

from time

time.

For example,

could

sell

additional shares to raise

capital to fund our

operations, to reduce debt

or to acquire other

businesses, issue shares in

a BEE transaction,

issue additional shares under our stock incentive plan or declare a stock dividend. Our board may authorize

the issuance of additional

shares of common stock without notice to, or further

action by, our shareholders, unless shareholder approval is required by law or the

rules of the NASDAQ Stock

Market. The issuance of additional

shares could dilute the equity

ownership of our current shareholders

and any such additional shares would likely be freely tradable, which could

adversely affect the trading price of our common

stock.

have

identified

material

weaknesses

our

internal

control

over financial

reporting

which, if

not

timely

remediated,

may

adversely

affect

the

accuracy

and

reliability

our

financial

statements,

and

our

reputation, business and stock price, as well as lead to a loss of investor confidence in us.

As described

under Item

9A—“Controls and

Procedures.”, we

concluded that

our disclosure

controls and

procedures were

not

effective

as of

June 30,

2025 and

that we

had, as

of such

date, material

weaknesses in

our internal

control over

financial reporting

22related to:

●

Our

Consumer

lending

process,

specifically

insufficient

risk

assessment

and

monitoring

activities

relating

changes

systems

and

processes,

insufficient

controls

over

internal

information

and

information

from

service

organizations,

and

insufficient

design

and

implementation

information

technology

general

controls

(“ITGCs”),

controls

over

service

organizations and process level controls,

resulting in ineffective process level

controls, including a lack of validation

of the

completeness and accuracy of information used within the process;

●

Our payroll process, specifically

insufficient risk assessment

and monitoring activities relating

to changes over the

transfer

ownership

the

centralized

payroll

processes,

insufficient

controls

over

information

from

service

organizations,

and

insufficient design and implementation of ITGCs, controls over service organizations and process level controls resulting in

ineffective process level controls including a lack of validation of

the completeness and accuracy of information used within

this process;

●

Our

annual

goodwill

impairment

process,

specifically

insufficient

risk

assessment

and

ineffective

design

and

implementation of controls resulting in ineffective process level

controls;

●

Our business

combination process,

specifically insufficient

risk assessment

and ineffective

design and

implementation of

controls

over the

purchase price

allocation of

the Adumo

and Recharger

acquisitions including

insufficient

controls over

information resulting in ineffective process level controls including a lack of validation of the completeness and accuracy

information used;

●

Our

revenue

recognition

process

relating

prepaid

airtime

sold

and

processing

fees

relating

certain

agreements,

specifically insufficient risk assessment and ineffective design and implementation of

controls related to our judgement over

revenue recognized either as principal versus as agent resulting in ineffective

process level controls.;

●

Our journal entry process, specifically relating to insufficient risk assessment, and ineffective design and implementation of

controls including

insufficient controls

over information

resulting in

ineffective process

level controls

including a

lack of

validation of the completeness

of the journal entry

population and a lack of

validation of the completeness

and accuracy of

information used within the process; and

●

An insufficient number of experienced and trained resources to execute

on their internal control responsibilities resulting in

ineffective

design, implementation

and operating

effectiveness of

process level

controls for

processes in

the scope

of our

internal control over financial reporting evaluation.

A material weakness is a deficiency,

or a combination of deficiencies, in internal control over financial reporting such that there

reasonable

possibility

that

material

misstatement

our

annual

interim

consolidated

financial

statements

would

not

prevented or detected on a timely basis. The material weaknesses identified in Item 9A—“Controls and Procedures.”, did not result in

any

adjustments or

restatements of

our audited

and unaudited

consolidated

financial statements

or disclosures

for any

prior period

previously reported by us.

intend to remediate

these material weaknesses.

While we believe

the steps we

take to remediate

these material weaknesses

will improve

the effectiveness

of our

internal

control over

financial

reporting

and will

remediate the

identified deficiencies,

if our

remediation

efforts

are

insufficient

address the

material

weakness

we identify

additional

material

weaknesses in

our

internal

control over financial reporting in the future, our ability

to analyze, record and report financial information

accurately, to prepare

our

financial statements within

the time periods

specified by the rules

and forms of the

SEC and to otherwise

comply with our

reporting

obligations

under

the federal

securities

laws may

adversely

affected.

The occurrence

of,

or failure

remediate,

these material

weaknesses and any future material weaknesses in our internal control over financial reporting may adversely affect

the accuracy and

reliability of our financial

statements and have other

consequences that could

materially and adversely affect

our business, including

adverse

impact

the

market

price

our

common

stock,

potential

actions

investigations

the

SEC

other

regulatory

authorities, shareholder lawsuits, a loss of investor confidence and

damage to our reputation.

Failure to maintain effective internal control over financial

reporting in accordance with Section 404

the Sarbanes-Oxley Act, especially

over companies that we may

acquire, could have a material

adverse effect

on our business and stock price.

Under

Section

404

Sarbanes,

are

required

furnish

management

certification

and

auditor

attestation

regarding

the

effectiveness of our

internal control over

financial reporting. We

are required to

report, among other things,

control deficiencies that

constitute

“material

weakness”

changes

in internal

control

that materially

affect,

or are

reasonably

likely to

materially

affect,

internal control over financial reporting.

A “material

weakness” is

a deficiency,

or a

combination of

deficiencies, in

internal control

over financial

reporting such

that

there is a reasonable possibility that

a material misstatement of annual or

interim financial statements will not be

prevented

or detected

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

The

requirement

evaluate

and

report

our

internal

controls

also

applies

companies

that

acquire.

Some

these

companies,

such as

Adumo

and

Recharger,

may

not be

required

to comply

with

Sarbanes prior

to the

time we

acquire

them.

The

integration of these acquired companies

into our internal control over financial reporting

could require significant time and resources

from our management

and other personnel and

may increase our compliance

costs. If we fail

to successfully integrate

the operations

of these acquired companies into our internal control over financial reporting, our internal control over financial reporting may not be

effective.

While

continue

dedicate

resources

and

management

time

ensuring

that

have

effective

controls

over

financial

reporting, failure to

achieve and maintain

an effective internal

control environment could

have a material

adverse effect on

the market’s

perception of our business and our stock price.

The

restatement

our

prior

quarterly

financial

statements

may

affect

shareholder

and

investor

confidence in us or harm our reputation, and may subject us to

additional risks and uncertainties, including

increased

costs

and

the

increased

possibility

legal

proceedings

and

regulatory

inquiries,

sanctions

~~against us or certain of our directors and officers and experts~~investigations.

identified

material

misstatements

the

original

filings

our

Quarterly

Report

Form

10-Q

for

the

quarters

ended

September 30, 2024, December 31, 2024 and March 31, 2025 (“Original Filings”) and withdrew reliance on these Original

Filings on

September 10,

2025.

filed amended

quarterly reports

on September

29, 2025

which include

restatement(s),

refer to

the section

titled “Restatement” in

Note 1 to

the unaudited condensed

consolidated financial statements

in each of

the amended filings

on Form

~~While~~10-Q/A ~~Lesaka~~for isthe ~~incorporated~~quarters inended ~~the~~September ~~state~~30, ~~of Florida~~2024, ~~United~~December ~~States~~31, ~~the~~2024 ~~company~~and isMarch ~~headquartered~~31, ~~in Johannesburg~~2025, ~~South~~for ~~Africa~~additional information regarding the

restatement(s).

Management

also

identified

material

weaknesses

our

internal

control

over

financial

reporting

specific

the

evaluation of information that was known or knowable at the time of the transaction or event included

in the Original Filings, refer to

~~accountants,~~Item ~~are~~9A—“Controls ~~based~~and ~~in South Africa~~Procedures.”

As a result of the restatement

described above, we have

incurred, and may continue to

incur, unanticipated costs

for accounting

and

legal

fees

connection

with,

to,

such

restatement.

addition,

such

restatement

could

subject

number

~~that:~~additional risks and uncertainties, including the increased possibility of legal proceedings and inquiries, sanctions or investigations by

the SEC

or other

regulatory authorities.

Any of

the foregoing

may adversely

affect

our reputation,

the accuracy

and timing

of our

financial

reporting,

our

business,

results

operations,

liquidity

and

financial

condition,

cause

shareholders,

investors

and

customers to lose confidence in the accuracy and completeness

of our financial reports or cause the market price of

our common stock

•to decline.

You

may experience some difficulties in effecting

service of legal process, enforcing U.S and/or foreign

judgments

bringing

original

actions

based

upon

U.S.

laws,

including

federal

securities

laws

other

•foreign laws, against us or certain of our directors and officers and experts.

While Lesaka is incorporated

in the state of

Florida, United States, substantially

all of the company’s

assets are located outside

the United

States. For

this reason,

the majority

of Lesaka’s

directors and

all its

officers reside

outside of

the United

States and

the

majority of our experts, including our independent registered public accountants,

are based in South Africa.

As a

result, even

though you

could effect

service of

legal process

upon Lesaka,

as a

Florida corporation,

in the

United States,

you may not be able

to collect any judgment obtained

against Lesaka in the United

States, including any judgment based

on the civil

liability provisions of U.S. federal securities laws, because substantially all of

our assets are located outside the United States.

•26

Any legal processes initiating action in the United States against Lesaka's

directors, officers, and experts who are located outside

of the ~~judgment~~United ~~has~~States, ~~not~~will ~~lapsed;~~need to be served on them in that country, in accordance with the procedures prescribed by the relevant U.S.

court. South

Africa is

not a

party to

any treaties

regarding the

enforcement of

foreign commercial

judgments. In

order to

be able

enforce a foreign judgment,

it is required for the

South African courts to first

"recognize" the U.S. judgment

– in the absence of

this,

the

foreign

judgment

has no

automatic

extra

territorial

effect.

The foreign

judgment

constitutes a

"cause

action" which

•may

recognized and enforced by South African courts. In order to

achieve this, legal proceedings must be commenced in the

South African

courts.

South Africa

is a party

to the New

York

Convention on

the Recognition

and Enforcement

of Foreign

Arbitral Awards,

and its

International

Arbitration

Act

2017

provides

that

foreign

arbitral

awards

•must

recognised

and

enforced

South

Africa.

However, application

must still be made

to the South African

High Court in order

for the award to

be recognised and

enforceable in

South Africa.

Additional,

practical,

considerations

relating

the enforcement

of foreign

judgments

and arbitration

awards in

South

Africa

include the ~~judgment~~following: ~~was not obtained by improper or fraudulent means;~~

•●

If a foreign judgment is enforced by a South African court,

the approval of the SARB (or an Authorised Dealer of

SARB) is

required

(i) before

defendant

resident

South

Africa

may

pay

money

non-resident

plaintiff;

and

(ii) to

settle

the

judgement in a currency other than South African Rand; and

•●

A plaintiff who is not resident

in South Africa may be required

to provide security for costs

when initiating court proceedings

in South Africa (including for the enforcement of foreign judgments and

awards).

~~(as~~27 ~~amended), of the Republic of South Africa.~~

ITEM 1B.

UNRESOLVED

STAFF COMMENTS

whom the compensation is awarded. South African courts have awarded compensation to shareholders who have suffered damages as

Conventional Penalties Act 15 of 1962 (as amended).

awards will generally be contrary to public policy. South African courts cannot enter into the merits of a foreign judgment and cannot

payable in South African currency unless approval is obtained from SARB or an Authorised Dealer of SARB, to settle the judgement

Africa must be authenticated for the purpose of use in South African courts. In reaching the foregoing conclusions in respect of South

None.

ITEM 1C. CYBERSECURITY

We operate

in the Southern African

Fintech industry,

which is subject to various

cybersecurity risks that could

adversely affect

our business, financial condition,

and results of

operations including, but not

limited to, the

following: intellectual property theft,

fraud,

extortion, harm to employees or customers, violation of privacy laws and other litigation and legal risk and reputational risk.

We have

implemented

risk-based

approach

identify

and

assess the

cybersecurity

threats that

could

affect

our

business and

information

systems. Our cybersecurity program is aligned with

industry standards and best practices, specifically the

Payment Card Industry Data

Security Standard

(“PCI DSS”),

the National

Institute of

Standards and

Technology

(“NIST”) Cybersecurity

Framework and

recently

the SARB

Directive

No. 01

of 2024,

focusing

on cybersecurity

and cyber-resilience

within the

National

Payment System

(“NPS”).

We periodically

conduct a

third

-party Security Risk Assessment

(“SRA”) to

identify

the potential impact and

likelihood of

various

cyber

scenarios

and

determine

the

appropriate

mitigation

strategies

and

controls.

also

use

this

SRA

inform

our

cybersecurity roadmap and strategies to ensure a robust

IT security environment is implemented at

our company. We use various tools

and

methodologies

manage

cybersecurity

risk—including,

but

not

limited

to,

the

following:

the

use

Managed

Endpoint

Detection and Response

(“EDR”) software and

Managed Network

Detection and Response

(“MNDR”) for

our Local Area

Network

(“LAN”)

monitoring

with

internal

and

external

Security

Operations

Center

(“SOC”)

real-time

monitoring,

Data

Loss

Prevention

(“DLP”) enabled

across email and

web channels as

well as mandatory

Multi-factor Authentication

(“MFA”)

in our IT

environment.

In addition, we do periodic backups and regularly test the process to recover any lost or corrupted data. We

also monitor and evaluate

our

cybersecurity

posture

and

performance

ongoing

basis

through

regular

vulnerability

scans,

penetration

tests,

and

threat

intelligence

feeds

provided

our

respective

security

vendors.

require

third-party

service

providers

with

access

personal,

confidential or proprietary

information to implement

and maintain comprehensive

cybersecurity practices consistent

with applicable

legal standards and industry best practices.

recognize

the importance

of cyber

security

awareness and

skills development

which is

regularly

provided

to the

general

workforce, security

teams, developers

and senior

management which

includes regular

crisis simulations to

prepare respective

teams

for crisis scenarios. This also includes regular phishing simulations and campaigns.

Our business

depends on

the availability,

reliability,

and security

of our

information systems,

networks, data,

and intellectual

property. Any disruption, compromise, or breach of our systems

or data due to a

cybersecurity threat or incident could adversely

affect

our operations, customer service, product development, and competitive position. This could also result in a breach of our contractual

obligations or

legal duties

to protect

the privacy

and confidentiality

of our

stakeholders. Such

a breach

could expose

us to business

interruption, lost revenue, ransom

payments, remediation costs, liabilities

to affected parties, cybersecurity protection

costs, lost assets,

litigation,

regulatory

scrutiny and

actions,

reputational harm,

customer dissatisfaction,

harm

to our

vendor

relationships,

or loss

market share.

~~and~~Our ~~uncertainties~~Board ~~related~~of toDirectors ~~our~~exercises ~~business~~its ~~and~~oversight ~~operations.~~role through the Audit Committee

25,

~~operations.~~which provides the Board with regular reports

weand ~~are a party or of which any of our property is the subject.~~ findings

from our

Group

Chief Information Security Officer

(“

CISO

”)

, a

qualified cybersecurity professional

with over 25 years

of experience and a Master’s in Information Security from

Royal Holloway, University of London

As of

the date

of this

Annual Report,

not

believe

any risks

from

cybersecurity

threats have

materially

affected

or are

reasonably

likely to

materially affect

us, including

our results

of operations

or financial

condition.

This Item

1C should

be read

conjunction with the other sections of this Annual Report, particularly Item 1A “Risk Factors,” for a comprehensive understanding of

the risks and uncertainties related to our business and operations.

ITEM 2.

PROPERTIES

We lease our corporate

headquarters facility which consists of approximately 81,000 square feet in Johannesburg,

South Africa.

also lease

properties throughout

South Africa,

including 207

financial services

branches, 14

financial service

express stores,

satellite branches

and 14

sites to

support our

integrated POS

software and

hardware to

the hospitality

industry operations.

also

lease additional office

space in Johannesburg, Cape

Town and

Durban, South Africa; Gaborone,

Botswana; Windhoek Namibia;

and

Nairobi, Kenya.

These leases

expire at

various dates

through 2030,

assuming the

exercise of

options to

extend. We

believe that

have adequate facilities for our current business operations.

ITEM 3.

LEGAL PROCEEDINGS

Litigation related to CPS

Lesaka SA is

a party to

proceedings in the Constitutional

Court of South Africa

involving its subsidiary, Cash Paymaster

Services

Proprietary Limited

(“CPS”), which is

currently in

liquidation. The objective

of these proceedings

is to procure

an order for

CPS to

pay to SASSA the

profit generated by CPS

pursuant to an agreement

concluded between SASSA and

CPS, following the award

of a

tender to CPS. This arose as a consequence of prior court proceedings which concluded that the tender should not have been awarded

to CPS (for

technical reasons not related

to any conduct

by CPS). Lesaka

SA has been

included in these proceedings

in order to

provide

information relevant to determining the profit so made by CPS.

A hearing was

held in the Constitutional

Court on May

27, 2025 and

we await the ruling

of the Constitutional

Court. While no

formal steps have been taken by CPS or any other party to these proceedings to claim that Lesaka SA should be liable to

SASSA or to

CPS as a

consequence of

the proceedings currently

before the Constitutional

Court, it is

difficult to

anticipate what the

ruling of the

Constitutional Court will be.

General

From time to time, we

are involved in

legal proceedings and litigation

arising in the ordinary

course of business. As of

the date

of this Annual Report on Form 10-K, we are not

a party to any litigation or legal proceeding

or subject to any claim that, in the

current

opinion

management,

could

reasonably

expected

have

material

adverse

effect

our

financial

position

results

operations. However, due to the risks and uncertainties inherent in legal proceedings, actual results could differ from current expected

results.

ITEM 4.

MINE SAFETY DISCLOSURES

Not applicable.

2629

PART

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY,

RELATED STOCKHOLDER

MATTERS AND ISSUER PURCHASES OF

EQUITY SECURITIES

Market information

Our common stock is listed on The NASDAQ Global Select Market, or Nasdaq, in the United States under

the symbol “LSAK”

and on the JSE in South Africa under the symbol “LSK.” The Nasdaq is

our principal market for the trading of our common stock and

we have a secondary listing on the JSE.

Our transfer

agent in

the United

States is

Computershare Shareowner

Services LLC,

480 Washington

Blvd, Jersey

City,

New

Jersey,

07310. According

to the

records of

our transfer

agent, as

of September

25, 2025, there

were 6

shareholders of

record of

our

common stock.

believe that

a substantially

greater number

of beneficial

owners of

our common

stock hold

their shares

though

banks, brokers,

and other financial

institutions (i.e. “street

name”). Our transfer

agent in South

Africa is JSE

Investor Services (Pty)

Ltd, One Exchange Square, 2 Gwen Lane, Sandown, Sandton, 2196, South

Africa.

Dividends

have not

paid any

dividends on

shares of our

common stock

during our

last two

fiscal years

and presently

intend to

retain

future earnings to finance the expansion of

the business. We do not anticipate paying any cash dividends in

the foreseeable future. The

future dividend policy will depend on our earnings, capital requirements, debt commitments, expansion plans, financial condition and

other relevant factors.

Issuer purchases of equity securities

~~2024:~~On September 2, 2025, our board of directors approved a share repurchase authorization to repurchase up to an aggregate of $15

million of our

common stock. The

authorization has no

expiration date. This

share purchase authorization

replaces our $100

million

share repurchase authorization.

The table

below presents

information relating

to purchases

of shares

of our

common stock

during the

fourth quarter

of fiscal

2025:

Period

(a)

Total

number of

shares purchased

(b)

Average price

paid per share ($)

(c)

Total

number of shares

purchased as part of

publicly announced

plans or programs

(d)

Maximum dollar value

of shares that may yet

be purchased under the

plans or programs ($)

April ~~2024~~2025

100,000,000

May ~~2024~~2025

(1)

~~262~~230,~~468~~442

4.8449

100,000,000

June ~~2024~~2025

(1)

32,~~568~~853

4.5819

100,000,000

Total

~~266~~233,~~036~~295

(1) Relates to the delivery of shares of our common

stock to us by certain of our employees to settle their income

tax liabilities.

These shares do not reduce the repurchase authority under our previous $100

million share repurchase program.

2730

Share performance graph

The chart

below compares

the five-year

cumulative return,

assuming the

reinvestment of

dividends, where

applicable, on

our

common stock with that of the S&P 500 Index and the NASDAQ Industrial Index. This graph assumes

$100 was invested on June 30,

2020, in each of our common stock, the companies in the S&P 500 Index, and the companies

in the NASDAQ Industrial Index.

ITEM 6.

[RESERVED]

2831

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND

RESULTS

OF OPERATIONS

The following

discussion and

analysis should

be read

in conjunction

with Item

8—“Financial Statements

and Supplementary

Data.” In

addition

to historical

consolidated

financial

information,

the following

discussion

and

analysis contains

forward-looking

statements that involve risks, uncertainties and assumptions. See Item 1A—

“Risk Factors” and “Forward Looking Statements.”

U.S. securities laws

require that when

we publish any

non-GAAP measures, we

disclose the reason

for using these

non-GAAP

measures

and

provide

reconciliations

the

most

directly

comparable

GAAP

measures.

discuss

why

consider

useful

present these non-GAAP

measures and the

material risks and

limitations of these

measures, as well

as a reconciliation

of these non-

GAAP measures

to the

most directly

comparable GAAP

financial measure

below at

“—Results of Operations

—Use of Non-GAAP

Measures” below.

Overview

offer

integrated

and

holistic

multiproduct

platform

that

provides

transactional

accounts,

lending,

insurance,

merchant

acquiring,

cash

management,

software

and

ADP.

Targeted

solutions

and

integrations

facilitate

payments

between

consumers

and

businesses. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce

in our

markets.

ecosystem, we facilitate the digitization of commerce in our markets.

Sources of Revenue

We generate revenue

through a diversified portfolio of financial, payment, software, and technology solutions, structured across

three reportable segments: Merchant, Consumer,

and Enterprise.

~~transaction~~Merchant ~~processing and interest revenue from qualifying merchant customers who are able to access short-term loans. The revenue~~

Revenues in Merchant are derived from a combination of transaction-based

fees and an ad valorem pricing model.

Developments during Fiscal 2024

our ability to efficiently digitalize commerce by providing a full-service fintech platform and facilitating the secular shift from cash to

efficiently and fulfill their potential.

Performance in Merchant has been driven by:

●

~~Our~~Merchant acquiring:

We earn

revenue from merchant acquiring

on an ad valorem basis,

based on a percentage

of the total

transaction value processed through our network. We

also earn revenue from transaction fees charged to merchants.

Fiscal year ended June 30,

2024

2023

2022

2024 vs.

2023

2 year

CAGR %

Approximate number of devices in deployment

87,500

75,000

51,000

17%

31%

Throughput for the year (ZAR billions)

33.0

27.6

20.6

20%

27%

money transfers (ZAR billions)

30.6

21.4

13.7

43%

49%

June 30, 2022.

very low margin product.

●

Software

(technology

products):

Revenue

generated

through

selling

hardware

(such

POS

devices)

and

providing

~~Our~~licensing software and technology services to merchants.

~~card acceptance~~ ●

~~Card~~Cash: ~~acceptance~~

generally

earn

revenue

valorem

basis,

based

percentage

the total

cash

settlements

processed

through our cash vaulting network. We

also earn transaction fees when customers utilize our ATM

network.

~~Fiscal year ended June, 30~~ ●

Lending:

We generate interest revenue from qualifying

merchant customers who

are able to

access short-term business loans.

This revenue stream includes interest charged on outstanding

loan balances.

●

ADP:

We also offer merchant customers access to platforms through which we (a) generate revenue from the sale of prepaid

airtime and

generate fees

from distribution

of ADP,

including prepaid

solutions (airtime,

data, electricity

and gaming),

bill

payments, International

Money Transfers

(“IMT”) and

supplier enabled payments.

These fees are

largely charged

on an ad

valorem basis.

Consumer

Revenues in Consumer are generated from transactional banking fees, interest income, insurance premiums and card transaction

processing fees.

●

Transactional

Fees:

earn

revenue

charging

a monthly

fee

and

charge

fees

on an

ad valorem

basis for

goods

and

services purchased.

Transactional

fees associated

with our

consumer accounts

include monthly

account service

fees, ATM

withdrawal fees, and other fees based on usage.

●

Lending:

Revenue

from

our

lending

products

derived

from

combination

origination

fees,

monthly

interest

outstanding loan balances and monthly service fees.

●

Insurance:

Revenue from our insurance offerings is earned monthly premiums

paid by the policyholders.

Enterprise

Like Merchant, Enterprise generates revenue from a combination of transaction-based

fees and an ad valorem pricing model.

●

ADP:

Revenue from our

ADP offering

for Enterprise clients

is primarily based

on a fixed

fee per transaction.

A secondary

pricing model is on an ad valorem basis, depending on the specific digital product

being sold.

●

Utilities:

Our utilities vertical generates revenue predominantly through an annuity-based model, with fees charged on an ad

valorem basis

based on

the total

value of

electricity vended

through our

platform. Ad-hoc

hardware sales

of utility

meters

also an additional contribution to revenue.

●

Payments:

Our payment

solutions enable

payment acceptance

for us

and external

enterprises, on

which we

earn a

fee per

transaction processed.

Developments during Fiscal 2025

This item

generally discusses

our 2025

results compared

to our 2024

results. Discussions

of our

2024 results

compared to

our

2023 results can be found within our Annual Report on Form 10-K

for the year ended June 30, 2024.

Merchant Division

Performance in Merchant has been driven by:

Merchant acquiring

Merchant acquiring includes 84,541 devices deployed under the Adumo,

Card Connect and Kazang brands.

2025

2024

2023

~~2022~~2025 vs

2024 ~~vs.~~

~~2023~~Number of devices in deployment

284,541 ~~year~~

~~CAGR~~51,880 %

~~Approximate~~44,935 ~~number of devices in deployment~~

163%

Total Throughput

for the year (ZAR billions)

~~51,850~~35.5

44,900

22,650

15%

51%

Throughput for the year (ZAR billions)

15.6

12.0

~~6.1~~127%

30%

60%

●

~~Our~~2025 is inclusive of approximately 29,000 devices deployed by Adumo with the Adumo transaction closing on October

1, 2024, the impact of which is not included in the prior period comparatives.

~~lending~~ ●

Throughput increased

to ZAR

35.5 billion

for the

year,

driven mainly

by the

inclusion of

Adumo for

nine months

fiscal 2025 and 15% year-on-year growth attributable

to Kazang Pay.

~~Fiscal~~Software ~~year ended June, 30~~

Our software solutions are offered through GAAP.

2025

Number of GAAP sites

9,649

Approximate ARPU per site (ZAR)

(1)

3,144

(1) ARPU

is calculated

on a revenue

per site basis,

as monthly

figure based

on a three

-month rolling

average for the

quarter

ending June 30, 2025.

●

GAAP was acquired on October 1, 2024.

●

Monthly

ARPU

per

site

combines

hardware

rental

basis

and

software

subscription

revenue,

but

excludes

the

merchant acquiring revenue when our software customers utilize our merchant

acquiring payment solutions.

Cash

2025

2024

2023

~~2022~~2025 vs

2024 ~~vs.~~

Number of devices in deployment

4,572

4,448

4,393

Cash settlements (throughput) for the year (ZAR billions)

114.8

112.6

110.1

Our cash business continues to reflect a tale of two distinct markets:

●

Small-to-Medium

merchant

sector: Ongoing

decline in

cash usage

with flat

net growth

in vault

activity in

a more

mature

digital economy where cash is increasingly displaced by digital alternatives.

●

Micro-merchant market: High cash prevalence and increasing digital adoption is supporting strong growth in the numbers of

devices and cash settlements. Throughput in

our vaults placed in the

micro-merchant sector increased more than 90% to

ZAR

13.8 billion

in fiscal

2025, representing

more than

10% of

total vault

throughput for

the year

compared to

over 5%

a year

ago. This is fast becoming a meaningful contributor to our cash offering.

Lending

Our lending

solutions are

offered to

merchants through

Capital Connect and

Adumo Capital.

Adumo Capital

is a joint

venture

with Retail Capital, a division of Tyme

Bank, with a 50:50 profit share.

2025

2024

2023

22025 ~~year~~vs

~~CAGR~~2024 %

Total lending origination

volume (ZAR millions)

~~Capital Connect credit disbursed~~ (~~ZAR millions~~1)

917

716

769

~~601~~28%

Total net loan book

outstanding at period end (ZAR millions)

(71)%

9%479

millions)

284

294

~~229~~69%

(1) Amounts reflected above includes 100% of

Adumo Capital’s

credit disbursed and net loan book.

(4)%

11%

and maintained the quality of our book through this cycle. Growth in credit disbursed and the Capital Connect

“Fuel Connect”

in fuel ordering, aimed at solving for merchants’ pain points.

●

2025 is inclusive

of lending origination volume

(for nine months)

and the net loan

book under the

Adumo brand, with

the Adumo transaction closing on October

1, 2024, the impact of

which is not included in

the prior period comparatives.

~~Our~~ ●

Capital Connect comprises more than 70%

of our merchant lending activity. After a

challenging two-year period shaped

macroeconomic

headwinds,

Capital

Connect

lending

origination

volume

rebounded

during

fiscal

2025.

Capital

Connect disbursed ZAR 783 million

in 2025, compared with ZAR 716

million last year and ZAR 769 million

in 2023.

This recovery has been driven

by targeted strategic interventions, including dedicated sales

teams, improved proprietary

visibility

into

merchants’

business

activity,

increased

emphasis

new

client

acquisition

and

renewals

for

repeat

borrowers.

~~stores.~~ADP

ADP in our Merchant Division includes prepaid solutions (airtime, data,

electricity and gaming), bill payments, IMT and

supplier enabled payments. IMT and bill payments are included in the supplier

enabled throughput shown below,

with supplier

payments representing the most significant contributor to ADP throughput

in the Merchant Division.

~~Fiscal~~2025 ~~year ended June 30,~~

2024

2023

~~2022~~2025 vs

2024 ~~vs.~~

~~2023~~Number of devices in deployment

294,345 ~~year~~

~~CAGR~~87,562 %

~~Approximate~~74,955 ~~number of devices in deployment~~

~~4,440~~8%

Total throughput

for the year (ZAR billions)

~~4,390~~42.5

~~4,080~~33.0

1%27.6

429%

Prepaid solutions throughput for the year (ZAR billions)

19.1

18.1

14.8

Supplier enabled payments throughput for the year (ZAR

billions)

~~112~~23.64

~~110~~14.19

~~102~~12.18

257%

Our merchants deposited over ZAR 113 billion in cash into our vaults in fiscal 2024 evidencing the value they

Acquisition of Touchsides

decisions, such as pricing and promotional offers.

The data and insights gathered from these terminals carries significant value and potential to be monetized through relationships

financiers.

end markets:

●

had

94,345

devices

deployed

June

30,

2025,

representing

year-on-year

growth.

Core

our

device

placement strategy

is the decision

to focus on

quality business

and optimizing

our existing

fleet, which

is reflected

~~management~~healthy tothroughput ~~corporate~~growth. ~~clients such as Anglo American and Coca-Cola;~~

●

Total

throughput

increased

29%

ZAR

42.5

billion

year-on-year,

driven

57%

increase

supplier

enabled

payments.

Unification of Merchant under Lesaka brands

Over the

past three

years, we

have

brought together

Kazang and

Connect and

subsequently added

Adumo and

GAAP to

our

Merchant Division. In 2025, we accelerated the integration of our micro-merchant and merchant businesses as we build an integrated,

multi-product platform

serving merchants of

all sizes. The

unification of our

Merchant Division’s

operations and the

realignment of

these

brands

under

single

Lesaka

identity

has

commenced.

expect

streamlining

efforts

reduce

complexity,

eliminate

duplication,

and

unify

our

go-to-market

strategy.

result

these

actions,

have

incurred

reorganization

costs,

well

additional intangible asset amortization charges due

to the shortening of the deemed useful lives of some of our brands.

Consumer Division

Our consumer base includes South African grant beneficiaries and other EasyPay

Payouts cardholders.

●

Our grant beneficiary base

includes both permanent and

non-permanent grant beneficiaries. As

the division has evolved,

~~employees~~both ~~throughout~~sub-categories ~~Southern~~of ~~Africa.~~consumers are revenue generating and hence the combined consumer base metrics shown below

~~Botswana,~~are ~~Zambia,~~most appropriate to measure the performance of the division financially and ~~Kenya~~operationally. Although historically we

have

shown

these

metrics

separately,

maintained

that

90%

the

active

consumer

base

are

permanent

grant

beneficiaries.

~~the International Finance Corporation and Adumo management.~~ ●

Our definition

of an active

consumer is any

EPE consumer that

has made a

voluntary transaction (debit

and/or credit)

within the last

90 days.

Consumers who may

be charged a

monthly banking fee

but have

not made a

voluntary transaction

in the last 90 days would not be considered an active consumer.

~~As of September 11, 2024, the majority of shareholder and regulatory approvals required in finalizing this transaction have been~~ ●

~~closing~~The ~~conditions~~definition ~~are~~of ~~satisfied.~~an active consumer reflects the revenue generating engagement of our entire consumer base and more

accurately tracks our current and future monetization strategy for

the division.

3234

~~Consumer Division~~ ●

We will continue

to show the EasyPay Payouts separately given this follows a different

monetization model.

~~Consumer~~2025

Fiscal year ended June 30,

2024

2023

~~2024~~2025 vs.

~~2023~~2024

Transactional accounts

(banking) - EPE

Total active EPE transactional

account base at year end

~~recipients~~ (~~number~~millions)

~~326,000~~1.9

~~186,000~~1.5

75%

recipients (number)

192,000

79,000

143%

1.51

1.28

19%

recipients (millions)

1.33

1.10

21%

Lending - EasyPay Loans

Approximate number of loans originated during the year (number)

1,061,000

850,000

24%

Gross advances (ZAR billions)

1.7

1.3

2924%

~~Loan~~Approximate ~~book~~Net ~~size,~~EPE ~~before~~account ~~allowances,~~activations atfor the year ~~end~~– active

1EPE transactional account base (number '000)

348

235

143

48%

Lending - EasyPay Loans

Approximate number of loans originated during the year

(number '000)

1,299

1,061

856

22%

Gross advances in the year (ZAR millions)

2,500

1,686

1,306

48%

Loan book size, before allowances, at year end (ZAR millions)

(1)

996

548

415

3282%

Insurance - EasyPay Insurance

Approximate number of insurance policies written in the year ~~(number)~~

~~170,~~(number '000)

~~124,000~~210

~~37%~~170

~~439,000~~125

~~335,000~~23%

Total active insurance

policies on book as of year end (number

~~31%~~'000)

~~beneficiaries)~~564 ~~(ZAR)~~

90439

80335

1328%

1.Gross written premium (ZAR millions)

~~The~~404 ~~progress on our key initiatives is as follows:~~

294

229

38%

Average

revenue

per

consumer

per

month,

the

quarter,

(active customers) (ZAR)

(2)

11%

EasyPay Payouts

Approximate number of active cardholders (number '000)

212,724

n.a.

Approximate load value for the year (ZAR millions)

(3)

457

n.a.

(1) Gross loan book, before

provisions.

(2) ARPU is calculated on a revenue

per active consumer basis whereby an

active consumer can be both a permanent and

non-

permanent grant beneficiary with prior

periods adjusted for comparison

purposes. Previously ARPU represented only accounted

for permanent grant beneficiaries. ARPU is a monthly figure based on a 3-month rolling average for the quarter ended June 30,

2025.

(3) Represents

the 9-month

period for

fiscal 2025

given Adumo

integration into

results from

the second

quarter of

fiscal 2025

onwards.

●

Driving customer acquisition, supported by increased focus on

customer service.

Driving customer acquisition

o

Net active account growth

(

permanent grant beneficiaries

per SASSA’s

monthly Social Assistance report

for June

30, 2025, on

the SASSA statistical

reports portal)

for the year

was approximately

348,000 accounts,

compared to

inapproximately 235,000 a year ago (fiscal ~~2023~~2024).

o

Our focus

is on

all revenue

generating consumers

who have

initiated a

transaction within

the last

90-day period.

This

will

include

both

permanent

and

temporary

grant

beneficiaries.

Our

total

active

consumer

base

stood

approximately 1.9 million at the end of June 2025, compared to 1.5 million

a year ago.

in calendar year 2023.

offering other products such as insurance and lending. We do not offer the same breadth of service to the SRD grant

base due to the temporary nature of the grant.

●

Progress on cross selling.

EasyPay Loans

o

originated approximately

1.3 million

loans during

the year,

with our

consumer loan

book, before

allowances

(“gross book”), increasing 82% to ZAR

996 million as of June 30, 2025, compared

to ZAR 548 million as of June

30, ~~2023~~2024.

o

have not

amended our

credit scoring

or other

lending criteria,

and the

growth is

reflective of

the demand

for

our tailored

loan product

for this

market, growth

in EPE

bank account

customer base

and improved

cross-selling

capabilities.

o

The loan conversion rate continues to improve following the implementation of several targeted Consumer lending

campaigns and encouraging results from our digital channels.

o

33The portfolio loss ratio, calculated as the loans written off over the last 12 months as a percentage of the total gross

loan book at the end

of the quarter,

has remained stable at approximately

6% on an annualized basis,

compared to

a year ago (fourth quarter of fiscal 2024). With

the roll-out of the new lending product, targeting

larger loans for a

longer tenor, we expect a modest and non

-material increase in the portfolio loss ratio.

EasyPay Insurance

o

Our insurance product sales

continue to grow

and is a

material contributor to the

improvement in our overall

ARPU.

have been able to

improve customer penetration

to approximately 34%

of our active permanent

grant account

base as of June 30, 2025, compared to 33% as of June 30, ~~2023~~2024. Approximately 210,000 new policies were written

in the year, increasing 23% compared to approximately 170,000 a year ago. The total number of active policies has

grown 28% to approximately 564,000 policies at year end, compared to

439,000 policies a year ago (fiscal 2024).

ARPU

o

ARPU for

our active

consumer base

has increased

to approximately

ZAR 85

per month

for the

fourth quarter

fiscal 2025

from approximately

ZAR 76

a year

ago (during

the fourth

quarter of

fiscal 2024).

ARPU reflects

the

definition of an active customer and includes permanent and non-permanent grant

beneficiaries.

~~Economic~~EasyPay ~~Environment~~Payouts ~~and Impact of loadshedding~~

improved Group Adjusted EBITDA. o

The number of active

card holders was approximately 213,000

at year end, with

a load value of

approximately ZAR

457 million for 9 months with the Adumo transaction closing on October

1, 2024.

~~has~~Enterprise ~~seen~~Division ~~a marked improvement compared to last year. South Africa recently went through more than 100 days without loadshedding.~~

ADP includes

prepaid solutions

and bill

payments through

channels such

as retailer

distribution networks

and online

banking

~~and the bond market recording record inflows, reflecting renewed confidence~~apps.

~~relief~~2025 ~~to consumers and merchants in South Africa.~~

~~rating~~2024 ~~of level 4.~~

~~Leadership~~2025 ~~Changes~~vs ~~in fiscal 2024~~

~~Mazanderani~~2024 ~~has been integral to the development of Lesaka’s strategy and has been a Non-Executive Director since 2020. As part of~~

34ADP

Total Throughput

for the year (ZAR billions)

40.7

38.5

Utilities

Total Throughput

for the year (ZAR millions)

(1)

1,329

1,051

26%

Number of Registered Meters (Thousands)

524,711

444,397

18%

(1) The Recharger

transaction closed on

March 3, 2025.

Utility payments throughput

for fiscal 2025

is a 4-month

contribution

(comprising a

1-month contribution

to the

third

quarter and

a full

quarter contribution

to the

fourth quarter).

Utilities throughput

shown combines historical performance pre

-acquisition.

Acquisition of Bank Zero

On June

26, 2025,

we announced

the acquisition

of Bank

Zero, subject

to regulatory

approval. The

transaction marks

another

key

milestone

our

journey

build

vertically

integrated

fintech

platform.

The

combination

Bank

Zero's

digital

banking

infrastructure and its operational banking license, together with our fintech and distribution platform, is intended to transform the way

Lesaka is able to conduct business in the future, offering key financial,

strategic and regulatory benefits, including:

(i)

Better end-to-end servicing of Lesaka's customer base through a full

suite of banking services,

(ii)

Unlocking meaningful synergies and new opportunities for

the group,

(iii)

Accelerating product innovation and streamlining operations across Consumer,

Merchant and Enterprise,

(iv)

Enabling a transformative shift in our financial profile, and

(v)

Empowering the combined group to deliver greater value to consumers

and businesses across South Africa.

Upon completion of the proposed transaction, the

selling shareholders of Bank Zero –

which include Michael Jordaan (Chairman

of Bank Zero), Yatin Narsai (CEO of Bank Zero), and other

key members of the Bank Zero

will collectively hold an approximate 12%

stake in Lesaka. Bank Zero sellers will be

subject to regulatory and contractual lockups ranging from between 18 and

36-months post-

completion, depending on the seller.

Subject

completion

the

transaction,

Michael

Jordaan

expected

join

our

Board

Directors,

while

Yatin

Narsai

expected

continue

CEO

Bank

Zero.

The

broader

Bank

Zero

leadership

team

will

remain

their

current

roles,

ensuring

continuity and integration.

Balance Sheet Optimization

Debt refinance and new banking partner

At the end of February 2025, we completed the ZAR 4.5 billion refinance of our debt facilities, including Investec Bank Limited

(acting

through

its

Investment

Banking

division:

Corporate

Solutions)

(“Investec

Bank”)

new

banking

partner

alongside

our

incumbent

bank,

FirstRand

Bank

Limited

(acting

through

its

Rand

Merchant

Bank

division)

(“RMB”).

The

benefits

the

debt

refinance include:

(i) consolidating most

of our legacy

senior debt facilities

at the center,

(ii) reducing our

overall weighted

average

borrowing

rate by

approximately

1.3%

per year,

(iii) reshaping

the repayment

profile

of our

senior

debt, and

(iv)

diversifying our

funding sources and increasing debt facility headroom, thereby creating

flexibility and capacity for organic and inorganic growth.

Refinancing the Merchant lending facility

At the end of September 2025, we refinanced and increased our merchant lending facility to $22.5 million (ZAR 400 million) to

create capacity

to fund growth

of our merchant

lending book.

achieved a 75

basis point

reduction in

the overall

funding cost

this facility.

Mobikwik

We completed the disposal of our major non

-core asset, Mobikwik, for $16.4 million (ZAR 290 million) with proceeds received

at the end

of June. These

funds have been

included in our

cash balances and

used to partially

offset our

debt, in line

with our stated

intention.

Lesaka Employee Share Trust

successfully

launched

Lesaka’s

Employee

Ownership

Plan

(“Lesaka

ESOP”)

March

2025

reflecting

our

commitment to our people and adherence to change of control obligations placed on us by the Competition Commission South Africa

at the time of

the Connect acquisition in

2022. Our ESOP is

designed to create alignment

with our long-term

growth objectives. The

Lesaka ESOP

Trust

held an

effective

3% of

our issued

shares at

the date

of implementation,

representing approximately

ZAR 220

million at the

current market

price. This allocation

of shares ensures

that employees

have a meaningful

stake in our

future financial

success and gives them the opportunity to share in the value created by us.

The Lesaka

ESOP Trust

advances our

transformation initiatives

and plays

an important

role in

improving our

BBBEE rating.

Our employee base is comprised of 87% designated groups for BBBEE purposes. Through the creation of a broader base

of employee

ownership, we are helping to promote economic inclusion and contribute

to transformation in the broader South African economy.

Association of South African Payment Providers (“ASAPP”)

ASAPP,

publicly launched (www.asapp.co.za) in January 2025, is now fully established as the main representatives of non-bank

participants

the

payments

space.

The

eight

original

members

(Altron

Fintech,

Hello

Group

Inc.,

iKhokha

(Pty)

Ltd,

Lesaka

Technologies

(Pty)

Ltd,

Network

International

Holdings

Plc,

Peach

Payment

Services

(Pty)

Ltd,

Shop2Shop

(Pty)

Ltd,

Yoco

Technologies

(Pty)

Ltd)

have

been

joined

Flash

Group,

PayU

GPO,

Cross

Switch

Technology

Ltd,

and

Paycorp

Group.

Key

workstreams include:

●

Greater inclusion of Non-Bank participation in the payment’s

ecosystem including services such as settlement of funds

as part of the Bank's Act.

●

Calling to action a review of interchange pricing in South Africa, directly with

the SARB.

●

Working alongside the SARB and other regulatory stakeholders

on the strategic direction

of the Faster Payment

System,

National Treasury Financial Inclusion

Forum and the Payments Industry Body Formation.

Critical Accounting Policies

Our audited consolidated

financial statements have

been prepared in accordance

with U.S. GAAP,

which requires management

make

estimates

and

assumptions

about

future

events

that

affect

the

reported

amount

assets

and

liabilities

and

disclosure

contingent assets and liabilities.

As future events and

their effects cannot be

determined with absolute certainty,

the determination of

estimates requires

management’s

judgment based

on a

variety of

assumptions and

other determinants

such as

historical experience,

current

and

expected

market

conditions

and

certain

scientific

evaluation

techniques.

Management

believes

that

the

following

accounting policies

are critical due

to the degree

of estimation required

and the impact

of these policies

on the understandi

ng of the

results of our operations and financial condition.

~~determining~~Recoverability ~~the fair value~~ of ~~reporting~~Goodwill ~~units for fiscal 2024, our key judgements related to reporting unit revenue growth rates and the~~

A significant component

of our growth

strategy is to acquire

and integrate businesses

that complement

our existing operations.

The purchase

price of

an acquired

business is

allocated to

the tangible

and intangible

assets acquired

and liabilities

assumed

based

upon their estimated

fair value at the

date of purchase.

The difference between

the purchase price and

the fair value of

the net assets

acquired is

recorded as goodwill.

In determining

the fair value

of assets acquired

and liabilities assumed

in a business

combination,

we use various

recognized valuation methods, including

present value modeling.

Further, we make assumptions

using certain valuation

techniques, including discount rates and timing of future cash flows.

review the

carrying value

of goodwill

annually (June

30) or

more frequently

if circumstances

indicating impairment

have

~~discussed in Note 10 to our audited consolidated financial statements~~occurred.

e did not

perform interim impairment

testing in fiscal

2025 as no

triggering events were

identified outside of

the annual

impairment test date. In performing this review, we are required to estimate the fair value of goodwill that is implied from a valuation

of the reporting unit to which the goodwill has been allocated after deducting the fair values

of all the identifiable assets and liabilities

that form part

of the reporting unit.

The determination of

the fair value

of a reporting

unit requires us

to make significant

judgments

and estimates.

Changes in

these judgements

and estimates may

impact on

the outcome

of the

impairment test.

For instance,

the fair

value of the ISV reporting

unit included in our acquisition

of Adumo exceeded the carrying value

of the reporting unit as of

June 30,

2025, by only 2.4%.

If we had used

a weighted average cost of

capital (“WACC”)

rate that was 1%

higher, we would

have recorded

an impairment of $3.8 million, and if the WACC

rate was 1% lower, the headroom would

have increased from 2.4% to 12.4%.

In determining

the fair

value of

reporting units

for fiscal

2024 and

2023, our

key judgements

related to

reporting unit

revenue

growth rates and

the weighted-average cost

of capital applicable

to peer and

industry comparables of

the reporting units.

In determining

the

fair value

of reporting

units for

fiscal

2025,

considered

key

judgements

to reporting

unit

revenue

growth

rates,

the

weighted-average cost of capital applicable to peer and industry comparables of the reporting units and the forecast period to be used.

We base our estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. In addition, we

make judgments

and assumptions

in allocating

assets and

liabilities to

each of

our reporting

units. Refer

to Note

10 to

our audited

consolidated financial statements for a summary of the key judgements used in

our impairment testing.

The results of our impairment tests during fiscal 2025 and 2023 indicated that the fair value of our reporting units exceeded their

carrying

values,

with

the exception

of the

$17.0

million

(related

the

Cash Connect,

Adumo

Technologies,

Adumo Payouts

and

EasyPay reporting units) and $7.0 million

(related to the PPT/

NUETS reporting unit), respectively, of goodwill impaired during fiscal

2025 and

2023, as discussed

in Note 10

to our audited

consolidated financial

statements. The

results of our

impairment tests during

fiscal 2024

indicated that the fair value of our reporting units exceeded their carrying values and so

did not require impairment.

Intangible Assets Acquired Through Acquisitions

The

fair values

of the

identifiable

intangible

assets acquired

through

acquisitions

were determined

by management

using

the

purchase method

of accounting. We

completed the acquisition

of Adumo and

Recharger during

fiscal 2025 where

we identified and

recognized intangible assets. We

did not identify any significant intangible assets related to the Touchsides

acquisition in fiscal 2024.

used the

relief from

royalty method

to value

identified brands

identified in

the Adumo

acquisition, and

the multi-period

excess

earnings method to value identified customer relationships and

the replacement cost approach to value

the identified technology assets

related to Adumo and Recharger

We have used

the relief from royalty method, the

multi-period excess earnings method, the

income

approach

and

the

cost

approach

value

other

historic

acquisition-related

intangible

assets.

doing,

made

assumptions

regarding expected future revenues and

expenses to develop the

underlying forecasts, applied contributory asset

charges, WACC rates,

and useful lives.

The valuations were based on information available at the

time of the acquisition and the expectations and

assumptions that were

deemed reasonable by us. No assurance can be given, however,

that the underlying assumptions or events associated with such assets

will occur as

projected. For these

reasons, among others,

the actual cash

flows may vary

from forecasts of

future cash flows.

the

extent actual cash flows

vary, revisions

to the useful life

or impairment of intangible

assets may be necessary.

Management assesses

the useful life of

the acquired intangible assets

upon initial recognition and revisions

to the useful

life or impairment of

these intangible

assets may be necessary in the future.

~~assets~~38 ~~may be necessary in the future.~~

For instance, during early

calendar 2025, our executive

considered the unification of

our merchant segments operations

and the

realignment of

our brands

under the

master brand

“Lesaka”.

have identified

the steps

and timing

to realign

the affected

brands

under

the

master

brand

and

expect

have

complete

alignment

February

2027,

with

certain

brands

expected

aligned

December 2025. The change in

brands has resulted in a

change in the useful

life of certain of

our brand and trademark intangible

assets

which

has

resulted

increase

amortization

expense

$2.6

million

during

the

year

ended

June

30,

2025.

Furthermore,

recorded an

impairment loss

of $1.8

million related

to Adumo

Technologies

intangible assets which

were fully

impaired during

the

year ended June 30, 2025. Refer to Note 10 of our audited consolidated

financial statements for additional information.

Revenue recognition – principal versus agent considerations

We generate

revenue from the provision of transaction-processing

services through our various platforms

and service offerings.

We use these platforms to (a) sell prepaid airtime

vouchers that are held as

inventory and (b) distribute ADP, including prepaid airtime

35vouchers (which we do not hold as inventory), prepaid electricity, gaming vouchers, and other services, to end consumers through our

platforms. The determination of whether we act as a principal

or as an agent when providing these services using

guidance contained

Accounting

Standards

Codification

(“ASC”)

606

Revenue

from

Contracts

with

Customers

requires

significant

amount

judgement. When

we are the

principal in

a transaction,

revenue is reported

on a gross

basis. When

we are an

agent in

a transaction,

revenue

is recognized

based on

the amount

that

we are

contractually

entitled to

receive

for

performing

the distribution

service on

behalf of our customers.

Finance Loans Receivable and Allowance for Credit Losses

Merchant lending

The allowance for credit losses related to Merchant finance loans receivables is calculated by multiplying the expected write-off

rate for

doubtful or

legal debt

with the

total actual

receivables in

default plus

multiplying the

lifetime loss

rate with

the month-end

outstanding lending book. Our risk management procedures include adhering to our proprietary lending criteria which uses an online-

system loan application

process, obtaining

necessary customer

transaction-history data

and credit bureau

checks. We

consider these

procedures to

be appropriate

because it

takes into

account a

variety of

factors such

as the

customer’s credit

capacity and

customer-

specific risk factors when originating a loan.

We recently

(in the past three years)

commenced lending to merchant

customers and uses historical

default experience over

the

lifetime of loans generated thus far in order to calculate a lifetime loss rate for the

lending book. In addition, management determines

the expected write-off

rate for doubtful or

legal debt based on historical

recovery trends for defaulted

receivables. The allowance for

credit losses related

to these merchant

finance loans receivables

is calculated by

multiplying the expected

write-off rate for

doubtful

or legal debt with the total actual receivables in default plus multiplying the lifetime loss rate with the month-end outstanding lending

book.

The lifetime loss

rate as of June

30, 2025 and

June 30, 2024, was

1.14% and 1.18%,

respectively.

The performing component

(that is, outstanding loan payments

not in arrears), under-performing component (that is,

outstanding loan payments that are

in arrears)

and

non-performing

component

(that

is,

outstanding

loans

for

which

payments

appeared

have

ceased)

the

book

represents

approximately 95%, 4% and 1%, respectively,

of the outstanding lending book as of June 30, 2025.

Prior to

July 1, 2023,

we maintained

an allowance

for credit

losses -

finance loans

receivable related

to our Merchant

services

segment

with

respect

short-term

loans

qualifying

merchant

customers.

Our

policy

was

regularly

review

the

ageing

outstanding

amounts due

from these

merchants and

an allowance

is created

for the

full amount

outstanding if

the customer

was in

arrears for more than 15 days. We wrote off loans and related interest and fees when it is evident that reasonable recovery procedures,

including where deemed necessary,

formal legal action, had failed.

Consumer microlending

The allowance for credit

losses related to Consumer finance

loans receivables is calculated

by multiplying the lifetime

loss rate

with the month-end outstanding lending book

, excluding upfront initiation fees.

Loans to customers have

a tenor of up

to nine months,

with the majority of loans originated having a tenor of six months. Credit bureau

checks as well as an affordability test are conducted

as part of

the origination process,

both of which

are in line with

local regulations. We

consider this policy

to be appropriate

because

the affordability test it performs takes into account a variety of factors such as other debts and total expenditures on

normal household

and

lifestyle

expenses.

Additional

allowances

may

required

should

the

ability

its

customers

make

payments

when

due

deteriorate in the future. While

the allowance for credit

losses is primarily determined utilizing

a provisioning model, there is still

element of judgment

required to assess the

ultimate recoverability of

these finance loan receivables,

including ongoing evaluation

the creditworthiness of each customer.

have operated this

lending book for

more than five

years and use

historical default experience

over the lifetime

of loans in

order to calculate a lifetime loss rate for the lending book. We analyze this lending book as a single portfolio because the loans within

the portfolio

have similar characteristics

and management

uses similar processes

to monitor

and assess the

credit risk of

the lending

book. The allowance for credit losses related to these microlending finance loans receivables is calculated

by multiplying the lifetime

loss rate with the month

end outstanding lending book,

excluding upfront initiation fees. The

lifetime loss rate as of each

of June 30,

2024

and June 30,

2024, was 6.50%. The

performing component (that is,

outstanding loan payments not

in arrears) of the

book exceeds

more than 98% of outstanding lending book as of June 30, 2025.

Prior to July

1, 2023, we

maintained an allowance

for credit losses

- finance loans

receivable related to

our Consumer services

segment with respect

to short-term loans

to qualifying customers.

Our policy was

to regularly review

the ageing

of outstanding amounts

due from

borrowers and

adjust the

provision based

on management’s

estimate of

the recoverability

of finance

loans receivable.

wrote off microlending loans and related service fees if a borrower is

in arrears with repayments for more than three months or , in

the

event of the borrower’s death, or if the borrower was under

debt review.

Valuation

of investment in Cell C

We have elected to measure

our investment in

Cell C, an

unlisted equity security, at fair

value using the

fair value option.

Changes

the

fair

value

this

equity

security

are

recognized

the

caption

“change

fair

value

equity

securities”

our

audited

consolidated statements of operations. The tax impact related to the change in

fair value of equity securities is included in income tax

expense in our audited

consolidated statements of operation.

The determination of

the fair value of this

equity security requires us

make significant judgments

and estimates.

We base our estimates

on assumptions we

believe to be

reasonable but that

are unpredictable

and inherently uncertain. Refer

to Note 6

of our audited consolidated

financial statements regarding the

valuation inputs and

sensitivity

related to our investment in Cell C.

We used a discounted cash flow model to determine the fair value of our investment in Cell C as of June 30, 2024 and 2023, and

valued Cell C at

$0.0 (zero) as of each

of June 30, 2025 and

2024. We utilized the latest business plan provided by Cell

C management

for the

period ended

May 31,

2030, for

the June

30, 2025,

valuation and

the business

plan approved

by Cell

C management

for the

period ended December 31, 2027, for the June 30, 2024, valuation, and the

following key valuation inputs were used:

Weighted Average

Cost of Capital:

~~Between~~24% as of June 30, 2025 and between 21% and 2623% ~~over~~as ~~the period~~ of ~~the~~June ~~forecast~~30, 2024

Long-term growth rate:

4.5% (4.5% as of June 30, ~~2023~~2024)

Marketability discount:

2115% (20% as of June 30, ~~2023~~2024)

Minority discount:

2417% (24% as of June 30, ~~2023~~2024)

Net adjusted external debt - June 30, ~~2024~~2025:

(1)

ZAR 8.3 billion ($0.45 billion), no lease liabilities included

Net adjusted external debt - June 30, ~~2023~~2024:

(2)

ZAR 8.1 billion ($0.4 billion), no lease liabilities included

(1) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30,

2025.

(2) translated from ZAR to U.S. dollars at exchange rates applicable as of June 30,

2024.

believe the

Cell C

business plan

is reasonable

based on

the current

performance and

the expected

changes in

the business

model. Refer to the sensitivity analysis included in

Note 6 to our audited consolidated financial statements

related to our valuation of

Cell C as of June 30, ~~2024~~2025.

On September 1, 2025,

Cell C’s largest

shareholder, Blue

Label Telecoms

Limited (“BLT”),

announced that BLT,

The Prepaid

~~Recoverability~~Company Proprietary Limited (a wholly-owned subsidiary of ~~equity~~BLT), ~~securities~~Cell ~~and~~C ~~equity-accounted~~Limited, ~~investments~~Comm Equipment Company Proprietary Limited

wholly-owned

indirect

subsidiary

BLT),

K2021889191

(South

Africa)

(RF)

Proprietary

Limited,

and

K2022559963

(South

Africa)

(RF)

Proprietary

Limited,

had

entered

into

agreement

setting

out

the

terms

the

proposed

restructure

BLT

and

its

subsidiaries (the

“Pre-Listing Restructuring”).

The Pre-Listing

Restructuring encompasses

various transactions

aimed at

optimizing

Cell C’s

capital structure

and balance sheet

in preparation for

a separation and

listing of the

Cell C business

on the JSE.

The Cell C

~~Other~~listing ~~equity~~remains ~~securities~~subject ~~include~~to, ~~our~~amongst ~~investments~~other inthings, ~~MobiKwik~~market ~~and~~conditions, ~~CPS.~~shareholder, ~~These~~regulatory ~~equity~~and ~~securities~~other dorelevant ~~not~~approvals ~~have~~and ~~readily~~therefore ~~determinable~~

the exact date of listing is

unknown at the date of this Annual

Report on Form 10-K. The listing

of Cell C’s

business on the JSE may

result in

a change

in the

methodology used

to value

our interest

in Cell

C because

we may

use its

quoted listed

price instead

of the

~~The~~discounted ~~determination~~cash offlow ~~the~~model ~~fair~~currently ~~value of an investment requires us to make significant judgments and estimates~~used. ~~We are required to~~

uncertain.

market price as the basis of our valuation.

Deferred Taxation

Stock-based Compensation

a 5% increase (to 53%) or 5% decrease (to 43%) in the expected volatility used (of 48%) to value stock options granted in June 2024,

Accounts Receivable and Allowance for Credit Losses

outstanding balances). The allowance for credit losses related to these receivables has been calculated by multiplying the lifetime loss

Prior to July 1, 2023, a specific provision is established where it is considered likely that all or a portion of the amount due from

amounts.

Lending

Merchant lending

to these merchant finance loans receivables is calculated by adding together actual receivables in default plus multiplying the lifetime

appeared to have ceased) of the book represents approximately 84%, 15% and 1%, respectively, of the outstanding lending book as of

June 30, 2024.

arrears for more than 15 days. We wrote off loans and related interest and fees when it is evident that reasonable recovery procedures,

Consumer microlending

evaluation of the creditworthiness of each customer.

order to calculate a lifetime loss rate for the lending book.

analyze this lending book as a single portfolio because the loans within

lending book as of June 30, 2024.

Recent Accounting Pronouncements

Recent accounting pronouncements adopted

Refer

Note

2 of

our

audited consolidated

financial

statements for

a full

description

of recent

accounting

pronouncements,

including the dates of adoption and effects on financial

condition, results of operations and cash flows.

Recent accounting pronouncements not yet adopted as of June 30, ~~2024~~2025

Refer to Note 2

of our audited consolidated

financial statements for a

full description of recent

accounting pronouncements not

yet adopted as of June 30, 2025, including the expected dates of adoption

and effects on financial condition, results of operations and

cash flows.

3840

Currency Exchange Rate Information

Actual exchange rates

The actual exchange rates for and at the end of the periods presented were

as follows:

Table 1

June 30,

2025

2024

2023

ZAR : $ average exchange rate

~~2022~~18.1644

18.7070

17.7641

Highest ZAR : $ rate during period

1519.~~2154~~6350

19.4568

19.7558

Lowest ZAR : $ rate during period

1617.~~2968~~1144

17.6278

16.2034

Rate at end of period

1417.~~1630~~7554

18.1808

18.8376

16.2903

Translation Exchange Rates

We are required

to translate our results of operations from ZAR to U.S. dollars on a monthly

basis. Thus, the average rates used

to translate this data for the years ended June 30, ~~2024~~2025, ~~2023~~2024 and ~~2022~~2023, vary slightly from the averages shown in the table above. The

translation rates we use in presenting our results of operations are the rates shown

in the following table:

Table 2

June 30,

2025

2024

2023

Income and expense items: $1 = ZAR

~~2022~~17.9031

18.6844

17.9400

Balance sheet items: $1 = ZAR

1517.~~1978~~7554

18.1808

18.8376

have

translated

the

results

operations

and

operating

segment

information

for

the

year

ended

June

30,

2025

and

2024,

provided in

the tables

below using

the actual

average exchange

rates per

month between

the USD

and ZAR

in order

to reduce

the

reconciliation

of information

presented to

our chief

operating decision

maker.

The impact

of using

this method

compared with

the

average rate for the

quarter and year to

date is not significant,

however, it does result in

minor differences. We believe that presentation

using

the

average

exchange

rates

per

month

compared

with

the

average

exchange

rate

per

quarter

and

for

the

year

improves

the

accuracy of the information presented in our external financial

reporting and leads to fewer differences between our external reporting

measures which are supplementally presented in ZAR, and our internal management

information, which is also presented in ZAR.

~~16.2903~~41

Results of operations

The discussion

of our

consolidated overall

results of

operations is

based on

amounts

as reflected

in our

audited consolidated

financial statements which are prepared in accordance

with U.S. GAAP.

We analyze our

results of operations both in U.S. dollars, as

presented in the audited consolidated financial statements, and supplementally in ZAR, because ZAR is the functional currency of the

entities which contribute the majority of our results and is the currency in which

the majority of our transactions are initially incurred

and

measured.

Presentation

our

reported

results

ZAR

non-GAAP

measure.

Due

the

significant

impact

currency

fluctuations between

the U.S. dollar

and ZAR on

our reported

results and

because we

use the

U.S. dollar as

our reporting

currency,

we believe that

the supplemental presentation

of our results

of operations in

ZAR is useful

to investors to

understand the changes

the underlying trends of our business.

Our

operating

segment

revenue

presented

“—Results

operations

operating

segment”

represents

total

revenue

per

operating segment before intercompany

eliminations. A reconciliation between

total operating segment revenue and

revenue, as well

as the reconciliation between our segment performance measure and net loss before tax (benefits) expense, is presented in our audited

consolidated financial statements

in Note 21 to

those statements. Our

chief operating decision maker

is our Executive Chairman

and

evaluates

segment

performance

based

segment

earnings

before

interest,

tax,

depreciation

and

amortization

(“EBITDA”),

adjusted for

items mentioned

in the

next sentence

(“Segment Adjusted

EBITDA”) for

each operating

segment. We

do not

allocate

toonce-off ~~our~~items ~~loss~~(as ~~before~~defined ~~income~~below), ~~tax~~stock-based ~~expense.~~compensation charges, depreciation and amortization, impairment of goodwill or other

intangible assets,

other items

(including gains

or losses

on disposal

of investments,

fair value

adjustments to

equity securities,

fair

value

adjustments

currency

options),

interest

income,

interest

expense,

income

tax

expense

loss

from

equity-accounted

investments

our

reportable

segments.

have

included

intercompany

interest

expense

our

Consumer

Segment

Adjusted

EBITDA for fiscal

2025. Once-off items represent

non-recurring expense items,

including costs related

to acquisitions and

transactions

consummated or

ultimately not

pursued. The

Stock-based compensation

adjustments reflect

stock-based compensation

expense and

are both excluded from the calculation of Segment Adjusted EBITDA and

are therefore reported as reconciling items to reconcile the

reportable segments’ Segment Adjusted EBITDA to our loss before income

tax expense. Effective from fiscal 2025, all lease charges

are allocated

to our operating

segments, whereas

in previous

filings we

presented certain

lease charges

on a separate

line outside

our operating segments. Prior

period information has been

recasted to include the lease

charges which were

previously reported on a

separate line in our Consumer and Merchant (and now Merchant, Consumer

and Enterprise) operating segments.

Group

Adjusted

EBITDA

represents

Segment

Adjusted

EBITDA

after

deducting

group

costs.

Refer

also

“Results

~~“Results of~~ Operations—Use of Non-GAAP Measures” below.

In fiscal 2025 we closed the acquisitions of Adumo

and Recharger and have integrated their businesses into our

ours. Our fiscal

2025 financial results

include Adumo from

October 1, 2024

and Recharger

from March 3,

2025. Refer also

to Note 3

to the audited

consolidated financial

statements for

additional information

regarding these

transactions. Adumo

and Recharger

are not included

~~Fiscal~~our ~~2024~~financial ~~Compared~~results tofor ~~Fiscal~~fiscal 2024 and 2023.

analyze our

business and

operations

in terms

of three

inter-related

but independent

operating segments:

(1) Merchant

(2)

Consumer and (3) Enterprise.

In addition, corporate activities

that are impracticable to

allocate directly to the

operating segments, as

well as any inter-segment eliminations, are included in Group costs. Inter-segment revenue eliminations are included

in Eliminations.

Fiscal 2025 Compared to Fiscal 2024

The following factors had

a significant influence on

our results of

operations during fiscal 2025

as compared with

the same period

in the prior year:

●

~~Higher~~Revenue ~~revenue~~increased:

Our revenues

increased by

16.9% in

U.S. dollar

and 13.5%

in ZAR,

primarily due

to the

inclusion of

Adumo

and

Recharger,

increase

value-added

services activity

Merchant,

higher Pinned

Airtime

sales,

as well

higher transaction, insurance and lending revenues in Consumer,

which was partially offset by a lower contribution from our

~~Our~~legacy ~~revenues~~Enterprise ~~increased by 11.4% in ZAR, primarily due to an increase in low margin prepaid airtime sales~~ businesses;

●

Operating

income

increase,

before

transaction

costs:

Operating

income,

before

transaction

and

costs,

increased

significantly primarily

due to contribution

from Adumo

from October

1, 2024

and Recharger

from March

3, 2025,

which

were partially offset

by increased costs and an

increase in amortization

of acquisition-related intangible assets

related to the

acquisition of Adumo and Recharger;

●

~~Higher~~Non-cash ~~net~~fair ~~interest~~value ~~charge~~adjustment related to equity securities:

We recorded a non

-cash fair value loss of $59.8 million during

fiscal 2025 related to ~~higher~~the ~~interest~~disposal ~~rates~~of our investment in MobiKwik;

●

Higher net

interest charge:

Net interest

charge

increased to

$18.9 million

(ZAR 342.8

million) from

$16.6 million

(ZAR

311.1 million) primarily

due to higher overall borrowings, which

was partially offset by an increase

in interest received as a

~~Significant~~result ~~transaction~~of ~~costs:~~the inclusion of Adumo; and

and

●

Foreign exchange movements:

The U.S. dollar was 4.2% weaker against the ZAR during fiscal

2025 compared to the prior

period, which ~~adversely~~positively impacted our U.S. dollar reported results.

4042

Consolidated overall results of operations

This discussion is based on the amounts prepared in accordance with U.S. GAAP.

The following tables show the changes in the items comprising our statements of operations,

both in U.S. dollars and in ZAR:

Table 3

In U.S. Dollars

Year

ended June 30,

2025

2024

2023

$ %

$ ’000

change

Revenue

659,701

564,222

~~527,971~~17%

Cost of goods sold, IT processing, servicing and support

7%486,546

442,673

~~417,544~~10%

Selling, general and administration

6%131,512

9291,~~001~~969

~~95,050~~43%

Depreciation and amortization

~~(3%)~~33,721

23,665

~~23,685~~42%

(0%)

Impairment loss

18,863

7,039

Transaction costs related to Adumo, Recharger

and Bank Zero acquisitions and

certain compensation costs

~~Transaction~~16,159 ~~costs related to Adumo transaction~~

2,~~293~~325

-595%

Operating (loss) income

nm(27,100)

Operating income (loss)

3,590

(15,347)

~~Reversal~~Change ofin ~~allowance~~fair ~~for~~value ~~EMI~~of ~~doubtful~~equity ~~debt~~securities ~~receivable~~

~~250~~(59,828)

Loss on disposal of equity-accounted investment

161

205

Reversal of allowance for EMI doubtful debt receivable

250

Interest income

2,596

2,294

~~1,853~~13%

Interest expense

~~24%~~21,453

18,932

~~18,567~~13%

Loss before income tax (benefit) expense

2%(105,946)

Loss before income tax expense (benefit)

(12,798)

~~(32,266)~~728%

Income tax (benefit) expense

(~~60%~~18,198)

3,363

(2,309)

Net loss before earnings (loss) from equity-accounted investments

(87,748)

(16,161)

~~(29,957)~~443%

Earnings (Loss) from equity-accounted investments

~~(46%)~~114

(1,279)

~~(5,117)~~nm

~~(75%)~~Net loss

(87,634)

(17,440)

~~(35,074)~~402%

Add net loss attributable to non-controlling interest

~~(50%)~~130

Net loss attributable to us

(87,504)

(17,440)

402%

Table 4

In South African Rand

Year

ended June 30,

2025

2024

2023

ZAR %

ZAR ’000

change

Revenue

11,980,399

10,553,233

~~9,471,800~~14%

Cost of goods sold, IT processing, servicing and support

~~11%~~8,833,924

8,280,262

7~~,490,739~~%

Selling, general and administration

~~11%~~2,388,795

1,~~720~~719,~~585~~992

~~1,705,196~~39%

Depreciation and amortization

1%612,298

442,570

~~424,909~~38%

Impairment loss

334,929

126,280

Transaction costs related to Adumo, Recharger

and Bank Zero acquisitions and

certain compensation costs

~~Transaction~~291,358 ~~costs related to Adumo transaction~~

4243,~~561~~154

-575%

Operating (loss) income

nm(480,905)

Operating income (loss)

67,255

(275,324)

~~Reversal~~Change ofin ~~allowance~~fair ~~for~~value ~~EMI~~of ~~doubtful~~equity ~~debt~~securities ~~receivable~~

4(1,~~741~~089,871)

Loss on disposal of equity-accounted investment

2,886

3,678

Reversal of allowance for EMI doubtful debt receivable

4,741

Interest income

47,108

42,896

~~33,243~~10%

Interest expense

~~29%~~389,882

354,048

~~333,092~~10%

Loss before income tax (benefit) expense

6%(1,916,436)

Loss before income tax expense (benefit)

(239,156)

~~(578,851)~~701%

Income tax (benefit) expense

(~~59%~~328,347)

62,616

(41,423)

Net loss before earnings (loss) from equity-accounted investments

(1,588,089)

(301,772)

~~(537,428)~~426%

Earnings (Loss) from equity-accounted investments

~~(44%)~~2,035

(24,298)

~~(91,799)~~nm

~~(74%)~~Net loss

(1,586,054)

(326,070)

~~(629,227)~~386%

Add net loss attributable to non-controlling interest

~~(48%)~~2,307

41-

tonm ~~fewer hardware sales.~~

Net loss attributable to us

~~regarding~~(1,583,747) ~~these impairment losses.~~

~~and~~(326,070) ~~advisory services procured related to the transaction.~~

~~fair~~386% ~~value calculation for Cell C.~~

~~for~~43 ~~additional information regarding these disposals.~~

Revenue increased

by $95.5

million (ZAR

1.4 billion)

or 16.9%

(in ZAR,

13.5%).

The increase

in ZAR

was primarily

due to,

the inclusion

of Adumo,

an increase

in the

volume of

value-added

services provided

(Pinless Airtime

and

gaming), an

increase

Pinned Airtime sales, an increase

in certain issuing fee base prices

and transaction activity in our issuing

business, and an increase in

insurance

premiums

collected

and

lending

revenues

following

higher

loan

originations.

Refer

discussion

above

“—Recent

Developments” for a description of key trends impacting our revenue this

fiscal year.

~~higher~~Cost ~~interest~~of ~~rates~~goods sold, IT processing, servicing and support increased by $43.9 million (ZAR 0.6 million ) or 9.9% (in ZAR, 6.7%),

primarily due

to the

inclusion of

Adumo, higher

commissions paid

related to

ADP revenue

generated, and

higher insurance-related

claims and third-party transaction fees, which was partially offset

by the decrease in Pinned Airtime sales.

Selling, general

and administration expenses

increased by $39.5

million (ZAR 668.8

million), or 43.0%

(in ZAR, 38.9%).

The

increase was primarily

due to the inclusion

of Adumo; higher

employee-related expenses

(including annual salary

increases); higher

stock-based compensation

charges, consulting

fees and audit

fees; and the

year-over-year

impact of inflationary

increases on certain

~~assets recognized regarding net operating losses incurred by these entities~~expenses.

Depreciation

and

amortization

expense

increased

$10.06

million

(ZAR

169.7

million),

42.5%

(in

ZAR,

38.4%).

The

increase was due to the inclusion of acquisition-related intangible asset amortization related

to intangible assets identified pursuant to

the Adumo and Recharger acquisitions and an increase

in depreciation expense related to additional POS devices deployed.

During fiscal

2025, we

recorded an

impairment loss

which includes

an impairment

of goodwill

of $17.0

million related

to the

impairment of goodwill allocated

to each of Merchant,

Consumer and Enterprise as

well as an impairment of

intangible assets of 1.8

million. Refer to

Note 10 of

our audited consolidated

financial statements

for additional information

regarding these impairment

losses.

Transaction costs related to Adumo, Recharger

and Bank Zero acquisitions and certain compensation costs includes

fees paid to

external service

providers associated

with legal

and advisory

services procured

to close

the Adumo

transaction on

October 1,

2024,

and the Recharger transaction in March 2025,

as well as post-combination compensation charges recognized

related to the Recharger

acquisition of $13.6 million

(ZAR 245.7 million) and

increased primarily due to

these post-combination compensation charges.

This

caption also includes

transaction costs related

to the proposed

acquisition of Bank

Zero. Refer to

Note 3 to

our audited consolidat

~~28%~~financial tostatements ~~27%~~for ~~from~~additional ~~January~~information. ~~2023 (but backdated to July 1, 2022), the tax expense recorded by our profitable South African operations,~~

Our operating (loss)

income margin in

fiscal 2025

and 2024 was (4.1%)

and 0.6%, respectively.

discuss the components of

operating loss margin under “—Results of operations

by operating segment.”

The change in fair value of equity securities of $59.8 million during fiscal 2025 represents a non-cash

fair value adjustment loss

related to MobiKwik. We

did not record any changes

in the fair value of

equity interests in MobiKwik during

the fiscal 2024, or

any

fair value adjustments for Cell C during fiscal 2025 or 2024, respectively.

We continue to carry our investment

in Cell C at $0 (zero).

Interest on surplus cash increased to $2.6 million (ZAR 47.1 million) from $2.3 million (ZAR 42.9 million), primarily due to the

inclusion of Adumo and higher overall average cash balances on deposit during

fiscal 2025 compared with 2024.

Interest expense increased to $21.5

million (ZAR 389.9 million)

from $18.9 million (ZAR 354.0

million). In ZAR, the increase

was primarily

as a result

of higher

overall borrowings

during fiscal 2025

compared with

the comparable

period in the

prior quarter,

Wewhich was partially offset by lower overall interest rates.

Fiscal 2025 income tax benefit was $18.2

million (ZAR 328.3 million) compared to an

income tax expense of $3.4 million

(ZAR

62.6

million)

fiscal

2024.

Our

effective

tax

rate

for

fiscal

2025

was

impacted

deferred

tax

impact

the

fair

value

adjustment to our equity

securities, the reversal of

$12.8 million related to

certain valuation allowances created

in prior years

following

(i) an improvement

in profitability of

certain of our

subsidiaries and (ii)

a change in

judgment on the

need for a valuation

allowance

of $11.4 million related to an entity

which we believe has achieved

sustainable profitability, the tax expense recorded by our profitable

South African operations,

a deferred tax

benefit related to

acquisition-related intangible

asset amortization, non-deductible

expenses

~~recorded~~(in antransaction-related expenses), the on-going losses incurred by certain of our South African businesses and the associated valuation

allowances created related to the deferred tax assets recognized regarding

net operating losses incurred by these entities.

Our effective

tax rate

for fiscal

2024 was

impacted by

the tax

expense recorded

by our

profitable South

African operations,

~~our~~deferred ~~equity~~tax ~~accounted~~benefit ~~investments:~~related to acquisition-related intangible asset amortization, non-deductible expenses, the on-going losses incurred

by certain of our

South African businesses and

the associated valuation allowances

created related to the

deferred tax assets recognized

regarding net operating losses incurred by these entities.

Results of operations by operating segment and group costs

The composition of revenue and the contributions of our business activities to

Group Adjusted EBITDA are illustrated below:

Table 5

2024

2023

$ %

$ ’000

change

Finbond

(1,445)

(5,206)

(72%)

(278)

(4,096)

(93%)

Impairment

(1,167)

(1,110)

Other

166

87%

Share of net income (loss)

166

87%

(1,279)

(5,117)

(75%)

Results of operations by operating segment

Table 6

In U.S. Dollars

Year

ended June 30,

2025

% of

2024

% of

2023

% of

Operating Segment

$ ’000

total

$ ’000

total

change

Consolidated revenue:

Merchant

~~498~~526,~~314~~598

8980%

~~463~~459,~~701~~790

8881%

715%

Consumer

96,008

15%

69,211

12%

~~62,801~~39%

~~12%~~Enterprise

~~10%~~42,556

~~567,525~~6%

~~101%~~46,897

526,502

100%

~~Not~~(9%) ~~allocated to operating segments~~

Subtotal: Operating segments

-665,162

-101%

1575,~~469~~898

-101%

nm15%

~~(3,303)~~Eliminations

(5,461)

(1%)

-(11,676)

-(1%)

nm(53%)

Total

consolidated revenue

659,701

100%

564,222

100%

~~527,971~~17%

100%

Group Adjusted EBITDA:

Merchant

(1)(2)

3336,~~368~~195

9071%

3329,~~531~~170

~~135~~79%

(024%)

Consumer

(1)(2)

1423,~~650~~949

4047%

312,~~314~~679

1334%

~~342~~89%

~~Lease expenses~~Enterprise

(1)(2)

(31,~~238)~~287

(93%)

(2,~~906)~~931

~~(11~~8%)

11(56%)

Group costs

(10,743)

(21%)

(7,844)

(21%)

~~(9,109)~~37%

(37%)

(14%)

Group Adjusted EBITDA (non-GAAP)

(3)

50,688

100%

36,936

100%

~~24,830~~37%

(1) Segment

Adjusted EBITDA

for fiscal

2025, includes

reorganization

and retrenchment

costs for

Merchant of

$0.8 million,

Enterprise of $0.8 million, and Consumer of $0.1

million. Segment Adjusted EBITDA for fiscal 2024, includes retrenchment costs

for

~~100%~~Merchant $0.3 million and Consumer of $0.2 million.

(2) Lease expenses which

were previously presented on

a separate line in fiscal

2024 are now included

in Merchant, Consumer

and Enterprise Segment Adjusted EBITDA. The prior period has been re-presented

to conform with current period presentation.

(3) Group Adjusted EBITDA

is a non-GAAP measure, refer

to reconciliation below at

“—Results of Operations—Use of

Non-

49%

(1) Segment Adjusted EBITDA for Merchant includes retrenchments costs of $0.3 million and Consumer includes retrenchment

costs of $0.2 million for fiscal 2024.

GAAP Measures”.

43Table 6

Table 7

In South African Rand

Year

ended June 30,

2025

% of

2024

% of

2023

% of

Operating Segment

ZAR ’000

total

ZAR ’000

total

change

Consolidated revenue:

Merchant

9,~~320~~562,~~468~~360

8980%

8,~~318~~599,~~796~~450

8881%

1211%

Consumer

1,744,429

15%

1,294,632

12%

~~1,126,650~~35%

~~12%~~Enterprise

~~15%~~773,057

~~10,615,100~~6%

877,317

(12%)

Subtotal: Operating segments

12,079,846

101%

910,~~445~~771,~~446~~399

~~100~~101%

12%

~~Not~~Eliminations ~~allocated to operating segments~~

-(99,447)

26,354

(61,867)

(1%)

-(218,166)

-(1%)

nm(54%)

Total

consolidated revenue

11,980,399

100%

10,553,233

100%

~~9,471,800~~14%

100%

11%

Group Adjusted EBITDA:

Merchant

(1)(2)

~~624~~657,~~111~~177

9071%

~~601~~545,~~546~~472

~~135~~79%

420%

Consumer

(1)(2)

~~274~~435,~~190~~193

4047%

59237,~~453~~362

1334%

~~361~~83%

~~Lease expenses~~Enterprise

(1)(2)

~~(60~~23,~~543)~~724

(93%)

~~(52~~54,~~134)~~924

~~(11~~8%)

16(57%)

Group costs

(193,853)

(21%)

(146,815)

(21%)

~~(163,415)~~32%

(37%)

(10%)

Group Adjusted EBITDA (non-GAAP)

(3)

922,241

100%

690,943

100%

~~445,450~~33%

(1)

Segment

Adjusted

EBITDA

for

fiscal

2025,

includes

reorganization

and

retrenchment

costs

for

Merchant

ZAR

15.7

million, Enterprise

of ZAR

13.6 million,

and Consumer

of ZAR

1.5 million.

Segment Adjusted

EBITDA for

fiscal 2024,

includes

~~100%~~retrenchment costs for Merchant of ZAR 4.9 million and Consumer of ZAR 3.5 million.

(2) Lease expenses

which were previously

presented on a

separate line in

fiscal 2024 are

now included in

Merchant and Consumer

Segment Adjusted EBITDA. The prior period has been re-presented to conform

with current period presentation.

(3) Group Adjusted EBITDA

is a non-GAAP measure, refer

to reconciliation below at

“—Results of Operations—Use of

Non-

GAAP Measures”.

~~55%~~45

retrenchment costs of ZAR 3.5 million for fiscal 2024.

GAAP Measures”.

Merchant

Segment revenue primarily increased due to the inclusion

of Adumo, and a higher volume

of ADP provided (Pinless Airtime and

gaming) and

an increase

in fewer Pinned

Airtime sales.

In ZAR,

the increase

in Segment

Adjusted EBITDA

is primarily

due to

the

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