The Competition Commission has given the go-ahead for Lesaka Technologies to acquire digital financial services upstart Bank Zero in a R1.1-billion transaction.
TechCentral reported in June that Lesaka had agreed to buy Bank Zero, a digital mutual bank co-founded by former FNB CEO Michael Jordaan that has carved a niche for itself by offering app-based banking solutions for both individuals and businesses.
Launched in 2021, it differentiates itself with a strong focus on zero fees for most basic banking activities, including monthly fees, EFT payments and debit orders, setting it apart from traditional banks.
A key feature of Bank Zero’s offering is its patented secure debit card, designed to prevent skimming and online fraud by using different card numbers for different transaction types. Customers can also personalise their cards with their own pictures.
The commission said on Tuesday that it has recommended to the Competition Tribunal that the transaction be allowed to proceed, without conditions, a key step towards getting the deal over the line.
Read: Bank Zero to target a broader market with Lesaka’s backing
“The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market. The proposed transaction does not raise significant public interest concerns.” — © 2025 NewsCentral Media
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