Lesaka Technologies Strengthens Leadership to Drive Fintech Growth in Southern Africa

Lesaka Technologies, Inc. has announced changes to augment its executive leadership team to align with the Company’s ambitious growth targets. These changes represent a significant step forward as Lesaka positions itself as a natural consolidator and leading fintech in Southern Africa.

Executive Changes:

1. Naeem Kola, currently Group Chief Financial Officer, will be appointed as Group Chief Operating Officer. Naeem is exceptionally well placed to drive strategic and operational synergies for the group with his extensive financial and operational experience in international fintech, and his understanding of Lesaka’s transformation through his role as Group Chief Financial Officer of Lesaka since March 2022.
   
2. Dan Smith will be appointed as Group Chief Financial Officer. Dan will also join the Company’s Board. Dan is a Chartered Accountant (South Africa), having qualified with PricewaterhouseCoopers South Africa, before moving into various roles in the financial services sectors in South Africa and the United Kingdom. He is currently an Investment Director at Value Capital Partners (Pty) Ltd, Lesaka’s largest shareholder, and has played an active role in the development of Lesaka since 2021. Dan has over 25 years of corporate finance experience, including heading the Mergers & Acquisitions investment banking team at Standard Bank South Africa.

Naeem Kola and Dan Smith will both report directly to Lesaka’s Executive Chairman, Ali Mazanderani, taking up their new roles from October 1, 2024.

Board Changes:
In addition to the changes to the executive leadership, the following Board changes have been accepted:

1. As announced on June 13, 2024, independent non-executive director Javed Hamid will resign from the Board as of September 30, 2024.
   
2. Chris Meyer, non-executive director and former Group CEO, will resign from the Board as of October 1, 2024.
   
3. Monde Nkosi, non-executive director, will resign from the Board on completion of the Adumo transaction, which, subject to certain customary closing conditions, is anticipated to occur in October 2024.
   
4. Dean Sparrow, Group CEO of Crossfin Technology Holdings (RF) (Pty) Ltd, will be appointed to the Board as an independent non-executive director on completion of the Adumo acquisition. Dean will also join Lesaka’s Capital Allocation Committee.

I am delighted to welcome Dan to the Lesaka leadership team. As Lesaka scales, we will continue to augment our executive capability to deliver on the opportunity in front of us. Dan is an exceptional addition to the team and has been intimately involved in the transformation of the business over the last few years. I am excited to be working with both him and Naeem in their new roles.

I would like to thank Javed, Chris and Monde for the roles they have played over the past few years during a period of significant change. I also welcome Dean to the Board. His insights and experience, as a successful entrepreneur and investor with deep fintech experience in Southern Africa, will be invaluable as we continue to build Southern Africa’s leading fintech platform.

Ali Mazanderani, Executive Chairman, Lesaka