Lesaka Technologies is a South African fintech focused on providing financial services to two underserved populations: government grant recipients and small merchants. On the consumer side, Lesaka serves roughly 2 million grant beneficiaries with low-cost transactional accounts under its EasyPay Everywhere brand, alongside microloans and funeral insurance. On the merchant side, Lesaka serves over 125,000 merchants — from informal spaza shops to small retailers — with card payment acceptance, cash management, POS software, prepaid product sales (airtime, electricity, data), and working capital lending. A third Enterprise segment provides B2B payment infrastructure to banks, retailers, and utilities, including a bill payment aggregation platform and prepaid electricity sub-metering. Lesaka's model is built on acquiring customers with a core essential product, then cross-selling additional products to grow revenue per user over time. Consumer revenue comes from monthly account fees, net interest income on loans, and insurance premiums. Merchant revenue is primarily transaction-based, with additional recurring software subscription revenue. Lesaka reaches consumers through branches, ATMs, and agents near grant disbursement points, and merchants through field sales teams deploying physical devices. A key advantage is Lesaka's proprietary view of customer cash flows, which enables credit underwriting for populations traditional lenders cannot assess. Lesaka has been an active acquirer and recently announced the acquisition of Bank Zero, which would give Lesaka a full banking license and reduce reliance on third-party banking relationships.