The Competition Commission has approved the acquisition of digital financial services bank Bank Zero by Lesaka Technologies for a total transaction value of R1.1 billion.
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The commission announced on Tuesday, November 18, 2025, that it has recommended the deal be allowed to proceed without conditions to the Competition Tribunal, marking a key milestone for the transaction.
The deal, which TechCentral initially reported in June 2025, sees Lesaka acquiring the digital mutual bank co-founded by former FNB CEO Michael Jordaan.
Bank Zero launched in 2021 and has established a unique market position by targeting both individuals and businesses with an entirely app-based banking experience.
Key features that differentiate Bank Zero include:
- Zero-Fee Model: The bank offers zero fees for most basic banking activities, including monthly account fees, EFT payments, and debit orders, setting it apart from traditional lenders.
- Patented Security: It features a patented secure debit card designed to combat skimming and online fraud by using different card numbers for various transaction types.
- Personalization: Customers have the unique option to personalize their debit cards with their own pictures.
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The Competition Commission concluded that the merger will not negatively impact the market or public interest.
- “The commission is of the view that the proposed transaction is unlikely to substantially lessen or prevent competition in any market,” the commission stated.
- “The proposed transaction does not raise significant public interest concerns.”
With the regulatory hurdle cleared, the deal is now closer to completion, allowing Lesaka to integrate Bank Zero’s innovative digital platform into its existing financial services ecosystem.
