lsak-2026proxy

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON,D.C. 20549

SCHEDULE14A

Proxy StatementPursuantto Section14(a) ofthe Securities

ExchangeAct of 1934(AmendmentNo. )

Filed bythe Registrant[X]

Filed bya Partyother thanthe Registrant[ ]

Checkthe appropriatebox:

[ ]PreliminaryProxyStatement

[ ]

Confidential,for Use ofthe CommissionOnly (as permittedby Rule14a-6(e)(2))

[X]Definitive ProxyStatement

[ ]Definitive AdditionalMaterials

[ ]Soliciting MaterialPursuantto §240.14A-12

LESAKA TECHNOLOGIES, INC.

(Nameof Registrantas Specifiedin Its Charter)

______________________________________________________

(Nameof Person(s)Filing ProxyStatement,if other thanthe Registrant)

Paymentof Filing Fee (Check theappropriatebox):

[X]

No feerequired.

[ ]

Fee paidpreviously withpreliminary materials.

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Fee computedon tablein exhibit required byItem25(b) per ExchangeAct Rules 14a-6(i)(1) and0-11

LESAKA TECHNOLOGIES,INC.

NOTICEOF ANNUALMEETINGOF SHAREHOLDERS

to be heldon November18, 2026

To theShareholdersof LesakaTechnologies,Inc.:

NOTICE IS HEREBYGIVEN thatthe 2026Annual Meeting of Shareholdersof LesakaTechnologies,Inc. will be held at our principal

executiveofficeslocatedat7 ParksBoulevard,Oxford Parks,Dunkeld,Johannesburg,2196,SouthAfricaonNovember18,2026at

16:00local time (9:00amEasternTime), for thefollowing purposes:

Toelect elevendirectors toserve untilthenextAnnualMeetingof Shareholdersanduntil theirsuccessorsareduly

elected andqualified.

To ratifythe selectionof KPMG,Inc. as ourindependentregistered publicaccountingfirmfor the fiscalyear ending

June 30,2027.

To holdanadvisoryvoteto approveexecutivecompensation.

Totransactsuchotherbusinessandactuponanysuchothermatterswhichmayproperlycomebeforetheannual

meeting oranyadjournmentor postponementof themeeting.

Our Boardof Directorshas fixedthe closeof businesson September25, 2026,as the recorddate fordetermining shareholdersentitled

to noticeof,and tovote,atthe meeting.A list of the shareholdersas of therecord datewill be availablefor inspectionby shareholders

atour principal executiveofficesduring businesshours fora periodof tendaysprior to the meeting.

Sincerely,

Kuben Pillay

Directorand LeadIndependentDirector

Ali Mazanderani

Executive Chairman

Johannesburg,SouthAfrica

October 2,2026

IMPORTANTNOTICEREGARDINGTHEAVAILABILITYOFPROXYMATERIALSFORTHEMEETINGOF

SHAREHOLDERSTO BEHELD ONNOVEMBER18, 2026.

A completeset of proxymaterials relatingto ourannualmeeting is

availableon the internet.These materials,consistingof the Noticeof AnnualMeetingof Shareholdersand ProxyStatement,including

proxycard, andannualreport, maybe viewed anddownloadedathttps://materials.proxyvote.com/64107N.

Youarecordiallyinvitedto attendthemeetingin person.Whetheror notyouexpecttoattendthemeeting,pleasecomplete,

date, signand returntheproxy accompanyingthisnotice as promptlyas possiblein orderto ensureyour representationat th

meeting.Areturnenvelope(whichis postageprepaidif mailedin theUnited States)is enclosedfor yourconvenience.Evenif

youhave votedby proxy,youmaystillvote inpersonif youattendthemeeting.Please note,however,thatif yoursharesare

held of recordby a broker,bank or other agentand you wishto vote at the meeting,you must requestand obtain aproxy issued

in your name from that record holder.Youmay also submit your proxy via the internet as specified in the accompanyinginternet

voting instructions.Shareholders registeredon our South AfricanBranch Register (“SouthAfrican Shareholders”)are referred

to thespecial instructionscontainedon page4 of this proxystatement.

TABLEOF CONTENTS

Page

PROXY STATEMENTEXECUTIVESUMMARY..................................................................

VOTING RIGHTSAND PROCEDURES ....................................................................................

PROPOSALS TOBE VOTEDON ATTHEANNUAL MEETING......................................

PROPOSAL NO. 1:ELECTIONOF DIRECTORS ............................................................

PROPOSALNO. 2: RATIFICATIONOF SELECTIONOF INDEPENDENT

REGISTERED PUBLICACCOUNTINGFIRM.................................................................

PROPOSALNO. 3: ADVISORYVOTE TOAPPROVEEXECUTIVE

COMPENSATION ....................................................................................................................

BOARD OFDIRECTORSAND CORPORATEGOVERNANCE.........................................

MEETINGS OF THEBOARDAND DIRECTORINDEPENDENCE...........................

COMMITTEES OFTHE BOARD.........................................................................................

BOARD LEADERSHIPSTRUCTUREAND BOARDOVERSIGHTOF RISK.........

REMUNERATIONCOMMITTEEINTERLOCKSAND INSIDER

PARTICIPATION......................................................................................................................

NOMINATIONSPROCESSAND DIRECTORQUALIFICATIONS...........................

SHAREHOLDERCOMMUNICATIONSWITH THE BOARD.....................................

CORPORATEGOVERNANCEGUIDELINES..................................................................

CODE OF ETHICS....................................................................................................................

SHARE OWNERSHIPGUIDELINES ..................................................................................

COMPENSATIONOF DIRECTORS ....................................................................................

EQUITY COMPENSATIONPLAN INFORMATION..............................................................

EXECUTIVE COMPENSATION..................................................................................................

ANALYSISOF RISK IN OURCOMPENSATIONSTRUCTURE ................................

COMPENSATIONDISCUSSIONANDANALYSIS ...............................................................

EXECUTIVESUMMARY......................................................................................................

COMPENSATIONPROGRAMOVERVIEWFOR FISCAL2026 ................................

ELEMENTSOF 2026 COMPENSATION...........................................................................

OTHER CONSIDERATIONS.................................................................................................

REMUNERATIONCOMMITTEEREPORT ......................................................................

EXECUTIVE COMPENSATIONTABLES.........................................................................

SUMMARY COMPENSATIONTABLE .............................................................................

PAYRATIODISCLOSURE................................................................

ACTUAL 2026COMPENSATIONMIX..............................................................................

GRANTS OFPLAN-BASEDAWARDS..............................................................................

OUTSTANDINGEQUITYAWARDSAT 2026FISCAL YEAR-

END

........................

OPTION EXERCISESAND STOCKVESTED..................................................................

PAYVERSUS PERFORMANCEDISCLOSURES...........................................................

POTENTIAL PAYMENTSUPON TERMINATIONOR CHANGE-

-CONTROL .

CERTAINRELATIONSHIPSAND RELATEDPERSONSTRANSACTIONS.................

DELINQUENTSECTION 16(A)REPORTS..............................................................................

AUDIT ANDNON-AUDITFEES.................................................................................................

AUDIT AND RISKCOMMITTEEREPORT.............................................................................

SECURITYOWNERSHIPOF CERTAINBENEFICIALOWNERSAND

MANAGEMENT...............................................................................................................................

ADDITIONAL INFORMATION...................................................................................................

LESAKA TECHNOLOGIES,INC.

PROXYSTATEMENTEXECUTIVESUMMARY

ANNUAL MEETINGOF SHAREHOLDERS

Time andDate

16:00local time (9:00amEasternTime) onNovember18, 2026

Place

7 Parks Boulevard,Oxford Parks,Dunkeld, Johannesburg,2196,SouthAfrica

Record Date

September25, 2026

PROPOSALSTO BEVOTEDON AND BOARDVOTING RECOMMENDATIONS

The followingis asummary of proposalsto be voted on at the annualmeeting and the recommendationof our Board of Directors(our

“Board”)withrespect to eachsuch proposal.Thisis only a summary,and it maynot containall of the informationthat is important

toyou.For morecompleteinformation,pleasereviewtheproxystatementaswell asourAnnualReportonForm 10-K (“Annual

Report”).

Proposal1

Election ofDirectors

TheBoardhasnominatedelevenofourcurrentdirectors

forelectionattheannualmeeting,ofwhomnineare

standingforre-electionandtwo,CarolinaLacerdaand

James Oates,are standingfor electionby our shareholders

for thefirst timeat the annualmeeting tohold officeuntil

the2027annualmeeting.Moreinformationaboutthis

proposalcanbe foundon pages5 to 8.

Recommendation:

OurBoardrecommendsa vote

FOR

eachof thedirector nominees.

Proposal2

Ratificationof IndependentRegisteredPublic Accounting

Firm

TheBoardrequestsshareholderstoratifytheselectionof

KPMG,Inc.asourindependentregisteredpublicaccounting

firm for the fiscal year ending June 30, 2027. More information

aboutthis proposalcanbe foundon page8.

Recommendation:

OurBoardrecommendsavote

FOR

the

ratificationof theselectionof KPMG,Inc.as ourindependent

registeredpublic accountingfirm.

Proposal3

Advisory Voteto ApproveExecutiveCompensation

The Boardis providing shareholderswith theopportunity

to voteto approve,on anadvisorybasis, the

compensationof ourexecutiveofficers namedin the

SummaryCompensationTableunder “Executive

Compensation”.More informationaboutthis proposal

canbe foundon page9.

Recommendation:

OurBoardrecommendsa vote

FOR

the approvalof executivecompensation.

WearemakinguseoftheSecuritiesandExchangeCommissionrulesthatallowcompaniestofurnishproxymaterialstotheir

shareholders overthe internet. On or aboutOctober 6, 2026, we mailed to shareholders of record on the record datea Notice of Internet

Availabilityof ProxyMaterials(the“Notice”) containinginstructionson howto accessthis proxystatementand ourAnnualReport

for thefiscal year endedJune 30,2026,online. If youreceived aNotice by mail,you willnot automaticallyreceive a printedcopy of

ourproxymaterialsinthe mail.Youmayrequest apapercopyof ourproxymaterialsbymailor anelectroniccopybye-mailby

following theinstructions listedon theNotice.

CORPORATEGOVERNANCE

Our Board is committed to excellence in corporategovernance. We believe thatprincipled andethical governancebenefits you,our

shareholders,as well asour customers,employeesand communities,and wemaintaina governanceprofilethat alignswith industry-

leadingstandards.Webelievethat our governancestructure willhave adirect impacton thestrengthof our business.The following

table presents a brief summary ofour key governance structures.

Board Conductand Oversight

Independenceand Participation

ShareholderRights

Regularrisk assessment

Standardsof ethicsappliedto all

directors, executiveofficers and

employees

Successionplanning andleadership

developmentefforts

Evaluationsof theBoardandits

committees

Seven ofthe currenteleven

directors areNasdaq-

independent

Executivesessions ofnon-

employeedirectors are

regularly held

Audit andRisk Committee,

RemunerationCommittee,and

NominatingandCorporate

GovernanceCommitteeare

eachmadeup entirely of

independentdirectors

Specialmeeting right for

shareholdersholding an

aggregate of10% ofvoting

stock

All directorsannuallyelected;

no staggeredBoard

No “poisonpill”

No supermajorityvoting

requirementsto change

organizationaldocuments

VOTING RIGHTSAND PROCEDURES

Shareholdersas of theclose ofbusiness onSeptember25, 2026, therecorddate, mayattendand voteat the annualmeeting.

Eachshare is entitled toone vote.There were85,794,723shares ofcommonstock outstandingon therecord date.

A majorityof the total numberof outstandingshares of commonstock, presenteither in person or byproxy,willconstitute

a quorumfor thetransactionof businessatthe annualmeeting. Shareholderswhoare presentatthe annualmeeting inpersonor by

proxy andwho abstain,and proxies relatingto shares held by a bankor broker on your behalf(that is, in “street name”),thatare voted

on some proposalsbut not others(referred toas “brokernon-votes”) willbe treatedas present forpurposesof determiningwhether a

quorum ispresent.In the eventthat thereare notsufficientvotes toapproveany proposalat the annualmeeting,the annualmeeting

maybe adjournedinorder to permitthe further solicitationof proxies. Theinspector of electionappointedfor the annualmeeting will

tabulateall votes andwillseparatelytabulateaffirmativeandnegativevotes, abstentionsandbroker non-votes.

The followingdescribeshowyou mayvoteon eachproposalandthe votesrequired for approvalof eachproposal:

ProposalNo. 1

— Ourelevendirectornominees willbe electedby apluralityof votes.Youmayvotefor eachdirector nominee

orwithholdyour votefromoneormoreof thenominees.Withholdinga voteas toanydirectornomineeis theequivalentof

abstaining.In anuncontestedelectionsuch asthis, abstentionsand brokernon-votes haveno effecton theoutcomeof thevote,

since approvalby aspecific percentageof theshares presentor outstandingis not required.

ProposalNo. 2

—The ratificationof the selection of KPMG, Inc. (“KPMG”) to act as our independentregisteredpublic accounting

firmwillbe approvedif the votescastin favorof theproposalexceedthe numberof votescastagainstthe proposal.Youmay

vote for oragainst the proposalor you mayabstainfrom voting. Abstentionsand brokernon-votes willnot affectthe outcome of

the vote.

ProposalNo. 3

—The advisoryvote to approveexecutive compensationwillbe approvedif the votes cast in favorof the proposal

exceedthe numberof votes castagainst theproposal.Youmayvote for oragainst theproposalor you mayabstainfrom voting.

Abstentionsandbroker non-votes will not affectthe outcomeof thevote.

If youprovide yourvoting instructionson yourproxy,your shares willbevoted as youinstruct, and,if a proposalcomes up

for avoteatthe annualmeeting thatis not on theproxy,accordingto thebest judgmentof thepersons namedin the proxy.

If youdo notindicatea specific choiceon aproxythatyou sign andsubmit, yourshares will be voted:

FOR eachof thedirector nominees;

FOR the ratificationof theselection ofKPMG as our independentregistered public accountingfirm;and

FOR the approvalof executivecompensation.

If your shares areheld in “street name,”and you do not instructthe bankor broker how to vote yourshares on Proposals1 or

3, the bankor broker maynot exercisediscretionto vote foror againstthose proposals.This wouldbe a“broker non-vote” and these

shares will not be countedas having been votedon the applicable proposal. With respect to Proposal 2, the bank or broker mayexercise

itsdiscretiontovoteforor againstthatproposalin theabsenceofyourinstruction.

Pleaseinstruct yourbank orbrokerso your

vote can becounted

Revocabilityof Proxies

Youmayrevoke your proxyat anytime priorto exerciseof theproxy by deliveringa writtennotice ofrevocationor a duly

executedproxywithalaterdateby mailtoourcorporatesecretaryatLesakaTechnologies,Inc.,P.O.Box 2424,Parklands2121,

South Africa,orby attendingthemeetingandvotinginperson.If youholdshares in“streetname”,you mustcontactthatfirm to

revokeanyprior voting instructions.

Internet Availabilityof ProxyMaterials and AnnualReport

A completeset ofproxy materialsrelatingto our annualmeeting isavailableon theinternet.Thesematerials,consisting of

the Noticeof AnnualMeetingof ShareholdersandProxy Statement,including proxycard, andAnnualReport, maybe viewedand

downloadedathttps://materials.proxyvote.com/64107N.

Market Information

Our commonstock is listed on The NasdaqGlobal SelectMarket (“Nasdaq”)in the United Statesunder thesymbol“LSAK”

and, viaa secondarylisting,on theJohannesburgStock Exchange(“JSE”), inSouthAfricaunder thesymbol“LSK”.Nasdaqis our

principalmarketfor the tradingof ourcommonstock. Our transferagentin the United Statesis ComputershareShareownerServices

LLC,480 WashingtonBlvd.,Jersey City,NewJersey 07310.Ourtransferagentin SouthAfricais JSEInvestorServices(Pty) Ltd

(“JSE InvestorServices”),One ExchangeSquare,2 Gwen Lane,Sandown,Sandton,2196,SouthAfrica.

Special Instructionsto SouthAfrican Shareholders

Weare requiredto complywithcertain SouthAfricanregulationsrelatedto thecirculation andtabulationof proxiesissued

toourshareholderswhichholdtheirsharesontheSouthAfricanBranchRegister(“SAShareholders”).Theproxyformmarked

“LesakaTechnologies,Inc. Proxyfor ShareholdersRegisteredon South AfricanBranch Register”must be usedby SA Shareholders.

TheSouthAfricanproxymustbelodged,postedorfaxedtoJSEInvestorServicessoastoreachthemby16:00,localtime,on

November 13, 2026. SA Shareholders that havealready dematerializedtheir shares through a Central Securities DepositoryParticipant

(“CSDP”) or broker, other thanwithown-nameregistration, should not completethe South African proxy.Instead,they should provide

theirCSDP orbrokerwiththeirvotinginstructionsor, alternatively,theyshouldinformtheir CSDPor brokerof theirintentionto

attendthe annualmeeting inorder fortheir CSDPor brokerto be ableto issuethem withthe necessaryauthorizationto enable them

toattendsuch meeting.SA Shareholdersthathold theirshares incertificatedformor dematerializedown-nameregistrationshould

completethe SouthAfrican proxyandreturn it to JSE InvestorServices.

Solicitation

The Boardis solicitingyour proxyto vote yourshares atthe annualmeeting. Wewill bear theentire costof the solicitation,

includingthepreparation,assembly,printingandmailingofthisproxystatement,includingtheproxycardandanyadditiona

solicitationmaterials furnishedto our shareholders.Copies of solicitationmaterials willbe furnishedto brokeragehouses, fiduciaries

and custodiansholding sharesin their namesthat are beneficiallyowned byothers sothat theymayforward this solicitationmaterial

tosuchbeneficialowners.Wemayreimbursethesepersonsfortheirreasonableexpensesinforwardingsolicitationmaterialsto

beneficialowners. Theoriginal solicitationof proxiesby mailmaybe supplementedby a solicitationby personalcontacts,telephone,

facsimile,electronicmail or anyother meansby our directors,officers oremployees.No additionalcompensationwill be paid toour

directors, officersor employees forperforming these services.Except as describedabove,we do not presentlyintend tosolicit proxies

other thanby mail.

PROPOSALSTO BEVOTEDON ATTHE ANNUALMEETING

PROPOSALNO. 1: ELECTIONOF DIRECTORS

Theterms ofofficeof eachof ourcurrentdirectorswill expireatthe annualmeeting. TheBoardhasnominatednine of ourcurrent

directorsfor re-electionandtwo directorsforelection(see “InformationRegarding theNominees” forinformationonall directors),

eachfor aone-yearterm. Mr. Sparrowresigned from theBoardeffectiveSeptember25, 2026.

Thepersonsnamedin theenclosedproxyintendto voteproperlyexecutedandreturnedproxies

FOR

the electionof allnominees

proposedby theBoard unlessauthorityto vote iswithheld. Ifany nomineeis unableor unwillingto serve,the personsnamedin the

proxywillvoteforsuchsubstitutenomineeornomineesas they,intheirdiscretion,shalldetermine.TheBoardhasnoreasonto

believe thatanynomineenamedherein willbe unableor unwillingto serve.

The Boardrecommends thatyou vote FORthe electionof eachof the directornominees.

InformationRegarding theNominees

AntonyBall

67 yearsold

Directorsince 2020

Mr. Ballis co-founder and chairmanof Value Capital PartnersProprietary Limited,a South African based

investmentfirm(“VCP”).PriortoVCP,Mr.Ballco-foundedBraitin1990,aleadingSouthAfrican

privateequityfirm,regardedasapioneerofprivateequityintheregion,andheldvariousleadership

positions,includingdeputychairmanand CEO,between1998 and2011.Mr. Ballled Brait'sinvestment

inLesakain 2004,andserved asa non-executivedirector ofBraituntil 2012.Mr. Ballhasa BComm

(Hons) from UCT,is a CharteredAccountant(SA),and completedan M Philin ManagementStudies from

Oxford University,where hestudied asa RhodesScholar.

TheBoardbelievesthatMr. Ball’sexpertiseinprivateequity,publicmarkets,finance,accountingand

corporategovernance,andhisbroadexperienceasanofficeranddirectorofseveralpublicly-traded

companiescovering a broadrange ofindustries makehim avaluablememberof ourBoard.

NonkululekoGobodo

65 yearsold

Directorsince 2021

Ms. Gobodowas thefirst blackfemaleto qualifyas acharteredaccountantin South Africaandbrings a

wealth ofaccountingand auditingexperiencespanningover 35years. Shealso has extensiveexperience

as a non-executivedirector,having served onmanyboardsincluding Clicks Group Limited, PPC Limited

and ShopriteHoldings Limited (all JSElisted), Mercedes Benz, Imperial,and the SA MaritimeAuthority.

She has alsoserved onthe SouthAfrica RevenueService’s auditcommittee.She is a pioneer in herfield,

havingestablished herown successfulaccountingand auditfirm during the apartheidera. The firmgrew

to becomeSizweNtsalubaGobodo(“SNG”),the largestblackaccountingfirmin SouthAfrica.In 2018,

SNGacquiredtheGrantThorntonSouthAfricalicense.In2016,Ms.GobodofoundedNkululeko

LeadershipConsulting,aboutique,black-ownedandmanagedleadershipconsultingfirmbasedin

Sandtonandserved asits CEO forfiveyears. InMay2021,she startedAwakenedGlobal, amovement

thatiscontributingtoendracialandgenderinequality.Sheisarecipientofmanybusinessand

professionalawards.She was appointedas theChancellorof theWalterSisulu University in April 2023.

TheBoardbelievesthatMs.Gobodo’sexperienceinfinanceandauditandknowledgeoftheSouth

Africanmarketplaceprovidesnecessaryanddesiredskills,experienceandSouthAfrican-centric

perspectiveto our Board.

Steven Heilbron

61 yearsold

Directorsince 2022

Mr.Heilbronhasbeentheheadofbusinessdevelopmentandmergers&acquisitionsatLesakasince

January1, 2023.Mr.Heilbronhasoverthree decadesof financialservicesexperience,havingspent19

years working forInvestecin South Africa andthe UK, where he served as global headof private banking

and jointchiefexecutive officerof InvestecBankplc. He leda privateconsortium whichacquired Cash

ConnectManagementSolutionsProprietaryLimitedin2013,whereheservedasCEOuntiljoining

Lesaka.Mr. Heilbronhaspresidedovera numberofkey acquisitionsundertakenby theLesakagroup,

includingthe acquisitionof Adumo,Touchsides,Rechargerand,most recently,the intendedacquisition

of BankZero. He is a

CharteredAccountant(SA)

TheBoardbelieves thatMr. Heilbron’sstrongleadership skills,his deepknowledgeandmanyyears of

experiencewithinthe banking,paymentsand paymenttechnologies spacemakehim well-suited to serve

as adirector.

CarolinaLacerda

54 yearsold

Directorsince

September2026

Ms. Lacerdahas extensive experienceserving as independentboard member of listed companies in Brazil,

the UK,Chinaandthe US,spanningfinancialservices,digitalbanking,energy,infrastructure,pharma,

telecom,logisticsandconsumersectors.She istheformerHeadof InvestmentBanking BrazilatUBS,

withastrongtrackrecordadvisingcompanies,boards,CEOsandshareholdersongovernance,capital

allocation,M&Aandriskoversight.Ms.Lacerdaisrecognizedforleadershipinauditcommittees,

financialexpertiseandnavigatingcomplexstakeholderenvironments,includingcompanieswith

internationalshareholdersandcross-border operation.

Ms. Lacerdais currently the Head of SouthAmerica for Conquer AI, where she leads AI advisorystrategy

supportingexecutivesandboardsin adoptingAI-drivendecision-makingandAI Natives.She currently

serves as independentdirector,chairof the audit& risk committeeand memberof thepeople committee

of VivaraParticipações(B3: VIVA3);independentdirector andmember of therelatedparties committee

ofBBSeguridade(B3:BBSE3);independentdirectorandfinancialexperttotheauditcommitteeof

PagBankPagSeguro(NYSE:PAGS);independentdirector andchair ofthe audit,risks &relatedparties

committeeof ChinaThreeGorgesBrasil;andindependentdirector andmemberof thehealth,safety&

environmentcommitteeof IHSTowers (NYSE: IHS).

Ms.Lacerdaholds aBAin EconomicsfromtheUniversityof SãoPauloandanMBA(Finance)from

ColumbiaBusiness School. She hasan InternationalDirectors Certificate from INSEAD,and a Corporate

Director Certificatefrom HarvardExecutive Education.In addition, she holds qualifications in Generative

AI fromthe LondonSchoolof Economicsand inDigitalTransformationfrom MIT. Ms.Lacerdais also

a CertifiedBoardMemberof theIBGC.

TheBoardbelievesthatMs. Lacerda’sfinancial,risk andM&A expertise,aswell as herexperiencein

global business,provide necessaryanddesired skills, experience andperspectiveto our Board

Lincoln Mali

58 yearsold

Directorsince 2021

Mr.Malihasbeen ourChiefExecutiveOfficer:SouthernAfricasince May1,2021,andis afinancial

servicesexecutivewithover25yearsofexperience.Underhisleadership,Lesakahasdelivereda

multiyear turnaround,moving from loss-making to consistent profitabilityand sustainedEBITDA growth,

recognizedin 2025whenhe wasnamedAll AfricaBusinessLeaderof theYearat the AABLAawards.

Until April 2021, he was headof group card and paymentsat Standard Bank Group, where he held various

roles since2001. He chairedthe boardof Diners ClubSouth Africauntil April 2021and served onVisa's

Centraland EasternEurope,Middle Eastand AfricaBusinessCouncil.He isalso foundingPresidentof

the Associationof SouthAfrican PaymentProviders (ASAPP).

Mr.Mali holdsBA andLLB degreesfromRhodesUniversityandanMBA fromHenley Management

College, andcompletedHarvard Business School's AdvancedManagementProgram. In 2026, he received

anhonorarydegree fromUrban College ofBoston.

The Boardbelieves Mr. Mali's industryrelationships,turnaroundtrack record and motivationalleadership

style makehim well-suited to serveas adirector.

Ali Mazanderani

44 yearsold

Directorsince 2020

Mr.Mazanderanihasbeen ourexecutivechairmansince February1, 2024.Heis afintechinvestorand

entrepreneur.He isthe co-founderand chairmanof Teya,a pan-Europeanfintech. He is a non-executive

directoronthe boardofThunes(Singapore-basedcrossborderpaymentscompany)andKushki (Latin

Americanpaymentscompany)andisthevicepresidentofTheEuropeanDigitalPaymentsIndustry

Alliance (EDPIA). Hewas previouslyon the board of several other leading paymentscompanies globally,

includingStoneCo (Nasdaq:STNE) in Brazilfrom 2016 to 2022and Network InternationalHoldings Plc

(LSE: NETW)in the Middle East from2020 to 2021. Hewas formerly a partnerat Actis, a London-based

emergingmarketprivate equityfirm, where heled multiple landmarkfintech investmentsglobally.Prior

to hiscareer atActis, Mr.Mazanderaniadvisedprivateequity andcorporateclients for OC&C Strategy

ConsultantsinLondonandservedasleadstrategyconsultantforFirstNationalBankbasedin

Johannesburg.

Mr. Mazanderaniis a FinanceLeadersFellowat the AspenInstituteand a memberof theAspenGlobal

Leadership Network. Heholds postgraduatedegrees inEconomics fromthe University of Pretoria, Oxford

University andthe London Schoolof Economics,an MBA fromINSEAD anda Masters in Business Law

fromthe Universityof St Gallen.

TheBoardbelievesthatMr. Mazanderani’sinternationalexperienceinstrategy,payments,technology,

andprivateequity providenecessaryanddesired skills,experienceandperspectiveto our Board.

VenessaNaidoo

62 yearsold

Directorsince 2023

Ms. Naidoo is an experiencednon-executivedirector and currently chairs the board of OUTsuranceGroup

Limited(JSE:OUT),aleadingSouthAfricaninsurancecompanywithoperationsinSouthAfrica,

Australia andIreland, andserves on theboard ofFortress Real EstateInvestmentsLimited (JSE: FFB), a

property investmentcompanywithinvestmentsinSouth Africa, Central andEastern Europe. She resigned

fromthe board ofRFGHoldings Limited(JSE:RFG), aconveniencemealssolutions companyin South

Africa, effectiveMarch31, 2026.

She bringsa wealthof experiencein finance,launchingnew technologies,managingrapid international

growth,restructures,operatingin emergingmarketeconomiesandcurrencies, anddelivering successin

highlycompetitiveenvironments.SheholdsaBachelorofAccountingandPostgraduateDiplomain

AccountancyfromtheUniversityofDurban-WestvilleandisaCharteredAccountant(SA). Shealso

completedtheHarvardBusinessSchoolandUniversityoftheWitwatersrandSeniorExecutive

Programme.

TheBoardbelievesthatMs.Naidoo’sinternationalexperienceinfinanceandaudit,andher

entrepreneurialtrackrecord areessential qualitiesrequiredby our Board.

James Oates

53 yearsold

Directorsince

September2026

Mr. Oatesis a seasonedleader and governance,audit, risk, andregulatory complianceexpert. Hehas vast

internationalexperienceinFortuneGlobal500financialservicescompanies,focusedonoverall

organizationalhealth andthe keyrisks of cyber,technology,data,financial crimeand conduct.Hehas a

record oftransformingorganizationsto achieveoptimaleffectiveness.

Since 2002,Mr.Oates servedin variousleadershippositionsatUBS, oneof thelargest globalfinancial

institutionsandtheworld’slargestwealthmanager.HeservedasChiefAuditExecutive,Chief

ComplianceOfficerandGlobalHeadofCompliance&OperationalRiskControl.Mr.Oatesledor

participatedininvestigating,crisismanaging,andremediatingthemajoreventsaffectingthefinancial

industry globally,including thesubprimecrisis, marketmanipulation,unauthorized tradingand financial

crime matters.Mr. Oatesserves onthe boardsof AisonTechnologiesAG,IonaPreparatorySchool and

RaisinSE,whereheisalsoChairoftheAudit&RiskCommittee.HeisPrincipalofEventumRisk

AdvisorsLLC andStrategic Advisorto GrantThorntonLLP andNextWave.

Mr. Oates received a Bachelorof Business AdministrationHonors degreein Finance from IonaUniversity

and was Series 7 and 63 registered with FINRA. He is ‘Directorship Certified’by the National Association

of CorporateDirectors (“NACD”) andcertified in Cyber Risk Oversight by the NACD & Carnegie Mellon

University.

The Boardbelieves thatMr.Oates’ leadership,complianceandrisk expertise, as well as his experiencein

global business,provide necessaryanddesired skills, experience andperspectiveto our Board.

Kuben Pillay

65 yearsold

Directorsince 2020

Mr.PillayhasbeenourleadindependentdirectorsinceFebruary1,2024,andwaspreviouslyour

independentnon-executivechairmanfrom June 2020 until January2024. He serves on a number of South

Africanpubliccorporateboards,includingasindependentnon-executivechairmanof SabvestLimited

(JSE:SBP).Hehasretiredfromhispositionas leadindependentdirector ofOUTsurance(JSE:OUT),

effectiveNovember2026. He wasthe non-executive chairmanof the Primedia Group from2014 to 2017

andserved asits groupCEOfrom2009to2014.Mr.Pillaywas amanagingfinancialpartneratpublic

interestlawfirm,CheadleThompsonandHaysom,from1993to1995beforejoiningMineworkers

InvestmentCompanyin 1996asafoundingexecutivedirector,andlaterservingas thenon-executive

chairmanfrom2007to 2014.

Mr.Pillayhasalsoservedas theindependentnon-executivechairmanof CellC LimitedfromAugust

2017 toOctober 2019,and alsoserved as an independentnon-executivedirector ofNutun Limited,(JSE:

NTU),formerlyTransactionCapitalLimited,untilMarch7,2024.Mr.PillayhasaBALLB fromthe

UniversityoftheWitwatersrand,Johannesburg,andaMastersinComparativeJurisprudencefrom

HowardUniversity,WashingtonDC.

The Boardbelieves thatMr. Pillay’s expertisein legal andcorporategovernance,andmediaand

consumeraffairsandbroadexperienceas adirector of severalpublicly-tradedcompaniescovering a

broadrange ofindustries over manyyears makehim avaluablememberof ourBoard.

Ekta Singh-Bushell

54 yearsold

Directorsince 2018

Ms.Singh-Bushellserves onglobaltechnologypublic andprivatecorporateboards.She servesonthe

boardofSunbeltRentalsInc.(NYSE:SUNB,LSE:SUNB),andChargePoint,Inc.(NYSE:CHPT), a

leadingglobal EVchargingasa servicecompany,where sheisa memberof theauditcommittee.She

offersa rarecombinationof auditcommitteefinancialandtechnologyexpertise,complementedby C-

suite experience.

Formerlysheservedontheboard,aschairoftheauditcommitteeandCOOofDragosInc.,aglobal

cybersecurityfirmfocusedon industrialcontrolsystems. Shehasservedonmultipleglobaltechnology

boards in the past:Cisco (NASDAQ: CSCO), anindustry-leading portfolioof technology innovationsthat

securelyconnectsindustriesandcommunitiesthroughnetworking,security,collaboration,cloud

management,andotherservices,HuronConsultingGroup(NASDAQ: HURN),aglobalconsulting

companyoffering servicesto healthcare,highereducation,and commercialindustries,whereshe served

aschairofthecompensationcommitteeandmemberofthenominatingandgovernance,financeand

capital allocationand technologycommittees,TTEC Holdings Inc. (NASDAQ: TTEC)a global customer

experiencescompany,DesignerBrandsInc.(NYSE:DBI)andDatatecLimited(JSE:DTC),an

internationalICT solutions andservices group, where she served as the lead independentdirector. She has

chairedmultiple audit,remuneration,nominationandtechnologyandinformationsecurity committees.

From 2016 to 2017,Ms. Singh-Bushellserved asdeputyto the first vice president, chiefoperating officer

executiveoffice,at the FederalReserveBank of NewYork.Prior to2016,Ms. Singh-Bushellworked at

Ernst & Young,serving in various leadership roles includingglobal IT effectivenessleader, US innovation

& digital strategyleader;and global chief informationsecurity officer.Ms. Singh-Bushell is a memberof

the board of Women’sHealth Access Matters,a non-profit thatsupports increasedawarenessin women’s

health research, andbetween 2004 and2014 she served invarious leadership roles for the Asian American

Federation.Ms.Singh-BushellisaCertifiedPublicAccountantandholdsadvancedinternational

certificationsin governance,sustainability, informationsystemssecurity, audit,andcontrol.

Ms.Singh-Bushell’sexperienceinfinance,audit,technology,andcybersecurity,aswellasher

internationalexperiencebring relevant andnecessaryskills,experience,andperspectiveto our Board.

Dan Smith

54 yearsold

Directorsince 2024

Mr. Smith hasbeen our Group Chief FinancialOfficersince October 1, 2024.Prior to joining Lesaka,Mr.

Smithwasa partneranddirector inVCP,wherehewasactivelyinvolvedinthe executionofLesaka’s

acquisition andfunding strategy,as well as other of VCP’s investments.Mr. Smith hasheld various senior

roles in the financialservices sectorsin both SouthAfrica andthe United Kingdom,including leadingthe

mergers andacquisitions teamat StandardBank South Africa, the non-bankingfinancialinstitutions team

at NomuraInternationalPLC, PWC CorporateFinanceandSG HambrosSouthAfrica. Mr. Smithis also

a director ofADvTECHLimited (JSE: ADH),a pan-African educationandresourcing group.

HeholdsaBachelorofCommerce,a Bachelorof Accountinganda HigherDiplomain TaxationLaw

from the University of Witwatersrandand is a CharteredAccountant(SA).He is a Graduateof the Oxford

FintechProgrammefromtheSaïdBusinessSchool.Mr.Smithalsoholdsvariouscertificationsin

valuationtechniquesandstrategic client management.

TheBoardbelieves thatMr. Smith’sstrong leadershipskills, hisfinancialandaccountingexpertise and

globalexperiencewithcorporatetransactionsandcapitalmarketsmakehimwell-suitedtoserveas a

director.

PROPOSALNO. 2: RATIFICATIONOF SELECTIONOF INDEPENDENTREGISTEREDPUBLIC ACCOUNTING

FIRM

TheAudit andRisk Committeeof ourBoardhasselected KPMGtoserve asour independentregisteredpublic accounting

firmforthefiscalyearendingJune30,2027.ArepresentativeofKPMGisexpectedtobepresentattheannualmeeting.Such

representativewillhave anopportunityto make a statementif he or she desires todo so andis expectedto be availabletorespond to

appropriatequestionsfromshareholders.

TheBoardrequests ourshareholdersto ratifythe selectionof KPMGas ourindependentregistered publicaccountingfirm

for thefiscal yearendingJune30, 2027. Althoughratificationis not requiredby our AmendedandRestatedBy-Laws orotherwise,

the Boardis submitting theselection ofKPMG to our shareholdersfor ratificationas a matterof good corporatepractice. In theevent

ourshareholdersfail toratifythe appointment,the Audit andRiskCommitteemayreconsiderthis selection.Even ifthe selectionis

ratified, theAudit and Risk Committeein its discretionmayselect a differentregisteredpublic accountingfirm at anytime during the

yearif it determinesthatsuch achangewould be in our bestinterests andthe bestinterests ofour shareholders.

The Boardrecommends avote FORthe ratificationof the selectionof KPMG.

PROPOSALNO. 3: ADVISORYVOTE TOAPPROVEEXECUTIVECOMPENSATION

Weareprovidingyouwiththeopportunitytovotetoapprove,onanadvisorybasis,thecompensationof ourexecutive

officersnamedin the SummaryCompensationTableunder “ExecutiveCompensation,”to whomwe referas our“namedexecutive

officers”or “NEOs”. Thisproposal,which is commonlyreferred to as “say onpay,”is required by Section14A of the U.S.Securities

ExchangeAct of 1934,as amended(the “ExchangeAct”).

The philosophyof ourexecutive compensationprogram is tolink compensationto the achievementof our key strategicand

financialgoals.Therefore,werewardourexecutivesfortheircontributionstoourannualandlong-termperformancebytying a

significantportion of their totalcompensationto key driversof increasedshareholder value.At the sametime, we believe our program

does notencourageexcessiverisk-taking bymanagement.The “ExecutiveCompensation”section of thisproxystatementbeginning

on page 19,including the“CompensationDiscussion andAnalysis,” describesin detailour executivecompensationprogram andthe

decisionsmadeby theRemunerationCommitteewith respect to ourfiscal yearendedJune 30,2026.

The Boardrequests shareholdersto casta non-binding advisoryvoteon thefollowing resolution:

“Resolved,thatthecompensationpaidtotheCompany’snamedexecutiveofficers,asdisclosedpursuanttothe

disclosurerulesof theU.S.SecuritiesandExchangeCommission(the“SEC”),includingtheCompensationDiscussionand

Analysis,compensationtables and narrativediscussions,is approvedon an advisorybasis”.

Becauseyour voteis advisory,it willnot bebinding uponthe Boardor theRemunerationCommittee.However,the Board

and theRemunerationCommitteevalue theopinionsexpressedby ourshareholdersand willconsiderthe outcomeof the votewhen

consideringfutureexecutivecompensationdecisions.

The Boardrecommends avote FORthe approvalof the compensationof our namedexecutiveofficers.

BOARDOF DIRECTORSAND CORPORATEGOVERNANCE

MEETINGSOF THEBOARD ANDDIRECTORINDEPENDENCE

Our Boardtypically holds a regularmeeting once everyquarter andholds special meetings whennecessary.During the fiscal

yearendedJune30,2026,ourBoardheldatotaloffivemeetings.Eachofourdirectorsattendedall ofthetotalnumberof such

meetings andthe totalnumber of meetingsheld by all committeesof the Boardon which eachsuch director served,during theperiod

for whicheach suchdirector served.Weencourageeach memberof the Boardto attendthe annual meetingof shareholders,but have

not adopteda formal policy with respectto such attendance.Eightout of oureleven directors attendedlast year’s annualmeeting.Mr.

Mazanderanidid not attendthe annualmeeting last year,and neitherdid Ms.Lacerdaand Mr. Oatesbecausethey werenot members

of theboardatthattime.

The non-employeedirectors meet regularly withoutany managementdirectors oremployees present. Thesemeetings are held

on theday of,or theday preceding,other Boardor committeemeetings.TheBoard annuallyexaminesthe relationshipsbetweenus

and eachof our directors. Afterthis examination,the Board has concludedthatseven of our eleven directorsqualify as “independent”

as defined underNasdaqRule 5605(a)(2)as that term relates tomembershipon the Board,who are Messrs.Ball, Oates andPillay and

Mses. Gobodo,Lacerda,NaidooandSingh-Bushell.

COMMITTEESOF THE BOARD

TheBoardhasestablishedanAuditandRiskCommittee,aRemunerationCommittee,aNominatingandCorporate

GovernanceCommittee,a Social andEthics Committeeand a CapitalAllocation Committee(collectively,the “BoardCommittees”).

The currentmembersof ourBoardCommitteesare presentedin the tablebelow:

Director

Audit andRisk

Committee

Remuneration

Committee

Nominatingand

Corporate

Governance

Committee

Socialand

Ethics

Committee

Capital

Allocation

Committee

AntonyBall..................................

NonkululekoGobodo .................

CarolinaLacerda .........................

Lincoln Mali(#) ..........................

Ali Mazanderani(#*) .................

VenessaNaidoo...........................

James Oates ..................................

Kuben Pillay(^) ..........................

Ekta Singh-Bushell .....................

# Executive

* Chairperson

^ LeadIndependentDirector

Audit andRisk Committee

TheAuditandRiskCommitteeconsistsofMses.Singh-Bushell,Gobodo,LacerdaandNaidoo,andMr.Oates,withMs.

Singh-Bushell actingas the Chairperson.The compositionof the Auditand Risk Committeemeets the requirementsfor independence

under currentNasdaqlisting standardsand SEC rulesand regulations.The Boardhasdetermined thatMses. Singh-Bushell,Gobodo,

Lacerda,andNaidoo,andMr. Oatesare eachan“auditcommitteefinancial expert”as thatterm is definedin applicableSEC rules,

and thatall members meet Nasdaq’sfinancial literacy criteria.The Audit andRisk Committeeheld 12 meetings duringthe 2026fiscal

year.See “AuditandRisk CommitteeReport”on page41.

The Auditand Risk Committeewas establishedby the Boardfor the primarypurposeof overseeingor assisting theBoard in

overseeingthe following:

Audit

●

Thequalificationsandindependenceof ourregistered public

accountingfirm

●

Theorganizationandperformanceofourinternalaudit

function

ComplianceProcesses

●

CompliancewithSECandotherlegalandregulatory

requirements

●

Compliancewith ethical standardswe haveadopted

●

Review ofour relatedpartytransactions

FinancialReporting

●

The integrityof ourfinancialstatements

●

Theaccountingandfinancialreportingprocessesandthe

auditsof ourfinancialstatements

●

Oursystemsofdisclosurecontrolsandproceduresand

internal controlover financialreporting

Risk Management

●

Reviewofourriskassessmentandenterpriserisk

managementprocess

A copyof ourAudit andRisk Committeecharteris availablefree ofchargeon our website,

www.lesaka.tech

RemunerationCommittee

The RemunerationCommitteeconsists ofMessrs. Balland Pillayand Ms. Naidoo,withMr. Ballacting as theChairperson.

The compositionof theRemunerationCommitteemeets the requirementsfor independenceunder Nasdaqlisting standardsand SEC

rules andregulations. TheRemunerationCommitteeheld fourmeetings during the 2026fiscal year.

The RemunerationCommitteehasthe following principal responsibilities,authorityandduties:

CompensationStructure& Strategy

●

Reviewandapproveperformancegoals andobjectives relevantto thecompensationof all our

executive officers,evaluatethe performanceof each executive officer in light of those goals and

objectives, andset each executive officer'scompensation,including incentive-based andequity-

basedcompensation,basedon suchevaluation

●

Make recommendationsto the Board with respectto incentive-and equity-based compensation

plans

●

ReviewandmakerecommendationstotheBoardregardingcompensation-relatedmatters

outsidetheordinarycourse,including,butnotlimitedto,employmentcontracts,change-in-

control provisionsandseverancearrangements

●

Administer ourstock option,stock incentive, andother stock compensationplans, including the

functionof making andapproving all grants of options and other awardsto allexecutive officers

anddirectors, andall other eligible individuals,under suchplans

●

Administer ourcompensationclawbackpolicy

●

Review annuallyandmakerecommendationsto theBoardregarding director compensation

●

Assistmanagementin developingand,whenappropriate,recommendingtotheBoard,the

design ofcompensationpolicies and plans

●

Reviewanddiscusswithmanagementthe disclosuresinour“CompensationDiscussionand

Analysis”andanyotherdisclosuresregardingexecutivecompensationto beincludedinour

public filingsor shareholderreports

●

RecommendtotheBoardwhethertheCompensationDiscussionandAnalysisshouldbe

includedinourproxystatement,AnnualReport, orinformationstatement,as applicable,and

preparethe relatedreport required bythe rules of theSEC

Human Resources&

WorkforceManagement

●

Generallyoverseeour

humanresourcesand

workforce

managementprograms

A copyof ourRemunerationCommitteecharteris availablefree ofchargeon our website,

www.lesaka.tech

Nominatingand CorporateGovernanceCommittee

TheNominatingandCorporateGovernanceCommitteeconsistsofMessrs.Pillay,BallandMs.Singh-Bushell,withMr.

Pillayacting asthe Chairperson.Thecompositionof theNominatingand CorporateGovernanceCommitteemeetsthe requirements

forindependenceunderNasdaqlistingstandardsandSECrulesandregulations.TheNominatingandCorporateGovernance

Committeeheld two meetingsduring the2026fiscal year.

The principalduties andresponsibilities ofthe NominatingandCorporateGovernanceCommitteeare asfollows:

CorporateGovernance

●

ReviewourCorporateGovernance

Guidelinesannuallyandrecommend

changes,asappropriate,forreviewand

approvalby theBoard

●

Makerecommendationsregarding

proposalssubmittedby our shareholders

●

Establish andmonitor proceduresby which

theBoardwillconduct,atleastannually,

evaluationsof its performance

Board Composition

●

Monitor thecomposition,size andindependenceof theBoard

●

Establish criteriafor Board andcommitteemembershipand recommend

toourBoardproposednomineesforelectiontotheBoardandfor

membershipon eachcommitteeof theBoard

●

Monitorourproceduresforthereceiptandconsiderationofdirector

nominationsbyshareholdersandotherpersonsandforthereceiptof

shareholdercommunicationsdirected toour Board

●

Make recommendationsto the Board regardingmanagementsuccession

planning andcorporategovernancebest practices

AcopyofourNominatingandCorporateGovernanceCommitteecharterisavailablefreeofchargeonourwebsite,

www.lesaka.tech

Socialand Ethics Committee

The Social and Ethics Committeeconsists of Mses. Gobodo andSingh-Bushell and Messrs. Mali and Pillay, with Ms. Gobodo

acting asthe Chairperson.The Social andEthics Committeeheld three meetingsduring the 2026fiscal year.

The Socialand EthicsCommitteewasestablishedto provideoversightof socialand ethicalmattersrelatedto ourcompany

andto ensurethatwe are andremaina committedsocially responsible corporatecitizen.

A copyof ourSocial andEthics Committeecharteris availablefree ofchargeon our website,

www.lesaka.tech

CapitalAllocationCommittee

TheCapitalAllocation Committeeconsistsof Messrs.BallandMazanderaniandMs. Lacerda,with Mr.Ball actingas the

Chairperson.The CapitalAllocation Committeeheld fourmeetings during the2026fiscal year.

The principalduties andresponsibilities ofthe CapitalAllocation Committeeare asfollows:

CapitalAllocation

●

ReviewandmakerecommendationstotheBoard

regardingmajorinvestmentproposalsandcapital

allocations

●

Monitor the executionof approvedacquisitions and review

the performanceof completedacquisitions

InvestmentManagement

●

Establish,overseeandperiodicallyreviewthe

performanceof ourinvestments

●

Ensureappropriateindependentadviceissoughtin

relation tomajorinvestments

A copyof ourCapitalAllocation Committeecharteris availablefree ofchargeon our website,

www.lesaka.tech

BOARDLEADERSHIPSTRUCTUREAND BOARDOVERSIGHTOF RISK

Board Leadership

OurBoardisledbyMr.Mazanderani,whoservesasourExecutiveChairman.Mr.PillayservesastheBoard’sLead

IndependentDirector.OurBoardbelievesthisleadershipstructureeffectivelyallocatesauthority,responsibility,andoversight

betweenmanagementandthe independentmembersofourBoard.Itgivesprimaryresponsibilityforouroperationalleadership,

shareholderengagementandstrategicdirectiontoourExecutiveChairman,whileMr.PillayfacilitatesourBoard’sindependent

oversightofmanagement,promotescommunicationbetweenseniormanagementandour Boardaboutissues suchasmanagement

developmentand succession planning,executivecompensation,and our performance,engages with other keystakeholders,and leads

our Board’sconsiderationof keygovernancematters.

The Board’sRole inRisk Oversight

Managing risk isan ongoingprocess inherent inall decisions madeby management.The Board discusses risk throughoutthe

year, particularlyat Boardmeetings when specific actions are considered for approval.The Board has ultimate responsibility to oversee

our enterpriserisk managementprogram. This oversight is conductedprimarily through variouscommitteesof the Board as described

below.

TheAuditandRisk Committeehasdirect oversightof andactivelyassiststhemanagementteam’sprocessin identifying,

assessing, prioritizinganddeveloping actionplans tomitigate thematerialbusiness, operationalandstrategic risks affecting us.

Furthermore,theAudit andRiskCommitteeprovides directoversightof risksrelatingto theintegrityof ourconsolidated

financial statements,internal controloverfinancial reportingand the internalaudit function.TheRemunerationCommitteeoversees

themanagementof risksrelatedtoourexecutivecompensationprogram.TheNominatingandCorporateGovernanceCommittee

oversees themanagementof risks relatedto managementsuccession planning.

REMUNERATIONCOMMITTEEINTERLOCKSAND INSIDERPARTICIPATION

None ofthe membersof ourRemunerationCommitteehas at anytime been one of our officersor employees.None of our

executive officersserves or inthe pasthas served as a memberof the Boardor RemunerationCommitteeof any entity thathas one or

more ofits executiveofficers servingon our Boardor our RemunerationCommittee.

NOMINATIONSPROCESSAND DIRECTORQUALIFICATIONS

TheNominatingandCorporateGovernanceCommitteeemploysa rigorousandmultifacetedapproachfor identifying and

evaluatingcandidatesfornominationtotheBoardofDirectors.ThisprocessinvolvescontinuousassessmentoftheBoard’s

composition, size,and independence,and careful considerationof any potential vacancies resulting from employmentchanges or other

circumstances.Whenvacanciesareanticipatedor occur,theCommitteeactivelyconsidersadiversepoolofprospectivedirector

candidates.

EvaluationofcandidatesisconductedduringbothscheduledandspecialmeetingsoftheNominatingandCorporate

GovernanceCommittee,withconsiderationpossibleatanytimethroughouttheyear.ShareholderrecommendationsforBoard

candidatesare welcomedandsubjectedtothe samethoroughevaluationprocessas nomineesfromother sources.TheCommittee

appliesthequalificationstandardsreferencedaboveto allcandidatesandendeavorstoachieveanoptimalbalanceofknowledge,

experience, andcapabilitywithin the Board.

Additionally,theCommitteereviewsthesuitabilityof currentBoardmembersforre-election,takingintoaccountfactors

such asthe numberof termsserved,eachdirector’s capacityto devotesufficienttime andattentionto their Boarddutiesinlight of

otherprofessionalcommitments,andthe evolvingneedsof theBoard.Thereis noprescribedlimiton thenumberof termsthatan

individual mayserve as adirector.

IncollaborationwiththeBoard,theNominatingandCorporateGovernanceCommitteeevaluatestherequisite skills and

attributesfor Boardservice. Pursuantto theCorporateGovernanceGuidelines, the Committeeconsidersa candidate’sindependence,

thecurrentneedsoftheBoard,andthecandidate’sbackground,skillset,businessacumen,andanticipatedcontributions.Ata

minimum,directorsarerequiredtodemonstratethe higheststandardsof professionalethics,integrity,andvalues,coupledwith a

commitmentto representing the long-term interestsof shareholders. Directorsare also expected to possessan inquisitiveand objective

mindset,practicaljudgment,andmaturewisdom.

We believe the Boardcollectively exhibits a balancedportfolio of competencies and capabilities, as illustrated in the following

table.TheCommitteealsoevaluateseachnon-employeedirector’suniqueskillsetfortheappropriateconstitutionofBoard

committees. Comprehensiveinformationregarding each director’s experience, qualifications,and skills is containedintheir respective

biographiesunder ProposalNo. 1.

TheNominatingandCorporateGovernanceCommitteemayfurtherconsidertheadvantagesofdiversityincandidates’

perspectives,backgroundsandexperiences,aswellasthebenefitsarisingfromconstructiveworkingrelationshipsamongBoard

members.OtherthanprovisionsarticulatedintheCorporateGovernanceGuidelines,theCommitteedoesnotmaintainaformal

diversity policy.The Nominatingand CorporateGovernanceCommitteeidentified Ms. Lacerdaand Mr. Oateswith theassistanceof

a third-party searchfirm, which weengagedand paidto identify andevaluatedirector candidates.Neither Ms. Lacerdanor Mr.Oates

was recommendedby a security holderof ourcompanyand neither director'sappointmentwas made pursuantto any arrangementor

understandingbetweenthe director andanyother person.

Sales, brandand marketing (5)

Mergersand acquisitions(11)

Risk managementoversight(11)

Accounting/ finance (10)

Corporategovernance / law(10)

Environmentand climate(5)

Peopleand culture(11)

Financialtechnology(9)

Globalbusiness (10)

Senior executiveleadership (11)

Public companyboard (11)

Our directornominees’ corecompetenciesand capabilities–outof 11nominee directors

Non-executive

Executive

Total directors

SHAREHOLDERCOMMUNICATIONSWITH THEBOARD

Any shareholderwho wishesto communicatedirectly with the Boardmaydo so viamail or e-mail,addressedas follows:

LesakaTechnologies,Inc.

Boardof Directors

P.O.Box 2424

Parklands,2121,

SouthAfrica

E-mail:

investorrelations@lesakatech.com

and

cosec@lesakatech.com

Shareholdersengagingwith usare requiredto includetheir nameand addressin anysuchwritten ore-mailcommunication

andalso indicatewhetherthe senderis ashareholderof ourcompany.The corporatesecretaryshall transmitanycommunicationto

the Board, or individualdirector(s), as applicable,as soon as practicableupon receipt. Absent safetyor security concerns, thecorporate

secretaryshall relay allcommunications,without anyother screening forcontent.

CORPORATEGOVERNANCEGUIDELINES

TheBoardhasadopteda set ofCorporateGovernanceGuidelines. Wewillcontinueto monitorour CorporateGovernance

Guidelinesandadoptchangesas necessarytocomplywithrulesadoptedby theSEC andNasdaqandto conformto bestindustry

practice.Thismonitoringwillincludecomparingourexistingpoliciesandpracticestopoliciesandpracticessuggestedbyvarious

groups or authoritiesactive in corporategovernanceand the practices of other public companies.A copy of our Corporate Governance

Guidelinesis availableon our website at

www.lesaka.tech

CODE OFETHICS

TheBoardhasadoptedawritten codeofethics, asdefinedin theregulationsoftheSEC. Werequire allofourdirectors,

officers,employees,contractors,consultantsandtemporarystaff,including Messrs.Mazanderani,Smith,Heilbron,KolaandMali,

and othersenior personnelperformingsimilar functions,to adhereto thiscode in addressingthe legaland ethicalissuesencountered

inconductingtheirwork.Ourcodeofethicsrequiresavoidanceof conflictsofinterest,compliancewithalllawsandotherlegal

requirements,conductof businessin anhonestandethical manner,integrity andactionsin our bestinterest. Directors,officersand

employeesare required toreport anyconductthattheybelieve in good faithto be anactualor apparent violationof thecode.

TheSarbanes-Oxley Actof 2002requirescompaniesto haveprocedurestoreceive,retainandtreatcomplaintsreceived

regarding accounting,internal accountingcontrols or auditingmattersand to allow for the confidentialand anonymoussubmission by

employees ofconcerns regardingquestionableaccountingor auditing matters.Wecurrently havesuch proceduresin place. A copyof

our codeof ethicsis availableon our website at

www.lesaka.tech

SHARE OWNERSHIPGUIDELINES

OurshareownershipguidelinesapplytoourExecutiveChairmanandcertainotherexecutiveofficers.OurExecutive

Chairmanis expectedto ownshares inour companythat havea valueof fourtimes hisannualbasesalaryand ourother executive

officersareexpectedtoownsharesthathavea valueoftwo timestheirannualbasesalary.Sharesmaybeowneddirectlyby the

individual, ownedjointly with or separatelyby the individual’s spouse, or heldin trust for the benefit of the individual,the individual’s

spouseor children.Unvestedtime-basedequity awardsacquired throughourstock incentiveplan are includedin the computationof

share ownership.Shares underlyingstock optionsor stock orstock unitsthat are subjectto futureperformanceconditions(other than

solely continuedemployment)do not countas ownershipfor purposesof assessingcompliancewith theshare ownershipguidelines

Our non-employee directorsare not requiredto own sharesin our companyunder our share ownershipguidelines policy.Webelieve

thatthis aligns with shareholdingpracticesapplicableto non-employeedirectors in South Africa.

COMPENSATIONOF DIRECTORS

Directorswhoare alsoexecutiveofficersdo not receiveseparatecompensationfor their servicesas directors.Duringfiscal

2026,our non-employeedirectors thenserving on the boardreceived compensationas describedbelow.

Name

Fiscal 2026

TotalFee

Arrangement

($)

(1)

Fees Earned

or Paid in

Cash

($)

Stock Awards

($)

Stock

Options

($)

Other

($)

(2)

Total

($)

AntonyBall

136,000

20,400

156,400

NonkululekoGobodo

150,500

21,439

171,939

VenessaNaidoo

130,000

19,500

149,500

Kuben Pillay

228,000

34,159

262,159

EktaSingh-Bushell

192,500

Dean Sparrow

105,000

(1)Columnrepresents totalfiscal 2026fees forthe full year.

(2)RepresentsvalueaddedtaxeswhicharestatutoryindirecttaxeschargedinZARonMessrs.BallandPillay’sandMses.

GobodoandNaidoo’scompensationandreimbursed tothem.

DirectorsreceiveabasefeeformembershipontheBoard.DirectorswhoserveonBoardcommitteesand/orserveas

Chairpersonof Board committeesreceive additionalcompensationin recognition of theadditionaltime they arerequired to spendon

committeematters. In fiscal 2024, we performeda benchmarkinganalysis againstthe annual compensationof non-employee directors

of U.S., UK,and SouthAfrican comparablecompanies

with a range ofmarketequity capitalizationsabove,below and comparableto

ours. The peer groupcomprised: AltronLimited,Blue LabelTelecomsLimited,Cantaloupe,Inc.,Capital AppreciationLimited,Cass

InformationSystems, Inc.,CSG Systems International,Inc.,Dave Inc.,EVERTEC, Inc.,Everi Holdings Inc.,Green Dot Corporation,

IDT Corporation,Medallion Financial Corp.,Model N, Inc.,MoneyLionInc.,PayPoint plc, Repay Holdings Corporation,Synchronoss

Technologies,Inc.,andTransactionCapitalLimited.

EQUITYCOMPENSATIONPLAN INFORMATION

The followingtable sets forth informationregarding our compensationplans under which our equity securities areauthorized

for issuanceas ofJune 30,2026:

Plan Category

Numberof

securitiesto be

issued uponexercise

of outstanding

options, warrants

and rights

(a)

Weightedaverage

exercise price of

outstandingoptions,

warrants andrights

(b)

Numberof

securitiesremaining

availablefor future

issuanceunder

equity compensation

plans (excluding

securitiesreflected

in column(a))

(c)

Equity compensationplans approvedby security

holders

Stock incentiveplan................................................................

1,845,708

$6.52

3,821,116

Awardedto Mr.Mazanderaniin June 2024

4,000,000

$9.75

N/A

EXECUTIVECOMPENSATION

ANALYSISOF RISKIN OUR COMPENSATIONSTRUCTURE

Aspartofitsresponsibilitiestoannuallyreviewallincentivecompensationandequity-basedplans,aswellasevaluate

whetherthecompensationarrangementsofouremployeesincentivizeunnecessaryandexcessiverisk-taking,theRemuneration

Committeeevaluatedthe risk profile ofourcompensationpolicies and practicesforfiscal 2026. In itsevaluation,the Remuneration

Committeereviewedouremployeecompensationstructures,andnotednumerousdesignelementsthatmanageandmitigaterisk

without diminishingthe incentivizingnatureof thecompensation,including:

●

A balancedmix betweencashandequity,andannualandlonger-term incentives;

●

Capson incentiveawardsatreasonablelevels;

●

Linear payoutsbetweentargetlevels with respect to annualcashincentive awards;

●

Discretionon individualawards,particularlyin special circumstances;and

●

Long-term incentives.

TheRemunerationCommitteealsoreviewedourcompensationprogramsforcertaindesignfeaturesthatmayhavethe

potentialtoencourageexcessiverisk-taking,including:over-weightingtowardsannualincentives,highlyleveragedpayoutcurves,

unreasonablethresholds, andsteep payoutcliffs atcertainperformancelevels thatmayencourageshort-termbusinessdecisionsto

meetpayoutthresholds. TheRemunerationCommitteeconcludedthatour compensationprogramsdo notinclude suchelements.

In addition, the RemunerationCommittee analyzedour overallenterprise risks and how compensationprograms may impact individual

behaviorinamannerthatcouldexacerbatethese enterpriserisks.Forthispurpose,theRemunerationCommitteeconsideredour

growth andreturn performance,volatility andleverage. Inlight of theseanalyses,the RemunerationCommitteeconcluded thatithas

a balancedpayand performanceprogramthatdoes notencourageexcessive risk-takingthatis reasonablylikely tohavea material

adverse effecton us.Webelieve ourcompensationprograms encourageand rewardprudentbusiness judgmentand appropriaterisk-

taking overthe long term.

COMPENSATIONDISCUSSIONAND ANALYSIS

EXECUTIVESUMMARY

In this CompensationDiscussion andAnalysis, we:

●

Outline our compensationphilosophyanddiscuss how theRemunerationCommitteedeterminesexecutivepay.

●

Describeeach elementof executivepay,including base salaries,short-term andlong-term incentivesand executivebenefits.

Webelieve thatour compensationprograms andrewardshave beendesignedto motivateour executivesanddrive business

valuethatis ultimately reflectedin our underlying enterprisevaluefor boththe short-andlong-term.

Pay for Performance

The RemunerationCommitteeconsidered the absoluteand relativealignment ofexecutive compensationwhen it considered

the appropriatenessof thelevel andformof compensationandfoundexecutivecompensationandour performanceto be aligned.

Results ofShareholderSay-on-PayVotes

Weprovideourshareholderswiththeopportunitytocastanannual,non-bindingadvisoryvotetoapproveexecutive

compensation(a “say-on-pay”). At our annualmeeting of shareholdersheld on December8, 2025, 99.8% of thevotes cast on the say-

on-payproposalatthatmeetingwerevotedinfavorof theproposal.TheRemunerationCommitteewillcontinuetoconsiderthe

outcomeof say-on-payvotes whenmakingfuturecompensationdecisions for ournamedexecutiveofficers.

HighlightedCompensationPractices

Our executivecompensationand corporategovernancepractices are structured to closely link executivecompensationto our

performanceandincrease long-term shareholdervalue.

To achieveour objectives,we haveincorporatedthe following practices:

WHATWE DO:

WHATWE DON’TDO:

●

utilize performance-basedprograms,including annual

andlong-term incentivesto link executive

compensationto our performanceandincrease long-

term shareholdervalue

●

offerchange-in-control severancegross-up payments

●

structure totaldirect compensationfor our named

executiveofficers suchthata significantportion is at

risk

●

offerroutine or excessiveperquisitesfor our named

executiveofficers

●

utilize mostlyobjectiveperformancemetrics in

incentive plansthatdrive shareholdervaluecreation

●

backdateor reprice stock options

●

adoptand enforcea clawbackpolicy thatapplies toour

incentive programs

●

utilize excessiveincentive payments;incentive payments

are cappedto discourageinappropriaterisk taking

●

issue time-basedawardsto retainkey employees

●

conductannualsay-on-payadvisoryvotes

●

establish stockownership guidelinesfor certainof our

executiveofficers

●

awardseveranceonly atthe discretionof the

RemunerationCommitteegiven that there are noformal

severancearrangements

Our namedexecutiveofficers forfiscal 2026are set forthin the following table:

Name ofExecutiveOfficer

Title

Ali Mazanderani

ExecutiveChairmanandDirector

Dan Smith

Group ChiefFinancialOfficerandDirector

NaeemKola

Group ChiefOperatingOfficer

StevenHeilbron

Headof CorporateDevelopmentandMergers & Acquisitions andDirector

Lincoln Mali

Chief ExecutiveOfficer: SouthernAfrica andDirector

Fiscal 2026Compensation Summary

Base Salary.

Toensure competitiveremunerationand paritythe annualbase salariesofcertainof ourexecutiveswere adjusted.

EffectiveSeptember1,2025,Mr.Smith’sannualbasesalarywasincreasedby12.50%fromZAR6,000,000toZAR

6,750,000.EffectivefromFebruary1, 2026, Mr.Mali’sannualbase salarywas increasedby 6.67%fromZAR 7,500,000to

ZAR 8,000,000.Messrs. Heilbronand Kola’s annualbase salarywere kept at$400,000,and Mr. Mazanderani’sannual base

salarywas keptat$600,000.

One-off bonus.

On February25, 2026,the RemunerationCommitteeawarded Mr. Mali aone-offbonusof ZAR 3,500,000.

Performance-BasedAnnualCashIncentive.

Messrs.Smith,Heilbron,KolaandMalireceivedpaymentsof ZAR3,300,000

($195,181);$120,000;$160,000and ZAR 3,000,000($177,437), respectively,under the quantitativecomponentof our cash

incentiveawardplan,andrepresenting83%;83%;67%and83%ofthemaximumexpectedperformancerangeforthe

quantitativecomponentoftheaward.Messrs.Smith,Heilbron,KolaandMalireceivedpaymentsofZAR2,700,000

($159,694);$280,000;$140,000and ZAR3,000,000($177,437),respectively,under thequalitativecomponentof our cash

incentiveawardplan,andrepresenting67%;83%;58%and56%ofthemaximumexpectedperformancerangeforthe

qualitativecomponentof the award. Messrs.Smith and Mali amountsconverted to U.S.dollars at the averagerate of exchange

for fiscal 2026.

Long-TermEquity BasedIncentives.

On February25, 2026, our Board awarded150,000shares of restricted stockto Mr. Mali.

The shareswillvest inthree equaltranchesover athree-yearperiod commencingFebruary 25,2027, and aresubject toMr.

Mali’scontinuousemploymentthrough eachvesting date.

COMPENSATIONPROGRAM OVERVIEWFOR FISCAL2026

Thegoalof ourexecutivecompensationprogramis the sameas ourgoalforoperatingourcompany—to createlong-term

value for ourshareholders.To achievethis goal, we seek toreward our namedexecutive officers for sustainedfinancial andoperating

performanceand leadership excellence, toalign their interestswith those of our shareholdersand to encouragethem to remainwith us

for long andrewarding careers.

Each elementof ourexecutive compensationprogram is designed tofulfill performance,alignment andretention objectives.

These elements consist of salary,bonus andboth equity and non-equity incentive compensation.Each named executive officer receives

one or more,but notnecessarily all, ofthese elements.

CompensationComponents

Indeterminingthetypeandamountofcompensationforeachexecutiveofficer,wefocusonbothcurrentpayandthe

opportunityfor futurecompensationandseek to combinecompensationelementsso as tooptimize his or her contributionto us.

Pay Mix

Weconsiderthemix ofourcompensationcomponentsfromyearto yearbased onour overall performance,anexecutive’s

individualcontributions,andcompensationpracticesofotherU.S.-basedandSouthAfrica-basedpubliccompanies,including

companiesinour“peergroup”describedbelow.Wedonothaveanexactformulaforallocatingbetweencashandnon-cash

compensation.We do, nonetheless, provide for a balancedmix of compensation componentsthat are designed toencourageand reward

behaviorthatpromotesshareholdervaluein both theshort-andlong-term forthe natureof theexecutiverole.

Ourexecutivecompensationprogramis designedtoattract,motivateandretain keyexecutivetalentandpromotestrong,

sustainablelong-term performance.The three componentsof total direct compensationdelivered in our program are 1) basesalary; 2)

performance-based cash annual incentive and/or annual bonus;and 3) performance-based long-term equity-basedincentives. We place

anemphasisonvariableperformance-based pay.Eachcomponentpromotesvaluecreationandalignsourmanagementteam’s

compensation with our long-termstrategic objectives.

Fixed/ Variable

Component

Form

Key Characteristics

Fixed

BaseSalary

Cash

BaseSalaryincreases are

determinedbasedon market

considerationsanddo not

necessarilyoccur eachyear

VariableCompensation

Bonus

Cash

Bonusis discretionaryand

dependentuponindividual

performance

Performance-BasedCash

AnnualIncentive

Cash

Awardsare basedon

qualitativeandquantitative

factors

Performance-BasedLong-

TermEquity-BasedIncentives

Equity

Equity grantsare subjectto

continuedservice and/or

definedperformance

indicators

Other benefits

Cash

Benefitsbasedon territory-

specific employmentbenefits

availableto peer company

executivesin similar position,

as negotiated

Pay Mix for Named Executive Officers

Thechartbelow illustratesthe mixof theelementsof thefiscal2026compensationprogramwe establishedfor our named

executiveofficersusingthemaximumexpectedperformancerangeforthecashincentivecomponent,where“Other”represents

amountspaidto Mr.Kolaformedicalbenefits.No equityawardswereincludedinthe fiscal2026compensationprogram,andthe

grant ofrestricted stockto Mr. Maliin February2026w

anadhoc retentionaward.

100%

45%

46%

55%

54%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ali Mazanderani

($600,000)

Dan Smith

($871,861)

Steven Heilbron

($880,000)

Naeem Kola

($892,000)

Lincoln Mali

($989,238)

Named ExecutiveOfficers -Mixof Elementsfor 2026 CompensationProgram

Salary

Cash IncentiveAward

Other

CompensationObjectives

Performance

. We seek to motivateand drive accountabilitywith our namedexecutive officers througha combinationof cash

bonuses,incentivepayments,grantsofrestrictedstockwithtime-basedvestingconditions,andgrantsofrestrictedstockthatvest

based onthe achievementof predefined levelsof financialand operatinggoals andincreases inourshare priceand/orsatisfactionof

otherfinancialandstrategicperformancegoals. Basesalary,bonusandnon-equityincentivecompensationare designedtoreward

annualachievementsand be commensuratewith each executiveofficer’s scopeof responsibility,demonstratedingenuity, dedication,

leadership andmanagementeffectiveness.

Alignment

. We seekto alignthe interestsof ournamedexecutiveofficers withourshareholdersby evaluatingthemon the

basis offinancial andnon-financialmeasurementsthatwe believe ultimatelydrive long-termshareholder value.Theelements ofour

compensationpackage thatwebelieve alignthese interestsmost closelyare a combinationof annual quantitativeand qualitativecash

compensationawardsandrestrictedstockawardswhichvestovertimeandbecomevesteduponthesatisfactionofspecified

performancegoals.

Retention

. Retentionis a keyobjectiveof ourexecutivecompensationprogram.We attemptto retainour namedexecutive

officers byseekingto providea competitivepay packageand using continuedservice asa conditiontoreceipt of fullcompensation.

The time-based vesting termsof equityawardshavethe effectof tying this elementof compensationto continuedservice with us.

Implementingour Objectives

Organizationof the RemunerationCommittee

The RemunerationCommitteetypically holds four regularlyscheduled meetingseach year,with additionalmeetings scheduledwhen

required. Thereare currentlythree directorson thecommittee.Eachmemberof thecommitteeis required to be:

●

An independentdirector underindependencestandardsestablishedby theNasdaq.

●

A non-employeedirector underRule 16b-3 ofthe Securities ExchangeAct of 1934,as amended.

Processand General IndustryBenchmarking

The RemunerationCommitteeperiodically analyzescompensationdataof companies thatit selects as apeer groupto better

understandhow our pay package compareswiththose companies.The peer group selected by the RemunerationCommitteecomprises

a broadspectrum ofcompanies,whichrange significantlyin size froma revenue,profitabilityand enterprisevalue perspective.The

peer group consistsof companiesgenerally consideredcomparableto us interms of their businesses(such as beinga paymentsystems

provider)aswellasothercompanieswithinotherpartsoftheinformationtechnologysectorandthoseoperatinginorproviding

services in emergingmarkets.During fiscal 2024 the RemunerationCommitteeengaged Pay Governanceto assist it with a peer group

analysis.The peer groupincludesU.S. andSouth Africanlisted companies,and consistsof the followingcompanies:Altron Limited,

BlueLabelTelecomsLimited,Cantaloupe,Inc.,CapitalAppreciationLimited,CassInformationSystems,Inc.,CSGSystems

International,Inc.,DaveInc.,EVERTEC,Inc.,EveriHoldingsInc.,Green DotCorporation,IDTCorporation,Medallion Financial

Corp.,Model N, Inc.,MoneyLionInc.,PayPointplc, RepayHoldings Corporation,Synchronoss Technologies,Inc.,and Transaction

CapitalLimited.No benchmarkingwasdonein thisfiscalyearandwe willembarkon arefreshedpeerreviewprocessfor thenew

financialyear.

Intheearlypartofeachfiscalyear,theRemunerationCommitteeestablishesbasesalariesandsetstheshort-termcash

incentive awardplan remunerationtargets andpaymentcriteria. Followingthe end ofeach fiscalyear,the RemunerationCommittee

determinestheannualincentivecashpaymentsandbonuses,ifany,tobemadetoeachexecutiveofficerbasedontheirandour

performanceduring the fiscal year.The RemunerationCommittee’sprocess fordeterminingcompensationincludes an analysis ofall

elementsofcompensation.TheRemunerationCommitteecomparesthesecompensationcomponentsseparatelyandintotalto

compensationatthe peergroupcompanies,takingintoaccount,amongother things,ourrelativemarketcapitalizationagainstthe

members of the peer group. The compensationof other named executive officers isgenerally determinedbased on specific performance

criteria establishedby theExecutiveChairmanandapprovedby theRemunerationCommittee.

Employmentand Other Agreements

Wehave enteredinto employmentagreementsand restrictive covenantagreementswitheach of Messrs.Mazanderani,Kola,

Smith andHeilbron in connectionwith theirroles as our ExecutiveChairman,Group Chief OperatingOfficer,Group ChiefFinancial

OfficerandHeadofCorporateDevelopmentandMergers&Acquisitions,respectively.Inaddition,eachofMessrs.Kola,Mali

MazanderaniandSmith,respectively,andourwhollyownedsubsidiary,LesakaTechnologiesProprietaryLimited,enteredinto

contractsof employment(“SA EmploymentContract”)which becameeffectiveon July1, 2021,March1, 2022,July1,2026and

October1,2024,respectively.Allfiveexecutiveshavealsoenteredintoarestrictivecovenantagreementwithus.Eachofthese

executiveofficersis entitledtoreceiveanannualbasesalaryand,exceptfor Mr.Mazanderani,anannualcashincentiveaward(as

discussedabove).TheemploymentagreementsprovidethateachofMessrs.Mazanderani,Smith,Kola,HeilbronandMali’s

employmentis at-will andallourcurrentnamedofficer’sSAEmploymentContractsprovidethateitherpartymayterminatethe

agreementwith threemonths’notice. FromJune 2024,Mr. Kola’sSA EmploymentContractwas terminatedand heis remunerated

solelyunder hisemploymentagreementwith LesakaTechnologies,Inc., whichwasamendedto caterfor allofhisbasesalaryand

medicalbenefit.

Except for Mr.Mazanderani,each of namedexecutive officers are subjectto certainrestrictive covenants,as follows: During

their employment,and for aperiodof 24 monthsthereafter,they maynot solicitemployees toterminateemploymentwith Lesakaor

solicit customerstoaltertheirrelationshipwithLesakaortoengageinanycompetingbusiness.Furthermore,eachsuchnamed

executive officeris subject to a non-compete(to the effect thatthey may not be interested or involvedin any business whichcompetes

with,or is similarto, the businessof Lesaka),which enduresduringhis employmentand for aperiodof 24monthsthereafter,in the

case of Mr.Mali; aperiod of12 monthsthereafter,in the case ofMessrs.Smith andKola; anda period of3 monthsthereafter,in the

case of Mr.Heilbron. Mr.Mazanderani’srestrictive covenantagreementdoes not containa non-solicitation ora non-competeclause.

EquityGrant Practices

Webelievethatourlong-termperformanceis achievedthroughaculturethatencourageslong-termperformanceby our

executive officersthrough the use of stock andstock-basedawards. Accordingly, awardsof restricted stockare a fundamentalelement

inourexecutivecompensationprogrambecausetheyemphasizelong-termperformance,andhelpaligntheinterestsofour

shareholdersandemployees.

Wehave grantedequity awards throughour stockincentive planwhich wasadoptedby our Board andapprovedby our shareholders.

In determiningthe sizeof anequity awardto anexecutiveofficer,the RemunerationCommitteeconsiders theexecutive’scurrent

cashtotalcompensationpackage(which includes salary,potentialbonusandcashincentive awardplancompensation);any

previouslyreceived equityawards;the valueof thegrant atthe timeof theaward;andthe numberof sharesavailablefor grants

pursuantto our stockincentive plan.When awardingequity compensation,managementandthe RemunerationCommitteeseek to

weigh thecost ofthese grantswith their potentialbenefitsas acompensationtool.

ELEMENTSOF 2026COMPENSATION

Base Salaries

Ourexecutivecompensationprogramsemphasizeperformance-based pay.This includes annualbonusesandequity–based

long-termincentiveawards.However,base salariesremaina necessaryand typicalpart ofcompensationfor attracting andretaining

outstanding employeesatall levels.

Factors Consideredin DeterminingBase Salaries

Individualcontributionsandperformance

Internalequity

Retentionneeds

Experience

Complexityof roles andresponsibilities

Successionplanning

Adjustmentsto BaseSalary

To ensurecompetitiveremunerationand paritythe annualbase salariesof certain ofour executives wereadjusted.

Effective

September 1,2025, Mr.Smith’s annualbase salarywas increased by 12.50%from ZAR 6,000,000to ZAR 6,750,000.Effectivefrom

February1, 2026,Mr.Mali’sannualbase salarywasincreasedby 6.67%from ZAR7,500,000to ZAR8,000,000.Messrs. Heilbron

and Kola’sannualbase salaries were kept at$400,000,and Mr.Mazanderani’sannual basesalary waskept at $600,000.In addition,

witheffectfromJuly1,2026,Mr.MazanderanireceivedanannualbasesalaryofZAR5,000,000fromLesakaTechnologies

Proprietary Limitedas aconsequenceof his employmentwith this entity.

Performance-BasedPay

Messrs. Smith,Heilbron, Kolaand Mali

For fiscal 2026, the RemunerationCommitteeestablished a cashincentive award planfor Messrs. Smith,Heilbron, Kolaand

Mali pursuantto whicheach of themwould beeligibleto earn acash incentiveaward basedon a numberof quantitativefactorsthat

directlyimpactedourfiscal2026financialperformanceandeachindividual’scontributiontowardtheachievementofcertain

objectives.

Mr.Smith

The cashincentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%

of Mr. Smith’sannualbase salaryof ZAR 6,750,000($399,233 translatedat the average rate of exchangefor the year) for fiscal 2026.

Under the plan, a 50% weighting was based on quantitativefactors and 50% was based on qualitativefactors. The award could increase

to amaximumof 120% of Mr.Smith’sbase salarybased onthe assessmentof performanceagainst bothquantitativeand qualitative

targets.

Mr.Heilbron

The cashincentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%

of Mr.Heilbron’sannualbase salaryof $400,000for fiscal 2026. Under the plan,a 30% weightingwas basedon quantitativefactors

and 70%was basedon qualitativefactors. Theaward couldincrease toa maximumof 120% of Mr.Heilbron’sbase salary,basedon

the assessmentof performanceagainstbothquantitativeandqualitativetargets.

Mr.Kola

The cashincentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%

of Mr.Kola’sannual basesalary of $400,000for fiscal 2026. Under the plan,a 50% weightingwas basedon quantitativefactors and

50%wasbasedonqualitativefactors.Theawardcouldincreasetoamaximumof 120%ofMr.Kola’sbasesalarybasedonthe

assessmentof performanceagainstbothquantitativeandqualitativetargets.

Mr.Mali

The cashincentive awardplanprovidedfor an expectedperformancerange cashincentive awardof between0%and 120%

of Mr. Mali’sannualbase salaryof ZAR 7,500,000($443,593 translatedat the averagerate of exchangefor the year)for fiscal 2026.

Under the plan, a 40% weighting was basedon quantitativefactors and 60% was based on qualitativefactors. The award could increase

to amaximumof 120%of Mr.Mali’sbase salary,based onthe assessmentof performanceagainst bothquantitativeand qualitative

targets.

Quantitative Portion of the Cash IncentiveAward Plan

Each ofMessrs. Smithand Kolawas eligibleto receivean amountequal to 0% to60% of hisindividualannualbase salary;

Mr.Heilbron,0%to 36%;andMr.Mali,0% to48%, ifspecifiedquantitativetargets areachieved.The quantitativetargets were as

follows:

Allocationof quantitativeportion toquantitativetargets

Quantitativetargets:

Smith

Heilbron

Kola

Mali

Group NetRevenue(A)

10%

Group AdjustedEBITDA (B)

10%

Net Debt:EBITDA (C)

10%

Free CashFlow Conversion(D)

10%

Positive Earnings

10%

ConsumerSegment AdjustedEBITDA (E)

10%

Synergies(F)

20%

Totalquantitativeportionof cash incentiveawards

50%

30%

50%

40%

(A) Group NetRevenuetargetof ZAR 6.0billion.

(B) GroupAdjustedEBITDA targetof ZAR 1.288billion.

(D) FreeCashFlow conversiontargetof morethan51% ofGroup AdjustedEBITDA

(E) ConsumerSegment AdjustedEBITDA targetof ZAR 0.610billion.

(F) Unlocksynergiesin MerchantandEnterprise.

Qualitative Portion of the Cash IncentiveAward Plan

Each ofMessrs. Smithand Kolawas eligibleto receivean amountequal to 0% to60% of hisindividualannualbase salary;

Mr.Heilbron,0%to84%;andMr.Mali,0%to72%,ifspecifiedqualitativetargetsareachieved.Thequalitativetargetswereas

follows:

Mr. Smith waseligible to receivean amountup to 60% of his annual basesalary based on his contribution towards enhancing

shareholder valuethrough performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(50%) in

parentheses):

●

Executing variousfinancefunctionimprovementplans in fiscal2026(30%);

●

Demonstrablestrengthening of Sarbanes-Oxley(“SOX”)–compliantinternal controls,including improveddocumentation,review

rigor,andremediationof identifiedcontrol weaknesses(10%);

●

Developingandmanagingvarioustreasuryandfunding processesin fiscal 2026(5%); and

●

Evolving toa performanceculture with collaborativeandcohesive culturein the financefunctionacross theorganization(5%).

Mr.Heilbronwaseligibletoreceiveanamountup to84%ofhisannualbasesalarybasedonhiscontributiontowards

enhancing shareholdervalue through performancecriteria, whichinclude (with agreedweighting as a percent of totalqualitativeaward

(70%) in parentheses):

●

Delivering onanypotentialM&A objectivesin fiscal 2026(45%);

●

Closing andintegrating the BankZero acquisition(15%); and

●

EmbeddingLesaka’shigh-performancecorporateculture acrossthe organization(10%).

Mr. Kolawas eligible toreceive anamountup to 60% of his annualbase salarybased on his contributiontowardsenhancing

shareholder valuethrough performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(50%) in

parentheses):

●

Delivering theintegrationof LesakaUtilities (formerly known asRecharger) intoour company(30%);

●

Drivinga single regionalofficefootprintin South Africa(10%); and

●

Supportingthe integration

the individualMerchantbusinesses intoa unifiedMerchantoperation(10%).

Mr. Maliwas eligibleto receive anamountup to 72% of his annualbase salarybased on hiscontribution towardsenhancing

shareholder valuethrough performancecriteria, which include (withagreed weightingas a percentof total qualitativeaward(60%) in

parentheses):

●

Driving communication,public relations, brandmanagementandkey stakeholderrelationships (25%);

●

LeadingchangeinLesaka’svalue’ssystem,whicharecaringandinclusive,drivingahigh-performancecorporateculture

throughoutthe organizationandpromotinga customercentric mindsetacross theorganization(20%);

●

Participating inpolicy reformsin the regulatoryenvironmentsin which Lesakaoperates(10%); and

●

DemonstrablestrengtheningofSOX–compliantinternalcontrols,includingimproveddocumentation,reviewrigor,and

remediationof identifiedcontrol weaknesses(5%).

Potential and Actual Payments

Thetablebelow presentsourpotentialpaymentsto Messrs.Smith,Heilbron,KolaandMali relatedto thequantitativeand

qualitativeportions ofour cashincentive awardplanfor fiscal 2026, as well as totalpayments:

2026Quantitative andQualitativeportionsof cash incentiveawardplan

(1)

ExpectedPerformanceRange

Quantitative

Qualitative

Threshold

From

Total

(2)

Dan Smith

Potentialpayment

60%

120%

239,540

479,080

Actual payment

(3)

89%

354,875

Steven Heilbron

Potentialpayment

36%

84%

120%

144,000

336,000

480,000

Actual payment

100%

400,000

NaeemKola

Potentialpayment

60%

120%

240,000

480,000

Actual payment

75%

300,000

Lincoln Mali

Potentialpayment

48%

72%

120%

212,924

319,387

532,311

Actual payment

(3)

80%

354,874

(1)

All percentagesare derivedfromannualbasesalarywhen cashincentive awardwas approved.

(2)

Total percentageand USD amountfor potential paymentpresented at the maximumamount of the cash incentive award.

Percentageactualpaymentrepresents cash incentive awardachieveddivided by base salaryfor theexecutive whencash

incentive wasapproved.

(3)

Amountstranslatedto USD from ZAR atthe averagerate ofexchangefor fiscal 2026.

In September2026, theRemunerationCommitteemet and determinedeach elementof ourfinancial performancedescribed

aboveand eachexecutive’s contributiontowardthe qualitativeobjectives.The RemunerationCommittee,after consultationwith Mr.

Mazanderani,determinedthattheexecutiveshadachievedthefollowingquantitativetargetsanddeterminedtoawardtheUSD

amountspresentedin the tablebelow in respect ofthe quantitativecomponentof thefiscal 2026cashincentive awardplan:

Quantitativetargetand achieved percentagesand USDamounts awarded

Smith

Heilbron

Kola

Mali

Quantitativetargets:

Target

Achieved

Target

Achieved

Target

Achieved

Target

Achieved

Group NetRevenue

10%

Group AdjustedEBITDA

10%

Net Debt:EBITDA

10%

Free CashFlow Conversion

10%

Positive Earnings

10%

ConsumerSegment Adjusted

EBITDA

10%

Synergies

20%

10%

Total(%)

50%

30%

50%

40%

Amount awarded($)

(1)

$195,181

$120,000

$160,000

$177,437

(1)

Amountfor Messrs. SmithandMali translatedto USD from ZAR atthe averagerate ofexchangefor fiscal 2026.

In September 2026, the RemunerationCommitteeconsidered whether to makepaymentsinrespect of the qualitativeportion of the

cashincentiveawardplan.TheRemunerationCommitteedeterminedtoawardMessrs.Smith,Heilbron,KolaandMali,ZAR

2,700,000($159,694);$280,000;$140,000;andZAR3,000,000($177,437),respectively,ofthequalitativeportionofthecash

incentive award.Messrs. SmithandMali amountsconvertedto U.S. dollars at theaveragerate ofexchangefor fiscal 2026.

In reachingits conclusionsregardingMessrs.Smith,Heilbron,KolaandMali, the RemunerationCommitteeconsultedwith Mr.

Mazanderaniregarding each executive’sachievementof their respective qualitativetargets. Takingcognizance ofMr. Mazanderani’s

feedbackontheperformanceofeachnamedexecutiveagainsttheirindividualqualitativetargets,theRemunerationCommittee

determinedto awardMessrs.Smith,Heilbron, KolaandMali 67%,83%,58% and56%, respectively,of theirmaximumqualitative

target.

Equity grants

Time-basedEquityIncentive Awards

On February25, 2026, our Boardawarded150,000shares ofrestricted stockto Mr. Mali. Theshares will vest in three equal

tranchesover a three-year periodcommencingFebruary 25,2027, and are subjectto Mr. Mali’scontinuousemploymentthrough each

vesting date.

Performance-basedEquityIncentive Awards

Wedid not awardanyperformance-basedequity incentiveawardsto our executivesduring fiscal 2026.

Stock optionsawarded

Wedid not awardstock optionsto our executivesduring fiscal 2026.

OTHERCONSIDERATIONS

The RemunerationCommittee’sAdvisors

In February2024, theRemunerationCommitteeretainedPay Governance,anindependentadvisor,to assist with:(i)a peer

benchmarkinganalysisforournon-employeedirector compensation,(ii) a peerbenchmarkinganalysisforourexecutiveofficer’s

compensation,and(iii) toperformasummaryreviewfroma riskperspectiveofourexecutivecompensation.TheRemuneration

Committeehasthesoleauthoritytoselect,compensateandterminateitsexternaladvisors.TheRemunerationCommitteehas

determined,basedonitsanalysisofNASDAQrequirements,thattheworkofPayGovernanceandtheindividualcompensation

advisorsemployedby PayGovernanceas compensationconsultantsto us hasnot createdanyconflict ofinterest.

Policiesand Practices Regardingthe Timingof Option Grants

The RemunerationCommitteegenerally approves annualequity awards for officers atitsregularly scheduled meetings, which

aresetinadvance.TheCommitteedoesnottimethegrantingofawardsincoordinationwiththereleaseofmaterialnon-public

information(“MNPI”).TheCommitteemaygrant equityawardsto newhiresor forretentionpurposesoutsideof theannualgrant

cycle, butsuch grantsare nottimed totakeadvantageof MNPI.

The Committeedoes not take MNPI into accountwhen determining the timing or termsof equity awards,and we do not time

the disclosureof MNPI forthe purposeof affectingthe valueof executivecompensation.

Duringfiscal year2026, wedid notgrant anystock optionsor stockappreciationrights tonamedexecutive officerswithin

theperiodbeginningfourbusinessdaysbeforeandendingonebusinessdayafterthefiling ofaperiodicreportorthefilingor

furnishing ofa Form8-K thatdiscloses MNPI. Therefore,no tabulardisclosure is requiredunder Item402(x)(2) ofRegulationS-K.

Insider TradingPolicy

maintain an Insider Trading Policy

governing thepurchase,sale andother dispositionsof oursecuritiesby ourofficers,

directors,employeesandconsultants.WebelieveourInsiderTradingPolicyisreasonablydesignedtopromotecompliancewith

insider trading laws, rulesand regulations, as well as the Nasdaqlisting standardsapplicable to us. OurInsider TradingPolicy prohibits

trading whilein possessionof materialnonpublic informationand duringblackoutperiods, and providesforpreclearanceprocedures

for our officers,directors andother employees,as well as other relatedpolicies andprocedures,including as describedbelow.

The Insider TradingPolicy is attachedas an exhibit to our AnnualReporton Form 10-K filed with the SEC on September9,

2026.

Clawback Policy

The RemunerationCommitteeadopted a compensation clawbackpolicy inNovember 2023which applies to namedexecutive

officerswhoreceive“incentivecompensation”.ForpurposesoftheClawbackPolicy“incentivecompensation”meansany

compensationthat is granted,earned,or vestedbasedwholly orinpartuponthe attainmentof afinancial reportingmeasure,which

are measures thatare determined and presented in accordancewiththe accounting principles used in preparing our financialstatements,

and anymeasuresthat arederivedwhollyor inpartfrom suchmeasures,and includesstock priceand totalshareholderreturn(each

suchmeasure,a “FinancialReportingMeasure”).Incentive-basedcompensationshall be deemedtohavebeenreceivedduring the

fiscal periodin whichthe FinancialReporting Measurespecified inthe incentive-based compensationaward is attained,even if such

incentive-basedcompensationis paidorgrantedaftertheendofsuchfiscalperiod.Fortheavoidanceof doubt,incentive-based

compensationdoesnotincludeannualsalary,compensationawardedbasedoncompletionofaspecifiedperiodofservice,or

compensationawardedbasedon subjectivestandards,strategic measures or operationalmeasures.

The policyappliesto all incentive-basedcompensationreceived by thecoveredexecutives:(i) afterbeginningserviceas an

executiveofficer,(ii)whoservedasanexecutiveofficeratanytimeduringtheperformanceperiodforsuchincentive-based

compensation,and(iii)during thethree completedfiscal yearsimmediatelypreceding aRestatementDate (asdefinedbelow).

In the eventof a restatement,which forpurposes ofthe Clawbackpolicy refersto an accountingrestatementdue to material

noncomplianceby us withanyfinancialreporting requirementunderthefederalsecurities laws,includinganyrequiredaccounting

restatementto correct anerrorin previouslyissued financialstatementsthat is materialto thepreviouslyissued financialstatements,

or that wouldresult in a materialmisstatementif the error were corrected in thecurrent periodor left uncorrectedin thecurrent period

(a“Restatement”),we arerequired,as promptlyas reasonablypossible,torecoveranyerroneouslyawardedcompensation,which

refers to,with respectto eachcoveredexecutive inconnectionwitha Restatement,the amountof incentive-basedcompensationthat

exceeds theamountof incentive-basedCompensationthat would have been receivedby the covered executivehad it been determined

based on therestated amounts,without regard to any taxespaid by the coveredexecutive(any such amountbeing hereinafter referred

to as “ErroneouslyAwardedCompensation”)received by an executive duringthe three completedfiscal years immediatelypreceding

theRestatementDate, whichisconsideredtobetheearlierof(i)thedateourBoard,acommitteeof ourBoard,or officer(s)are

authorizedto take such actionif Board actionis not required,concludes,or reasonablyshould have concluded,that we are required to

prepare a Restatement,or (ii) thedate a court, regulator,or other legallyauthorizedbody directs us to preparea Restatement(any such

datebeing hereinafterreferred to asthe “RestatementDate”).

Forincentive-basedcompensationbasedon stockprice ortotalshareholderreturn,ourBoardis requiredtodeterminethe

amountof Erroneously AwardedCompensationbased on a reasonableestimateof the effectof theRestatementon the stockprice or

total shareholderreturn uponwhich the incentive-based compensationwas received and we are requiredto documentsuch reasonable

estimateandprovidesuchdocumentationtotheNasdaq.Subsequentchangesinanexecutive’semploymentstatus,including

retirementor terminationof employment,does notaffectour rightsto recoverincentive-basedcompensationunder thepolicy.Our

Boardisrequiredtodetermine,initssolediscretion,themethodof recoveringanyincentive-basedcompensationpursuantto the

policy. Suchmethodsmay include, but are not limited to: (i)direct recovery by reimbursement,(ii) set-off againstfuture compensation,

(iii)forfeitureofequityawards,(iv)set-offorcancelationagainstplannedfutureawards,(v)forfeitureofdeferredcompensation

(subject to compliancewith the Internal RevenueCode and relatedregulations),and/or(vi) any other recovery action approvedby our

Boardandpermittedunder applicablelaw.

WearenotpermittedtoindemnifyanycurrentorformerexecutiveofficeragainstthelossofErroneouslyAwarded

Compensation,andwill notpay,or reimburseanyexecutiveofficer(s),for anyinsurancepolicytofundsuch executive’spotential

recovery obligations.

The ClawbackPolicy is attachedas an exhibit to our Annual Report on Form 10-Kfiled with theSEC on September9, 2026.

Anti-HedgingPolicy

We maintainan insider trading policy that addresseshedging and pledging of our securities. Thepolicy prohibits employees

anddirectors fromtrading in puts,calls, optionsor other futurerights to purchaseor sell shares ofour commonstock.

Directors,officersandother employeesare permittedtopledgesharesheldinourcompany,providedthatthe principal

amountof the loan securedmaynot exceed40% ofthe valueof thepledgedshares atthe timethe pledgeis given.For thispurpose,

the valueof the shares is thevolume-weighted average priceper shareover the 30 tradingdays endingon the daybeforethe pledge is

given, onthe JSE for shares heldon the SouthAfrican Branch Registeror on Nasdaqfor all other shares, in eachcase as derived from

the Bloombergdatabase.

REMUNERATIONCOMMITTEEREPORT

For the YearEnded June30, 2026

The informationcontainedin this reportshallnot bedeemed tobe “solicitingmaterial”or “filed”with the SECor subject

to the liabilitiesof Section18 of the ExchangeAct, except to the extentthat Lesaka Technologies,Inc. specifically incorporatesit by

reference into a document filed underthe Exchange Act.

The RemunerationCommittee, which consists of three independentdirectors, has reviewedand discussed the “Compensation

Discussionand Analysis”section ofthis proxystatementwith management.Based onthis reviewand discussion,the Remuneration

Committeerecommendedto our Board that the“CompensationDiscussion andAnalysis” sectionbe includedin this proxystatement

andincorporatedby referenceinto our AnnualReporton Form 10-K.

RemunerationCommittee

AntonyBall, Chairman

VenessaNaidoo

Kuben Pillay

EXECUTIVECOMPENSATIONTABLES

Thefollowing narrative,tablesandfootnotesdescribe the “totalcompensation”earned during fiscalyears2026,2025,and

2024,as applicable,by our namedexecutive officers.The totalcompensationpresented below inthe SummaryCompensationTable

does not reflectthe actualcompensationreceived by our namedexecutive officersor the target compensationof our namedexecutive

officers infiscal 2026, andthereforethe actualcompensationearned.

Targetannualincentive awardsfor fiscal 2026are presentedin the Grantsof Plan-BasedAwardstableon page29.

SUMMARYCOMPENSATIONTABLE

(1)

The following table setsforth the compensationearned by our namedexecutive officers for services rendered duringfiscal years 2026,

2025,and2024.

Name and Principal Position

Year

Salary

(2)

($)

Bonus

(3)

($)

Stock

Awards

(4)

($)

Option

(5)

($)

Non-Equity

Incentive Plan

Compensation

(6)

($)

All Other

Compensation

($)

Total

($)

Ali Mazanderani,Executive

Chairman and Director

2026

600,000

2025

541,667

67,682

(7)

609,349

2024

208,333

5,480,000

20,892

(7)

5,709,225

Dan Smith, Group Chief Financial

Officer and Director

2026

392,781

354,875

747,656

2025

246,886

911,200

251,397

1,409,483

Steven Heilbron, Head of

Corporate Development and

Mergers & Acquisitions and

Director

2026

400,000

800,000

2025

391,667

842,000

240,000

1,473,667

2024

350,000

72,366

983,250

327,634

1,733,250

Naeem Kola, Group Chief

Operating Officer

2026

400,000

300,000

12,000

(8)

712,000

2025

412,500

526,500

80,000

12,000

(8)

1,031,000

2024

450,000

259,031

377,551

10,886

(8)

1,097,468

Lincoln Mali,Chief Executive

Officer: Southern Africa and

Director

2026

456,927

220,140

697,500

354,874

1,729,441

2025

410,709

526,500

230,447

1,167,656

2024

385,120

253,702

427,027

1,065,849

(1)Includesonly those columnsrelating tocompensationawardedto, earned by, or paid tothe namedexecutive officers inany of

fiscal 2026, 2025,and 2024.All other columns havebeen omitted. Mr.Mazanderaniwas appointedas our Executive Chairman

on February1, 2024.Mr. Smith wasappointedas ourGroup ChiefFinancialOfficer effectiveOctober 1, 2024.

(2)Messrs.Smith and Mali’s salarywasdenominatedand paid in ZAR, andhas beenconvertedinto USDat the averagemonthly

exchangerates fortheapplicableperiod.

(3)Infiscal2026,theRemunerationCommitteeawardedandpaidMr.Malia one-offdiscretionarybonusofZAR3,500,000

($220,140). Infiscal 2024, theRemunerationCommitteeawarded Mr. Heilbrona discretionarybonus of $72,366related to the

additionaleffortexpendedby Mr.HeilbronrelatedtotheAdumotransaction.The applicableamountforMr. Heilbronwas

denominatedandpaidin USD.

(4)RepresentsFASBASCTopic718 grant datefair valueof restrictedstock grantedunder ourstock incentiveplan. Seenote17

to the consolidatedfinancial statementsincluded in our AnnualReporton Form 10-K forthe year endedJune 30, 2026, for the

relevantassumptionsusedincalculatinggrantdatefairvalueunderFASBASCTopic718andfordetailregardingany

conditionsattachedto theawards.

(5)Represents FASBASC Topic 718 grant datefair value of 500,000 stock options granted under the 2022 Plan to Mr.Mazanderani

aswellas4,000,000stockoptionsgrantedtoMr.Mazanderanifollowingapprovalobtainedfromourshareholders.Also

includes1,000,000stockoptionsgrantedunderthe2022plantoMr.Heilbron.Seenote17totheconsolidatedfinancial

statementsincluded in our Annual Reporton Form 10-K forthe year ended June30, 2026, for the relevantassumptionsused in

calculatinggrant datefair valueunder FASBASC Topic 718.

(6)Non-equityincentive plancompensationrepresents amountsearnedby Messrs. Smith,Heilbron,KolaandMali forthe fiscal

years endedJune 30,2026, 2025,and 2024.The amountsfor Messrs. Smithand Mali weredenominatedand paidinZARand

convertedinto USDat the averageexchangerate for theyearin whichthe amountwas earned. Theamountsfor Messrs. Kola

andHeilbron (for 2026,2025and2024)were denominatedandpaidin USD.

(7)Represents reimbursementof certain business travelexpenses incurred by Mr.Mazanderaniduring the seven months to January

2025andthe fivemonthsto June30,2024,andwhichis cappedatanamountof $100,000during a 12-monthperiodfrom

February1, 2024 toJanuary31, 2025.

(8)Representspaymentsmadeby usforMr.Kola’shealthcareplancontributionswhich,untilMay2024,werepaidinZAR

convertedinto USD at the applicablemonthlyaverage exchangerates for the periods when paid, and from June 2024,were paid

in USD.

PAYRATIODISCLOSURE

Mr. Mazanderanihad total compensationfor fiscal year 2026of $600,000,as reflected inthe SummaryCompensationTable

above.Wehave selectedJune 30,2026, asthe dateto identifyour medianemployee.As of June30, 2026, we had3,861employees

and wehave used these3,861employeesas ourpayratio disclosure population.All of our employeesincluded inthis populationare

basedin jurisdictionsoutside ofthe UnitedStatesandthe vastmajority,approximately99%, ofthese employees,areemployedin

SouthAfrica.

We haveused the annualized functionalcurrency base salaryof our employees included in our pay ratio disclosure population

as of June 30, 2026, and calculatedthe United States dollar equivalentof these salariesby converting thefunctionalcurrency amounts

to United Statesdollarsusing exchangerates as of June 30,2026. Wehave sorted thislist fromlowest to highestand we estimatethat

ourmedianemployeehadaUnitedStatesdollarequivalentsalaryof$9,568asofJune30,2026.Mr.Mazanderani’sgrossed-up

annualizedfiscal year2026basesalarywas approximately63 timesthatof ourmedianemployee.

The payratio identifiedaboveis a reasonableestimatecalculatedin a mannerconsistentwith SEC rules. Payratios thatare

reported by ourpeers maynot be directly comparableto ours because of differencesin the compositionof each company’sworkforce,

as well asthe assumptionsandmethodologiesused in calculatingthe payratio, aspermittedby SEC rules.

ACTUAL2026COMPENSATIONMIX

Thechartbelow illustratesthemixof theactualelementsof thecompensationprogrampaidin fiscal 2026for ournamed

executiveofficers:

100%

53%

50%

56%

26%

40%

47%

50%

42%

21%

13%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ali Mazanderani

($600,000)

Dan Smith

($747,656)

Steven Heilbron

($800,000)

Naeem Kola

($712,000)

Lincoln Mali

($1,729,441)

Actual 2026compensationmix

Salary ($)

Stock Awards ($)

Cash Incentive Award ($)

Bonus ($)

Other ($)

GRANTSOF PLAN-BASEDAWARDS

(1)

The followingtable providesinformationconcerning non-equity andequity incentive plan awardsgranted duringfiscal 2026

to eachof ournamedexecutiveofficers.

Estimated Future Payouts Under Non-Equity

Incentive Plan Awards

(2)

All Other

Stock

Awards:

Number of

Shares of

Stock or

Units

Grant Date

Fair Value

of Stock and

Option

Awards

Name

Grant Date

Date of

Committee

Action

Type of

Award

Threshold

($)

Target

(%)

(3)

Maximum

($)

(#)

($)

Dan Smith

25/02/2026

0% - 120%

479,080

Steven Heilbron

25/02/2026

0% - 120%

480,000

Naeem Kola

25/02/2026

0% - 120%

480,000

Lincoln Mali

25/02/2026

0% - 120%

532,311

25/02/2026

150,000

697,500

(1)SO(stockoption);AC(annualcashincentiveaward);RS(restrictedstock).Includesonlythosecolumnsrelatingtogrants

awardedto thenamedexecutiveofficers in fiscal2026.Allother columnshavebeen omitted.

(2)OnFebruary25,2026,theRemunerationCommitteeapprovedafiscal2026cashincentiveawardplanforMessrs. Smith,

Heilbron,KolaandMali. Theplanandthe actualpaymentsmadethereunder aredescribed indetail under“—Compensation

DiscussionandAnalysis—Elementsof2026Compensation—Performance-Based Pay—Messrs. Smith,Heilbron,Kolaand

Mali—Potentialand Actual Payments”.There was no threshold for the qualitativeportion of the award plan. Messrs.Smith and

Mali’samounttranslatedfromZAR to USD using the averagerate of exchangefor theyearendedJune 30,2026.

(3)Targetrepresentstheexpectedperformancerange(referto“—CompensationDiscussionandAnalysis—Elementsof2026

Compensation—Performance-BasedPay”).

OUTSTANDINGEQUITYAWARDSAT2026FISCAL YEAR-END

The followingtableshows all outstandingequity awards heldby our namedexecutive officersat the endof fiscal2026. The

marketvalueof unvestedshares reflectedin thistableis calculatedby multiplyingthenumberof unvestedshares bythe pershare

closing priceof $ 4.97of ourcommonstock onJune 30,2026,the lasttrading dayof thefiscal year.

Option Awards

Stock Awards

Number of

Securities

Underlying

Unexer-

cised

Options

(#) Exer-

cisable

Number of

Securities

Underlying

Unexer-

cised

Options

(#) Unexer-

cisable

Option

Exercise

Price($)

Option

Expiration

Date

Number of

Shares or

Units of

Stock That

Have Not

Vested

(#)

Market

Value of

Shares or

Units of

Stock That

Have Not

Vested

($)

Equity

Incentive

Plan

Awards:

Number of

Unearned

Shares,

Units or

Other

Rights That

Have Not

Vested

(#)

Equity

Incentive

Plan

Awards:

Market or

Payout Value

of Unearned

Shares, Units

or Other

Rights That

Have Not

Vested

($)

Ali Mazanderani

500,000

3.50

1/31/2029

1,000,000

6.00

1/31/2029

1,000,000

8.00

1/31/2029

1,000,000

11.00

1/31/2029

1,000,000

14.00

1/31/2029

Dan Smith

66,667

(1)

331,335

120,000

(2)

596,400

Steven Heilbron

350,000

6.00

1/31/2029

250,000

8.00

1/31/2029

100,000

8.00

1/31/2029

150,000

11.00

1/31/2029

150,000

14.00

1/31/2029

Naeem Kola

56,250

(3)

279,563

150,000

(2)

745,500

Lincoln Mali

55,093

(3)

273,812

150,000

(2)

745,500

150,000

(4)

745,500

(1)These shares ofrestricted stock were awarded in October2024, and one third of theseshares are scheduledto vest on eachof October 1, 2025,

2026 and 2027, with vesting conditioned upon continuous service through the applicable vesting date.

(2)These shares of restricted stock were awardedin November 2024 and will vest infull subject to the satisfaction of the followingconditions:

(1) the price of ourcommon stock is equal to or exceeds certain stockprice levels during specific measurement periodsfrom September 30,

2024 to September 30, 2027, and (2) the recipient is employed by us on a full-time basis when the condition in (1) is met.

(3)These shares of restricted stock were awarded in October 2023 and will vest in full subject to the satisfactionof the followingconditions: (1)

the price of our commonstock is equal to or exceedscertain stock price levels during specificmeasurement periods from September 20, 2024

to November 17, 2026, and (2) the recipient is employed by us on a full-time basis when the condition in (1) is met.

(4)These shares of restricted stockwere awarded in February 2026, andone third of these sharesare scheduled to vest on each of February25,

2027, 2028 and 2029, with vesting conditioned upon continuous service through the applicable vesting date.

OPTIONEXERCISESAND STOCKVESTED

Therewerenostockoptionsexercisedbyournamedexecutiveofficers.Thefollowingtableshowsallstockawardsthat

vestedduring fiscal2026:

Stock Awards

Name

Number of shares

acquired on vesting

(#)

Value Realized

on Vesting

($)

(1)

Dan Smith

33,333

139,332

(1)Thevaluerealizedonvestingis calculatedastheclosingpriceofourcommonstock onthevestingdatemultipliedbythe

numberof commonshares ofrestricted stockthatvested

PAYVERSUS PERFORMANCEDISCLOSURES

As required by Section953(a) of the Dodd-Frank WallStreet Reform andConsumer ProtectionAct, andItem 402(v) of Regulation S-Kpromulgatedunder the ExchangeAct, we are providing

thefollowinginformationaboutthe relationshipbetweenexecutivecompensationactuallypaid andcertainfinancialperformanceof ourcompany.Referto theCompensationDiscussionand

Analysis sectionfor furtherinformationconcerning our variablepay-for-performancephilosophyandhow it aligns executive compensationwith our performance.

Year

Summary

compensation

table total for

first PEO

Summary

compensation

table total for

second PEO

Compensation

actually paid to

first PEO

Compensation

actually paid to

second PEO

Average

summary

compensation

table total for

non-PEO NEOs

Average

compensation

actually paid to

non-PEO NEOs

Value of initial fixed $100

investment based on:

Net income

(loss)

$ ‘000

Group Adjusted

EBITDA

ZAR ‘000

Total

shareholder

return

Peer Group

Total

shareholder

return

(1)(4)

(2)(4)

(1)(5)

(2)(5)

(3)(6)

(3)(7)

(8)

(9)

(10)

2026

$600,000

N/A

($220,000)

N/A

$997,274

$757,762

$106

$116

$2,758

ZAR 1,274,588

2025

$609,349

N/A

($1,018,451)

N/A

$1,270,452

$943,940

$95

$110

($90,957)

ZAR 906,573

2024

$5,709,225

$1,244,097

$6,371,525

$1,386,802

$1,298,856

$1,347,237

$99

$91

($18,515)

ZAR 675,332

2023

N/A

$1,432,860

N/A

$833,154

$1,283,723

$925,470

$81

$83

($35,935)

ZAR 432,078

2022

N/A

$3,978,441

N/A

$3,996,918

$873,407

$773,282

$109

$71

($44,697)

(ZAR 339,390)

(1)

First PrincipalExecutiveOfficer(“PEO”) is our currentExecutiveChairman,

Mr. Mazanderani

(2)

SecondPEO was

Chris Meyer

. Mr.Meyer’semploymentterminatedon February29, 2024.

(3)

2026and2025comprise fourNEOs:

Messrs. Smith, Heilbron, Kola and Mali

;

2024comprise threeNEOs:

Messrs. Heilbron, Kola and Mali

; and

2023and2022comprise fourNEOs:

Messrs. Heilbron, Kola, Mali, and Alex M.R. Smith

(terminatedemploymentMarch1, 2023).

(4)

Represents theamountof total compensation reported for eachPEO foreach correspondingfiscal year in the “Total”column of the SummaryCompensationTable for eachapplicable

fiscal year.

(5)

Representsthe amountof “compensationactually paid” to the firstand secondPEOs respectively,as computedinaccordancewithItem 402(v) of Regulation S-K. Thedollar amounts

do notnecessarilyreflect the actualamountof compensationearnedby or paidto therespective PEO duringthe applicablefiscalyear.In accordancewith the requirementsof Item

402(v)ofRegulationS-K,thefollowingadjustmentsweremadetotherespectivePEO’stotalSummaryCompensationTablecompensationforeachyeartodeterminethe

compensationactuallypaid

First PEO

Second PEO

Year

Summary

compensation

table total

Reportedvalue of

equity awards

Equity award

adjustments

Compensation

actuallypaid

Summary

compensation

table total

Reportedvalue of

equity awards

Equity award

adjustments

Compensation

actuallypaid

(a)

(b)

(a)

(b)

2026

$600,000

($820,000)

($220,000)

N/A

2025

$609,349

($1,627,800)

($1,018,451)

N/A

2024

$5,709,225

($5,480,000)

$6,142,300

$6,371,525

$1,244,097

($441,779)

$584,484

$1,386,802

2023

N/A

$1,432,860

($257,985)

($341,721)

$833,154

2022

N/A

$3,978,441

($2,548,441)

$2,566,918

$3,996,918

(a)

The grantdate fairvalue ofequity awardsrepresentsthe totalof theamountsreported in the “StockAwards”and “OptionAwards”columns in theSummaryCompensationTable

for theapplicablefiscal year.

(b)

Theequity awardadjustmentsfor eachapplicable fiscalyear includetheaddition(or subtraction,as applicable)of thefollowing:(i) theyear-end fair valueof anyequity awards

granted in theapplicable fiscalyear thatare outstandingand unvestedas of the endof the fiscal year;(ii) the amountof change as of the endof the applicablefiscal year (fromthe

end of theprior fiscalyear) in fair valueof anyawards grantedin prior fiscalyears thatare outstandingand unvestedas of the end ofthe applicablefiscal year;(iii) for awardsthat

are grantedand vest in same applicablefiscal year,the fair value as ofthe vesting date;(iv) for awards grantedin prior yearsthat vest in the applicablefiscal year,the amountequal

to the change as of the vesting date(from the end of the prior fiscal year) in fair value; and(v)for awardsgranted in prior fiscal years thatare determined to fail to meet the applicable

vesting conditionsduring the applicablefiscal year,a deduction forthe amountequal to the fair valueat the end of theprior fiscal year;and (vi) the dollar valueof anydividends or

other earningspaid on stockor option awardsin the applicablefiscalyear prior to thevesting date thatare not otherwisereflected in thefair value of suchaward or includedin any

other componentof total compensationfor the applicable fiscal year(therewere no adjustmentsrelated to item (vi)). The valuationassumptions used to calculatefair values did not

materially differ fromthose disclosedat the time of grant. The amountsdeducted or added in calculating the equity award adjustmentsare as follows(only applicableyears presented

for eachrespective PEO).

Year

(i)

YearEndFair Valueof

UnvestedCovered Year

Equity Awards

(ii)

Yearover YearChange

in Fair Valueof

Outstandingand

UnvestedPrior Year

Equity Awards

(iii)

Fair Valueas ofVesting

Date ofEquity Awards

Grantedand Vestedin

the Year

(iv)

Yearover YearChange

in Fair Valueof Equity

AwardsGranted inPrior

Yearsthat Vestedin the

Year

(v)

AwardsGranted inPrior

Fiscal Yearsthat are

Determinedto Fail to

Meet the Applicable

VestingConditions

During the Applicable

Fiscal Year

Equity award

adjustments

First PEO

2026

($820,000)

2025

($1,803,000)

$175,200

($1,627,800)

2024

$6,142,300

Second PEO

2024

$469,121

$183,382

$155,445

($223,464)

$584,484

2023

$203,927

($550,377)

$4,729

($341,721)

2022

$2,267,323

$299,595

$2,566,918

(6)

Representsthe averageof theamountsreported forour non-PEO NEOsas agroup in the “Total”columnof theSummaryCompensationTablein eachapplicablefiscal year.

(7)

Representsthe averageamountof “compensationactually paid” tothe non-PEO NEOs asa group, ascomputedin accordancewithItem402(v) ofRegulationS-K. Thedollaramounts

donotnecessarilyreflecttheactualaverageamountof compensationearnedbyor paidtothenon-PEO NEOsasa groupduringtheapplicablefiscalyear.Inaccordancewith the

requirementsof Item402(v) ofRegulationS-K,the followingadjustmentswere made toaverage totalSummaryCompensationTable compensationfor thenon-PEO NEOs as a group

for eachyear todeterminethe compensationactuallypaid

Year

AverageReported Summary

CompensationTableTotalfor

Non-PEONEOs

AverageReported Value

of Equity Awards

AverageEquity Award

Adjustments

AverageCompensation

ActuallyPaid to Non-PEO

NEOs

(a)

(b)

2026

$997,274

($174,375)

($65,137)

$757,762

2025

$1,270,452

($701,550)

$375,038

$943,940

2024

$1,298,856

($498,661)

$547,042

$1,347,237

2023

$1,283,723

($681,395)

$323,142

$925,470

2022

$873,407

($417,458)

$317,333

$773,282

(a)

The grantdatefair valueof equityawardsrepresents thetotalof theamountsreported in the“Stock Awards”and“Option Awards”columnsin the SummaryCompensation

Tablefor theapplicablefiscal year.

(b)

The equityawardadjustmentsfor eachapplicablefiscal yearinclude the addition(or subtraction,as applicable)are asdiscussed abovein footnote(5)(b), and therewere no

adjustmentsrelated toitem (vi) in footnote(5)(b). The amountsdeductedor addedin calculating theequity awardadjustmentsfor our non-PEONEOs are as follows:

Year

(i)

AverageYearEnd Fair

Valueof Unvested Covered

YearEquity Awards

(ii)

Year over Year Average

Change inFair Valueof

Outstandingand Unvested

Prior YearEquity Awards

(iii)

Average Fair Value as of

VestingDate ofEquity

AwardsGranted and

Vestedin the Year

(iv)

Year over Year Average

Change inFair Valueof

Equity AwardsGranted in

Prior Yearsthat Vestedin

the Year

(v)

AverageAwardsGranted

in Prior FiscalYearsthat

are Determinedto Fail to

Meet the Applicable

VestingConditionsDuring

the ApplicableFiscal Year

Averageequity

award

adjustments

2026

$186,375

($88,933)

$1,334

($163,913)

($65,137)

2025

$394,525

($12,225)

($7,262)

$375,038

2024

$532,489

$60,656

$69,660

($115,763)

$547,042

2023

$280,876

($159,394)

$341,250

($36,790)

($102,800)

$323,142

2022

$267,099

$16,754

$23,036

$14,944

($4,500)

$317,333

(8)

Cumulativetotal shareholderreturn (“TSR”)is calculatedby dividingthe sum of the cumulativeamount of dividends for the measurementperiod, assuming dividend reinvestment,

andthe differencebetween ourshare price atthe endandthe beginning of themeasurementperiod by theCompany’sshare price atthe beginning of themeasurementperiod.

(9)

Peer GroupTotal ShareholderReturn(“PGTSR”) representsthe cumulativeTSR of theindustry indexselected,namelythe NasdaqIndustrial Index.PGTSR is calculatedbased

on a fixedinvestmentof $100at the beginningof themeasurementperiod and assumesthe reinvestmentof dividends.The indexis weightedbased on themarketcapitalization

of its constituentcompaniesin accordancewith the index provider’s methodology.

(10)

GroupAdjustedEBITDAis themostsignificantperformancemeasure usedto link ourcompany’sperformanceto compensationpaidto ourPEO andnon-PEO NEOs. Group

AdjustedEBITDAisa non-GAAP measureandis calculatedas earnings(netincomeattributableto Lesaka)beforeinterest, tax,depreciationandamortization(“EBITDA”),

adjustedfor non-operationaltransactions(including loss ondisposal ofequity-accountedinvestments, gain relatedto fair valueadjustmentsto currencyoptions), (earnings) loss

fromequity-accountedinvestments,stock-basedcompensationchargesandonce-offitems. Once-offitemsrepresentsnon-recurring expenseitems, includingcostsrelatedto

acquisitionsandtransactionsconsummatedor ultimatelynot pursued

Tabularlist of financialperformancemeasures

Wehaveadopteda cashincentive awardplanfor thecurrent fiscalyearwhich includes anumberof financialandnon-

financialperformancemeasures.We considerthe following to be alist of our mostimportantfinancialperformancemeasuresused

to link compensationactuallypaidto our namedexecutiveofficers forour fiscal 2026companyperformance,as requiredby Item

402(v) ofRegulationS-K, the followingis a list offinancialperformancemeasures:

Smith

Heilbron

Kola

Mali

Group Adjusted EBITDA

Group Net Revenue

Positive Earnings

Descriptionof RelationshipsBetweenCertain InformationPresented

Item402(v) ofRegulationS-K requiresthatwe providethe relationshipbetweencompensationactually paid toourPEO

andourNon-PEONEOsandournetincomeandthecompany-selected measure,namelyGroupAdjustedEBITDA.Fiscal2026

representedanimportantmilestone inLesaka’s transformationinto a leadingintegratedfintech platform.Followingthe acquisitions

of Adumo andUtilities in fiscal 2025 andthe continuedintegration of those businesses during fiscal2026, Lesakafurther strengthened

itsMerchant,ConsumerandEnterpriseoperatingsegments,bringingtogethermultiplebusinesseswithinMerchantandcreating a

morediversifiedplatformwithmultipledriversofsustainablegrowth.Throughoutfiscal2026,managementremainedfocused on

operationalexecution, realizing integrationbenefits,scaling higher-marginactivities andimproving profitabilityacrossour company.

Our reported netincome attributableto us improved significantlyover the periodspresented. Net loss attributableto us was

$18.5million in fiscal2024 and$91.0 millionin fiscal2025. Infiscal 2026,Lesakareturned to profitabilityand reportednet income

attributabletous ofapproximately$2.8 million.Thesubstantiallyhigherlossreportedinfiscal2025waslargelydrivenbynon-

operationaland non-recurring items,includingtheloss recognizedonthe disposalofourinvestmentin MobiKwikand impairment-

relatedcharges associatedwith acquired businesses.In contrast,fiscal 2026reflected thebenefits of improvedoperating performance

across ourcompanyandthe absenceof similar losses of thesamenatureandmagnituderecognized in fiscal 2025.

Whilenetincomeis animportantmeasureofoverallfinancialperformance,managementbelieves thatGroupAdjusted

EBITDAprovidesa moremeaningfulmeasureof theunderlyingoperatingperformanceofour business becauseit excludescertain

non-operational,non-cashandnon-recurringitemsthatmaysignificantlyimpactreportednetincomeinagivenperiod.Group

AdjustedEBITDAthereforebetter reflectsmanagement'sabilitytoexecuteouroperatingstrategy,integrateacquisitions,generate

earningsfrom core operationsand createlong-termshareholder value.Consistentwith thisview, GroupAdjustedEBITDAfor fiscal

2024wasZAR675.3million,ZAR906.6millioninfiscal2025andZAR1.3billioninfiscal2026,representinggrowthof

approximately41% fromfiscal2025tofiscal2026.During thesameperiod,we achievedstrong growthinnetrevenue,operating

incomeandadjustedearnings while delivering positive net incomeattributableto us.

Certainofourequitygrantsarelinkedtoourfuturesharepriceperformance.Compensationactuallypaidincludesthe

impactof changesin thefair valueof equitygrantswithperformancemeasureslinked toshare priceperformance.We believethat

changesinoursharepricearenotonlyimpactedby ourfinancialandoperatingperformance,but alsoimpactedby macrosocio-

economicevents.Compensationactually paidfor fiscal2026wasgenerallyadverselyimpactedby fairvalueadjustmentsfor these

equity awardsbecause,while our shareprice has increasedfrom$4.49 to $4.97from theend of fiscal2025to the endof fiscal2026,

the fiscal 2026 priceis still lower thanall of our share targets related to theequity grants.Our fiscal 2024 andfiscal 2025 equity grants

linkedtofuturesharepriceperformancedid notachievethespecificsharepricetargetsduringfiscal2026.As wehaverecorded

significant lossesover the past three fiscalyears to June2025, webelieve thatour company-selected measure to monitor performance

incentivizesour executiveofficersto returnourbusiness to profitability,and webelieve thatthe companyis on the correcttrajectory

to achievethis basedon our fiscal2026reportedresults.

Accordingly,our RemunerationCommitteebelieves thatthe compensationactuallypaidto our executiveofficers ismore

closely alignedwith Group AdjustedEBITDA thanwith reported net income, particularlyin periods wherenet income is significantly

affectedby non-operationalitems, acquisition-related chargesor otherone-time events.Thestrong improvementin GroupAdjusted

EBITDAandthe returnto profitabilityin fiscal2026demonstratethe operatingprogress achievedby managementandsupport the

relationshipbetweenexecutivecompensationoutcomesandour performance.

POTENTIALPAYMENTSUPON TERMINATIONOR CHANGE-IN-CONTROL

Under thetermsof theiremploymentagreements,our namedexecutivesare entitledtothreemonthswritten noticebefore

anyterminationwould takeeffect.

Our Stock IncentivePlan includes change-in-control provisions related to equityawards granted.If the parties to any change-

in-controltransactionsdo notpermit theassumption,continuationor substitutionof awardsunder theStock IncentivePlan thenthe

Stock IncentivePlanand anyawardsgrantedunder it shall terminate.In suchcase,exceptas maybe otherwise providedin relevant

stock award agreements,all options andstock appreciationrights with time-based vestingconditionsor restrictions thatare not vested

and/orexercisable immediatelyprior to the effectivetime of the change-in-control shallbecome fullyvested andexercisable as of the

effectivetime of thechange-in-control. All otherawards withtime-basedvesting, conditionsor restrictionsshall becomefully vested

andnonforfeitableas oftheeffectivetimeofthechange-in-control, andall awardswith conditionsandrestrictions relatingto the

attainmentof performancegoals maybecome vestedand nonforfeitablein connectionwith achange-in-control in theRemuneration

Committee’sdiscretion orto theextentspecified in therelevantawardagreement(s).

In theeventof suchtermination:

●

Weshallhavetheoption(inoursolediscretion)tomakeorprovideforapayment,incashorinkind,tothe

participantsholding optionsand stock appreciationrights, in exchange for thecancellationthereof, in an amountequal to the

difference between(A) the sale price multiplied by the numberof shares subject to outstandingoptions andstock appreciation

rights (tothe extentthen exercisableat prices not inexcess ofthe saleprice) and(B) the aggregateexercise priceof allsuch

outstandingoptions andstock appreciationrights(provided that,out of the money stockoptions andstock appreciationrights

shall becancelledfor noconsideration);or

●

Each grantee shall be permitted,within a specified period of time prior to the consummationof the change-in-control

as determined by the RemunerationCommittee,to exercise alloutstandingoptions andstock appreciationrights(to the extent

thenexercisable) held by suchparticipant.

Wealso have the option(in our sole discretion)to makeor provide for a payment,incashor in kind, to thegranteesholding

otherawardsinanamountequalto thesalepricemultipliedbythe numberof vestedshares undersuchawards.Thetreatmentof

awardsuponachange-in-controlmayvaryamongtheawardtypesandparticipantsinthesolediscretionoftheRemuneration

Committee.Unless otherwisedeterminedby our Board (onthe samebasis or on differentbases asthe RemunerationCommitteeshall

specify), anyrepurchaserights or other rights of ourcompanythat relate to an award shall continue to apply to consideration,including

cash,thathasbeen substituted,assumedor amendedfor anaward.

The 4,000,000stock options awardedto Mr. Mazanderanihave change-in-control provisions thatare substantivelythe same

as thoseincluded in our StockIncentivePlan.

On theassumptionthatall restricted stockawardsand500,000stock optionsvestedin a change-in-control transactionor

ourRemunerationCommitteewaivedallvestingconditions(includingperformanceconditions)regardingachange-in-control

transactionclosing, ineithercase, onJune30,2026,usingourJune 30,2026,closingpriceof $4.97 andunvestedrestrictedstock

awardsof748,010sharesand500,000stock options,wewouldmakea potentialpaymentof $4.4million toournamedexecutive

officers,comprising$1.0million,$1.8million,$0.7million,and$0.9milliontoMessrs.Kola,Mali,MazanderaniandSmith,

respectively.

CERTAINRELATIONSHIPSAND RELATEDPERSONSTRANSACTIONS

FamilialRelationships

There are nofamilial relationshipsamonganyof ourdirectors or executiveofficers.

PolicyAgreement withIFC Investors

PursuanttothePolicyAgreement,datedApril11,2016(the“PolicyAgreement”),betweenInternationalFinance

Corporation,IFCAfrican,LatinAmericanandCaribbeanFund,LP,IFCFinancialInstitutionsGrowthFund,LP,andAfrica

CapitalizationFund, Ltd.(collectively,the“IFCInvestors”)andus, theIFCInvestorsare entitledto designateone nomineetoour

Board.TheIFCInvestorsadvisedus thatthe IFCInvestorsregardedMr.Hamidas theindependentdirector nominatedby theIFC

Investors underthe termsof thePolicyAgreement,andhave notnominatedanindependentdirector to replaceMr. Hamidfollowing

his resignation.In addition,pursuantto thePolicy Agreement,the IFCInvestors havebeen grantedcertainrights, includingthe right

to requireus to repurchaseany shares wehavesold to themuponthe occurrenceof specifiedtriggeringevents, whichwe refer to as a

“putright”.

Eventstriggeringtheputright relateto:(1)usbeingthesubjectofa governmentalcomplaintalleging,a courtjudgment

finding oran indictmentalleging thatwe (a) engagedin specifiedcorrupt,fraudulent,coercive, collusiveor obstructivepractices,(b)

enteredintotransactionswithtargetsofeconomicsanctions,or(c)failedtooperateourbusinessincompliancewithanti-money

laundering oranti-terrorism laws,or (2) we rejecta bonafide offer toacquireall of our outstandingshares at atime whenwe havein

place or implementa shareholderrights plan,or adopta shareholder rightsplantriggered bya beneficialownershipthresholdof less

thantwenty percent.Theput priceper sharewill be thehigherof the priceper sharepaid to us bythe IFCInvestorsand the volume-

weightedaverageprice pershare prevailingforthe 60tradingdaysprecedingthe triggeringevent,exceptthatwith respectto aput

right triggeredby rejectionof abonafide offer,the putprice per share will be the highest priceofferedby theofferor.

IndependentDirectorAgreements

Wehaveenteredinto(or,inrespectof Ms.LacerdaandMr. Oates,willenterinto)independentdirector agreementswith

each ofour independentdirectors, providingfor, amongother things,the termsof eachdirector’s service,compensationandliability

insurancecoverage.

IndemnificationAgreements

Wehave enteredinto (or,in respectof Ms. Lacerdaand Mr. Oates,will enter into)indemnificationagreementswith eachof

our directors. These agreementsrequire us to indemnify them,to the fullest extent authorizedor permitted by applicable law,including

the FloridaBusiness CorporationAct, for certainliabilities to whichtheymaybecomesubjectas aresult of their affiliationwith us.

Review,Approvalor Ratificationof Related PersonTransactions

Wereviewall relationshipsand transactionsin which we andour directorsand namedexecutive officersor theirimmediate

family membersare participantsto determinewhethersuch personshave a director indirectmaterial interest.Mr.Smithis primarily

responsibleforthe developmentandimplementationof processesandcontrolstoobtaininformationfromthe directorsandnamed

executive officerswithrespect to relatedperson transactionsand for then determining,based on thefacts andcircumstances,whether

we ora relatedpersonhasa director indirectmaterialinterestin thetransaction.As required underSEC rules,transactionsthat are

determinedto be directlyor indirectlymaterial tous or arelatedperson aredisclosedin ourproxystatement.In addition,our Audit

and RiskCommitteereviews andapprovesor ratifiesany relatedperson transactionthat isrequiredto bedisclosed. Inthe courseof

its reviewandapprovalor ratificationof adisclosable relatedpartytransaction,our Audit andRisk Committeeconsiders:

●

The natureof therelatedperson’sinterest in the transaction;

●

The materialterms ofthe transaction,including, without limitation,the amountandtypeof transaction;

●

The importanceof thetransactionto therelatedperson;

●

The importanceof thetransactionto us;

●

Whether thetransactionwould impair thejudgmentof adirector or executiveofficerto actin our best interest;and

●

Any othermattersthe Audit andRisk Committeedeemsappropriate.

Any memberof the Auditand RiskCommitteewho is a relatedperson withrespect to atransactionunder review maynot

participatein the deliberationsor vote respectingapprovalor ratificationof thetransaction,provided, however,thatsuchdirector

maybe countedin determining thepresence ofa quorumata meetingof theAudit andRisk Committeethatconsiders the

transaction.

DELINQUENTSECTION 16(A)REPORTS

Section16(a) oftheExchangeActrequiresourdirectorsandcertainofficers,aswellaspersonswhoownmorethan10

percent of our commonstock, to file with the SEC initial reportsof beneficialownership onForm 3 and reportsof subsequentchanges

in beneficialownershipon Form 4or Form5. Basedsolely onour reviewof theseformsfiled withthe SEC,and certificationsfrom

our executiveofficers anddirectors thatno otherreports were requiredfor suchpersons, webelieve thatall directors andofficers and

greater than10 percent shareholderscompliedwith the filing requirementsapplicableto themfor the fiscal yearendedJune 30,2026,

with theexception of(i) a lateForm 4 filedon February27, 2026, forMr.Mali, inconnectionwith the forfeitureof restrictedshares

on December1, 2025,which didnot meetthe agreed performanceconditions,and (ii)Mr. Kolawho failedto timely filea Form 4 in

connectionwith the forfeitureof restricted shareson December1, 2025,which did not meetthe agreedperformanceconditions.

AUDIT ANDNON-AUDITFEES

ThefollowingtableshowsthefeesthatwepaidoraccruedfortheauditandotherservicesprovidedbyKPMG,our

independentregistered public accountingfirm, in 2026and2025,for thefiscal yearsendedJune 30,2026and2025.

2026

2025

$ ‘000

Audit Fees

2,770

2,949

Audit-RelatedFees

TaxFees

All Other Fees

AuditFees– ThiscategoryincludestheauditofourannualconsolidatedfinancialstatementsonForm10-K, reviewof

financialstatementsincludedinourquarterlyreportsonForm10-Q,therequiredauditofmanagement’sassessmentofthe

effectivenessofourinternalcontroloverfinancialreportingandtheauditors’independentauditofinternalcontroloverfinancial

reporting,andtheservicesthatanindependentauditorwouldcustomarilyprovideinconnectionwithsubsidiaryaudits,statutory

requirements,regulatoryfilings,andsimilarengagementsforthefiscalyear,suchas comfortletters,attestservices,consents,and

assistancewith review of documentsfiled with the SEC. This categoryalso includes adviceon audit andaccounting mattersthat arose

during, oras aresult of, theauditor the review of interim financialstatements.

Audit-Related Fees –This category consists of assuranceand relatedservices bythe independentregisteredpublic accounting

firm thatare reasonablyrelated to the performanceof the audit or review of our financialstatementsand are not reportedaboveunder

“AuditFees”.

TaxFees – This category consists of professionalservices rendered by KPMG for taxcomplianceand tax advice. The services

for thefees disclosed underthis categoryinclude taxreturn reviews andtechnicaltaxadvice.

All Other Fees – This categoryconsists of miscellaneousfees that are not otherwise includedin the previousthree categories.

Pre-Approvalof Audit andNon-AuditServices

Pursuant to ourAudit and Risk Committeecharter, ourAudit and Risk Committeereviews and pre-approvesboth audit and

non-auditservicestobeprovidedby ourindependentauditors.Theauthoritytograntpre-approvalsof non-auditservicesmaybe

delegatedto oneor moredesignatedmembersof theAudit andRisk Committeewhosedecisionswill bepresentedto thefull Audit

and Risk Committeeat its next regularly scheduled meeting.During fiscalyears 2026and 2025,all of the services provided byKPMG

were pre-approvedby theAudit andRisk Committee.

AUDIT ANDRISK COMMITTEEREPORT

TheAudit andRisk Committeeof theBoardconsistsof atleast threeindependentdirectors, asrequiredbyNasdaqlisting

standards.The Audit andRisk Committeeoperatesunder a written charteradoptedby the Board, which isavailableon our website at

www.lesaka.tech

. The Audit andRisk Committeeis responsible for overseeingour financialreporting process onbehalf of the Board.

The membersof theAudit andRisk Committeeare Mses.Singh-Bushell,Gobodo,Lacerdaand Naidooand Mr.Oates. Ms.Lacerda

and Mr.Oates joinedthe Auditand RiskCommitteein September,2026.They did not participatein thedeterminationof the matters

discussedbelow,asthesediscussionsanddeterminationsoccurredpriortothedateoftheirappointment.TheAuditandRisk

Committeeselects, subjectto shareholderratification,our independentregistered public accountingfirm.

Managementis responsible for ourfinancial statementsand the financialreportingprocess,includinginternal controls.The

independentregisteredpublicaccountingfirmisresponsibleforperforminganindependentauditofourconsolidatedfinancia

statementsin accordancewith auditingstandardsgenerallyacceptedin theUnitedStatesandof ourinternalcontroloverfinancial

reporting andfor issuing areport thereon.The Audit andRisk Committee’s responsibility is tomonitorandoversee theseprocesses.

Inthiscontext,theAuditandRiskCommitteehasmetandhelddiscussionswithmanagementandKPMG. Mr.Smith

representedto the Auditand RiskCommitteethat the consolidatedfinancial statementswere prepared inaccordancewithaccounting

principles generally acceptedinthe United States, and the Audit and Risk Committeereviewed and discussed the consolidatedfinancial

statementswithMr. Smithand KPMG.The Audit andRisk Committeediscussed withKPMG the mattersrequired to be discussedby

thePublicCompanyAccounting OversightBoard(the“PCAOB”)andtheSEC.ThesemattersincludedadiscussionofKPMG’s

judgmentsaboutthe quality(not justthe acceptability)of ouraccountingprinciples as appliedto our financialreporting.

KPMG also providedthe Audit andRisk Committeewith the written disclosures andletter required by thePCAOB regarding

KPMG’scommunicationswiththe Audit and Risk Committeeconcerning independence,and the Audit and Risk Committeediscussed

with KPMGthe firm’sindependence.

Based uponthe Auditand RiskCommittee’s discussionwith managementand KPMGand the Auditand RiskCommittee’s

reviewof therepresentationsof managementand thedisclosuresby KPMGtotheAuditandRiskCommittee,the AuditandRisk

Committeerecommendedto the Boardthat ourauditedconsolidatedfinancial statementsbe includedin our AnnualReporton Form

10-K forthe yearendedJune 30,2026,for filing with the SEC.

Audit andRisk Committee

EktaSingh-Bushell, Chairperson

NonkululekoGobodo

CarolinaLacerda

VenessaNaidoo

JamesOates

SECURITYOWNERSHIPOF CERTAINBENEFICIALOWNERS ANDMANAGEMENT

The followingtablepresents, asof September25, 2026,informationaboutbeneficialownership ofour commonstock by:

●

each person or group of affiliatedpersons who orwhich, to our knowledge, owns beneficially more than5% of our outstanding

shares ofcommonstock;

●

eachof ourcurrent directors andnamedexecutiveofficers;and

●

all ofour currentdirectors andexecutiveofficers asa group.

Beneficialownershipof sharesis determinedin accordancewith SEC rulesand generallyincludesany sharesoverwhich a

personexercisessoleorsharedvotingorinvestmentpower.Thebeneficialownershippercentagessetforthbelowarebasedon

85,794,723shares of commonstock outstandingas of September 25, 2026.All sharesof commonstock, including thatcommonstock

underlyingstock optionsthat arepresently exercisableor exercisablewithin 60 daysafterSeptember 25,2026 (whichwe refer toas

beingcurrentlyexercisable)byeachperson aredeemedto beoutstandingandbeneficiallyowned bythatperson forthepurposeof

computingthe ownershippercentageof thatperson, butare notconsideredoutstandingfor thepurposeofcomputingthe percentage

ownershipof anyother person.Unlessotherwiseindicated,to ourknowledge,eachperson listedinthe tablebelow hassole voting

and investmentpower with respect to the shares shownas beneficially ownedby such person, exceptto the extent applicablelaw gives

spouses sharedauthority.

Exceptas otherwisenoted,eachshareholder’saddressis c/oLesakaTechnologies,Inc.,7 ParksBoulevard,OxfordParks,

Dunkeld,Johannesburg,2196,SouthAfrica.

Sharesof CommonStock BeneficiallyOwned

Name

Number

AntonyBall

NonkululekoGobodo

StevenHeilbron

(1)

750,000

NaeemKola

(2)

423,769

CarolinaLacerda

Lincoln Mali

(3)

480,755

Ali Mazanderani

(4)

2,991,538

VenessaNaidoo

JamesOates

Kuben Pillay

EktaSingh-Bushell

7,000

Dan Smith

(5)

250,500

Dean Sparrow

ValueCapitalPartners (Pty) Ltd

(6)

15,642,598

18%

IFC InvestorsandRelatedEntities

(7)

8,430,676

10%

The GoldmanSachsGroup, Inc.

(8)

4,999,960

MorganStanley

(9)

5,211,240

DirectorsandExecutiveOfficers as aGroup

(10)

4,903,562

*Less thanone percent

(1)Comprises 750,000shares ofcommonstock.

(2)Comprises (i)217,519shares ofcommon stock;and(ii) 206,250shares ofrestricted stock,the vestingof whichissubjectto the

satisfactionof certaintime-basedvesting conditions.

(3)Comprises (i)125,662shares ofcommon stock;and(ii) 355,093shares ofrestricted stock,the vestingof whichissubjecttothe

satisfactionof certaintime-basedvesting conditions.

(4)Comprises (i)2,491,538 sharesof common stockand (ii) optionsto purchase500,000 shares ofcommon stock, all ofwhich were

exercisable asof September25, 2026.

(5)Comprises (i)63,833 sharesof commonstock; and(ii)186,667 shares ofrestrictedstock,the vestingof whichissubject to thesatisfaction

of certainfinancialperformanceandcertaintime-basedvesting conditions.

(6)VCP hassole voting anddispositive power over these securities. VCP’sbusiness addressis 173 Oxford Road, 8thFloor, Rosebank,

2196,South Africa. Antony Ball isthe non-executive chairman of VCP. Of the shares reported for VCP, 4,638,259shares have been

pledged assecurity for aworking capitalfacility with Peresec.

(7)Basedon information available tous as of the recorddate, includingAmendment No. 5 to Schedule 13D filed on June 17, 2026, and

subsequent Form4 filings,theIFC Investorsandrelated entities beneficially ownanaggregate of8,430,676 shares.According to

AmendmentNo. 4 to Schedule 13D filed by the IFC Investors and related entities withthe SEC on March 17, 2026: (a) International

Finance Corporation (“IFC”)beneficiallyowns an aggregateof 3,271,862common sharesas to whichithas sole voting and dispositive

power, (b)IFC African, LatinAmericanandCaribbeanFund,LP(“ALAC”)beneficiallyownsan aggregateof 1,856,263commonshares

as to whichit has shared voting and dispositive power,(c)IFC African, Latin Americanand CaribbeanFund (GP)LLC (“ALACGP”)

beneficially owns an aggregate of 1,856,263common sharesas to whichit has shared voting and dispositive power,(d)IFC Financial

Institutions Growth Fund,LP(“FIG”)beneficially owns an aggregateof 3,302,551common sharesas towhich ithas shared votingand

dispositive power, and(e)IFC FIGFund (GP),LLP(“FIG GP”)beneficially owns anaggregateof 3,302,551commonshares astowhich

it has shared voting and dispositivepower. Each of ALAC,a United Kingdom limitedpartnership,and FIG,a United Kingdom limited

partnership, isprimarily engaged inthe businessof investinginsecurities.ALACGP, a Delaware limitedliabilitycompany, isprimarily

engaged in the businessof servingas the generalpartner of ALAC.FIG GP,a United Kingdom limitedliabilitypartnership,is primarily

engaged in the business ofservingas the generalpartner of FIG.Each of ALACand FIG arefunds managedby IFC AssetManagement

Company LLC, awholly-ownedsubsidiary of IFC, that invests third party capital inconjunction with IFC investments. The business

addressof theaforementionedentities is 2121 PennsylvaniaAvenue,Washington,D.C. 20433.

(8)According toAmendmentNo.3 to Schedule13Gfiled byThe GoldmanSachs Group,Inc.(“GoldmanSachs”)withthe SECon February

6, 2025, Goldman Sachs has sharedvotingand dispositive poweroverthese securities.Goldman Sachs’s business addressis200 West

Street, New York, NY 10282.

(9)According toAmendmentNo.3 to Schedule13Gfiled by MorganStanley withthe SECon February4, 2025,Morgan Stanleyhasshared

voting anddispositive power over thesesecurities. Morgan Stanley’sbusiness addressis 1585Broadway,New York, NY 10036.

(10) Represents sharesbeneficiallyowned by ourdirectorsand executiveofficers as a group.Includes 748,010 sharesof restrictedstock,the

vesting of whichis subject to certain conditionsdiscussedabove and optionsto purchase500,000shares of commonstock, allof which

were exercisable asof September25, 2026.

ADDITIONALINFORMATION

AnnualReport on Form10-K

Acopyof ourannualreport onForm10-K(withoutexhibits)forthe fiscalyearendedJune30,2026,is being distributed

alongwiththisproxystatement.Wereferyoutosuchreportforfinancialandotherinformationaboutus, butsuchreportisnot

incorporatedin this proxy statementand is not deemed to be a part of the proxy solicitationmaterial.It is also availableon our website

(

www.lesaka.tech

). Inaddition,our annualreport (with exhibits) is availableatthe SEC’s website (

www.sec.gov

ShareholderProposalsand DirectorNominationsfor the 2027Annual Meeting

Qualifiedshareholderswho wishto haveproposals presentedat the 2027annualmeeting of shareholdersmustdeliver them

to us byJune 8,2027,in order tobe consideredfor inclusionin next year’sproxystatementand proxypursuantto Rule 14a-8 under

the ExchangeAct. Shareholderswhointend topresent anitem ofbusiness for our2027annualmeeting of shareholders(other than a

proposal presentedfor inclusion in next year’s proxy statementand proxy pursuantto Rule 14a-8)must provide notice of such business

tous byJune8, 2027,as setforthmorefully inSection2.08ofourAmendedandRestatedBy-Laws.Shareholderswhowish to

nominateone or morepersonsfor electionas directorsmustprovidenotice ofsuch nominationsto usbyJune8, 2027,as setforth

more fullyin Section4.16 ofour Amendedand RestatedBy-Laws. In addition,shareholderswhointend tosolicit proxiesin support

of director nomineesother thanour nomineesmust providenotice tous thatsets forth theinformationrequired by Rule14a-19under

the ExchangeAct no laterthanSeptember 19, 2027.All proposals andnominationsmust be deliveredto us at ourprincipalexecutive

officesatP.O. Box2424,Parklands2121,SouthAfrica.

Householdingof ProxyMaterials

Wehave adopteda procedure approvedby the SEC called “householding”.Under this procedure,multiple shareholderswho

share the samelast nameand addresswill receive onlyone copy ofthe annualproxy materials, unlessthey notify us thattheywish to

continuereceiving multiplecopies. Wehaveundertakenhouseholdingto reduceour printing costs andpostagefees.

If you wishto opt out of householdingand receive multiplecopies of the proxymaterials atthe same address,you maydo so

at anytime prior to30 daysbefore themailing ofproxymaterials, bynotifying usin writingat: LesakaTechnologies,Inc.,P.O.Box

2424, Parklands2121, South Africa, Attention: LesakaTechnologies, Inc. Corporate Secretary.You also mayrequest additionalcopies

of theproxymaterialsby notifyingus in writing at the sameaddress.

If you sharean address withanothershareholder andcurrently are receivingmultiplecopies of the proxymaterials,you may

request householdingby notifyingus atthe above-referencedaddress.

Other Matters

The Boardknows ofno other mattersthat will be presentedfor considerationat the annualmeeting. Return of a validproxy,

however, conferson the designated proxyholders the discretionaryauthorityto vote the shares in accordancewiththeir best judgment

on suchother business,if any,thatmayproperly comebeforethe meetingor anyadjournmentor postponementthereof.

By Order ofthe Boardof Directors,

Kuben Pillay

LeadIndependentDirector

October 2,2026

THE BOARDHOPESTHATYOU WILL ATTENDTHE MEETING.WHETHEROR NOT YOUPLANTO

ATTEND,PLEASE PROMPTLYCOMPLETE,DATE,SIGN ANDRETURNTHE ENCLOSEDPROXY.