# EDGAR Filing Document

**Accession Number:** 0001041514
**File Stem:** 0001562762-25-000245
**Filing Date:** 2025-9
**Character Count:** 112192
**Document Hash:** bff97e7b6381240f6defb3bfa55b5525
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001562762-25-000245.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001562762-25-000245

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 176

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LESAKA TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0001041514
- **STANDARD INDUSTRIAL CLASSIFICATION:** FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980171860
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31203
- **FILM NUMBER:** 251356586

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, PRESIDENT PLACE
- **STREET 2:** CNR. JAN SMUTS & BOLTON
- **CITY:** ROSEBANK, JOHANNESBURG
- **PROVINCE COUNTRY:** T3
- **BUSINESS PHONE:** 27 11 343 2000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, PRESIDENT PLACE
- **STREET 2:** CNR. JAN SMUTS & BOLTON
- **CITY:** ROSEBANK, JOHANNESBURG
- **PROVINCE COUNTRY:** T3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NET 1 UEPS TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20000724

## Exhibit 4.2

#### Exhibit 4.2

#### DESCRIPTION OF THE REGISTRANT'S SECURITIES

#### REGISTERED PURSUANT TO SECTION 12 OF THE

#### SECURITIES EXCHANGE ACT OF 1934
As of September 29, 2025, Lesaka Technologies, Inc.

#### ("Lesaka" or the "Company")
had one class of securities

#### ("common

#### stock")
registered under Section 12 of the Securities Exchange Act of 1934, as amended.

#### DESCRIPTION OF COMMON STOCK
The following description of the Company's common stock is a summary and does not purport to be complete. It is subject to and

qualified in its entirety by reference to the Company's Amended and Restated Articles of Incorporation

#### ("Articles of

#### Incorporation")
and its Amended and Restated By-laws

#### ("Bylaws")
, each of which are incorporated by reference as an exhibit to

the Company's most recent Annual Report on Form 10-K. Lesaka encourages you to read its Articles of Incorporation, Bylaws and

the applicable provisions of the Florida Business Corporation Act

#### ("FBCA")
for additional information.

#### General
Lesaka's Articles of Incorporation currently authorizes the issuance of two hundred million shares of its common stock, with $0.001

par value. Lesaka's common stock is listed and principally traded on the Nasdaq Stock Exchange, Global Select Market, under the

symbol "LSAK." Lesaka's common stock is also listed on the Johannesburg Stock Exchange, under the symbol "LSK".

All outstanding shares of common stock are fully paid and nonassessable

#### Dividend rights
Holders of shares of Lesaka's common stock are entitled to receive dividends and other distributions when declared by Lesaka's

board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the

FBCA, including the requirement that after making any distribution Lesaka must be able to meet its debts as they become due in the

usual course of its business.

#### Voting rights
Each holder of common stock is entitled to one vote per share for the election of directors and for all other matters to be voted on by

shareholders. Holders of common stock may not cumulate their votes in the election of directors.

#### Liquidation and other rights
Upon voluntary or involuntary liquidation, dissolution or winding up of Lesaka, holders of common stock share ratably in the assets

remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no

pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to

shares of common stock. The shares of Lesaka common stock are not subject to redemption.

#### Transfer Agent
The Company's transfer agent in the United States is Computershare Shareowner Services LLC, 480 Washington Blvd, Jersey City,

New Jersey, 07310, and the Company's transfer agent in South Africa is JSE Investor Services South Africa (Pty) Ltd.

## Ex-14

LESAKA TECHNOLOGIES, INC.

CODE OF ETHICS

Exhibit 14

#### CONTENTS
[CONTENTS ............................................................................................................................................. 2](#a35)

[1.](#a233)

[EXECUTIVE SUMMARY .............................................................................................................. 3](#a233)

[INTRODUCTION ........................................................................................................................... 3](#a237)

[2.](#a334)

[COMPLIANCE, WAIVERS OR AMENDMENTS ........................................................................... 4](#a334)

[COMPLIANCE WITH THIS CODE................................................................................................ 4](#a338)

[3.](#a454)

[COMPLIANCE WITH LAWS, RULES AND REGULATIONS ....................................................... 5](#a454)

[4.](#a595)

[CONFLICT OF INTEREST ........................................................................................................... 6](#a595)

[OUTSIDE ACTIVITIES, EMPLOYMENT AND DIRECTORSHIP ................................................. 6](#a674)

[RELATIONSHIPS WITH CLIENTS, CUSTOMERS AND SUPPLIERS ........................................ 7](#a711)

[GIFTS, HOSPITALITY AND FAVOURS ....................................................................................... 7](#a726)

[PERSONAL INVESTMENTS ........................................................................................................ 7](#a784)

[INSIDER INFORMATION AND INSIDER TRADING .................................................................... 8](#a844)

[REMUNERATION ......................................................................................................................... 8](#a880)

[5.](#a915)

[EMPLOYMENT EQUITY, ENVIRONMENTAL RESPONSIBILITY AND POLITICAL SUPPORT 8](#a915)

[6.](#a1006)

[LESAKA'S FUNDS, PROPERTY AND RECORDS ...................................................................... 9](#a1006)

[7.](#a1088)

[EMPLOYMENT MATTERS ......................................................................................................... 10](#a1088)

[8.](#a1195)

[DEALING WITH OUTSIDE PERSONS AND ORGANISATIONS ............................................... 10](#a1195)

[9.](#a1265)

[PRIVACY AND CONFIDENTIALITY ........................................................................................... 11](#a1265)

[10.](#a1335)

[EMPLOYEE OBLIGATIONS ....................................................................................................... 11](#a1335)

[11.](#a1463)

[REVISION AND ACKNOWLEDGEMENT OF THE POLICY ...................................................... 12](#a1463)

[12.](#a1539)

[POLICY REVIEW ........................................................................................................................ 12](#a1539)

1. EXECUTIVE SUMMARY

#### INTRODUCTION
Lesaka Technologies, Inc. and its subsidiaries (hereinafter referred to as "Lesaka") are committed to a policy of fairness

and integrity in the conducting of their businesses. This commitment, endorsed by the Board of Directors of Lesaka

(hereinafter referred to as the "Board"), is based on the fundamental belief that business should be conducted to the

highest ethical standards of honesty, fairness and legality.

#### Lesaka's Value Statement
An insurgent

#### entrepreneurial spirit
is at our core. It drives our innovative thinking and relentless

search for disruptive solutions. It is a spirit that is carried with a bone-deep

#### integrity
, a non-

negotiable commitment to doing the right thing and always doing what we say we will do.

This is the bedrock of our environment where we relish open and safe debate, embracing all ideas,

recognising that our

#### collective wisdom
will find the answers and allow the best ideas to succeed.

Our environment is driven by a belief in shared

#### ownership
, based on a commitment to

performance and accountability, and an energised

#### bias to action
.

These are our values that underpin our mission to enable Merchants to compete and grow, and

Grant Beneficiaries to improve their lives, by providing innovative financial technology and value-

creating solutions.

This Code of Ethics (hereinafter referred to as this "Code") is Lesaka's promise that our Values Statement and ethical

standards will form the basis for all endeavours of Lesaka. Lesaka has established this Code as part of its overall policies

and procedures. To the extent that other Lesaka policies and procedures conflict with this Code, this Code will prevail.

This Code will apply equally to all employees and other representatives of Lesaka. The term "Employees" has been used

in the broadest sense and includes:

● All staff with whom a service contract exists;

● Management and non-management;

● Directors including non-executive Directors; and

● Contractors, consultants and temporary staff.

This Code is designed to inform Employees of policies in various areas. Therefore, Lesaka expects all Employees and

other representatives to share its commitment to high moral, ethical and legal standards.

The most current version of this Code will be distributed to all Employees, posted and maintained on Lesaka's website,

and filed as an exhibit to Lesaka's Annual Report on Form 10-K. Lesaka's Annual Report on Form 10-K shall disclose that

this Code is maintained on its website and shall disclose that substantive amendments and waivers will also be posted on

Lesaka's website.

#### Please study this Code carefully so that you understand Lesaka's expectations and

#### your obligations.
2. COMPLIANCE, WAIVERS OR AMENDMENTS

#### COMPLIANCE WITH THIS CODE
Compliance with this Code by all Employees is mandatory. If any Employee becomes aware of, or suspects, a

contravention of this Code, such Employee must promptly and confidentially advise their line manager, a member of the

Head of Human Capital department or a member of Group Risk (provided such person was not involved in the alleged

violation).

Lesaka's efforts to ensure observance of, and adherence to, the goals and policies outlined in this Code mandate that you

must promptly bring to the attention of your line manager, a member of the Head of Human Capital department or a

member of the Risk and Compliance or Fraud Risk Departments (provided such person was not involved in the alleged

violation) any material transaction, relationship, act, failure to act, occurrence or practice that you believe, in good faith, is

inconsistent with, in violation of, or reasonably could be expected to give rise to a violation of, this Code. In the event that

an Employee feels unable to report such matters via the aforementioned channels, then the Lesaka Whistleblowing Hotline

is available for safe and anonymous reporting of any potential breaches of this Code.

The matter will be investigated and dealt with according to the Lesaka's Whistleblowing Policy. Failure to report violations

of this Code will itself be considered a serious violation of this Code.

It is Lesaka's policy that no retaliation or other adverse action will be taken against any Employee for good-faith reports of

Code violations. Persons who discriminate, retaliate or harass may be subject to civil, criminal and administrative penalties,

as well as disciplinary action, up to and including termination of employment for cause.

Managers set an example for other Employees and are often responsible for directing the actions of others. Every manager

and supervisor is expected to take necessary actions to ensure compliance with this Code, to provide guidance and assist

Employees in resolving questions concerning this Code and to permit Employees to express any concerns regarding

compliance with this Code.

#### No one has the authority to order another Employee to act in a manner that is contrary to this Code.
2.1. #### WAIVERS OF OR AMENDMENTS TO THIS CODE
Any waivers of or amendments to this Code must be in writing and must be approved in advance by the Board.

Waivers and amendments, and the reason, therefore, shall be disclosed as required under applicable law and regulations.

If Employees are in doubt about the application of this Code, they should discuss the matter with their line manager, a

member of the Head of Human Capital department, or Group Risk.

3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS

Employees must comply with all applicable laws, rules and regulations which relate to their activities for and on behalf of

Lesaka. Lesaka will not tolerate any violation of the law or unethical business dealing by any Employee, including any

payment for, or other participation in, an illegal act, such as bribery.

Lesaka is committed to full compliance with the laws, rules and regulations of the cities, states and countries in which it

operates. You must comply with all applicable laws, rules and regulations in performing your duties for Lesaka.

Numerous federal, state and local laws, rules and regulations define and establish obligations with which Lesaka, its

Employees and agents must comply. Under certain circumstances, local country law may establish requirements that

differ from this Code.

You are expected to comply with all local country laws in conducting Lesaka's business. If you violate these laws or

regulations in performing your duties for Lesaka, you not only risk individual indictment, prosecution and penalties, as well

as civil actions and penalties, but also subject Lesaka to the same risks and penalties.

If you violate these laws in performing duties for Lesaka, you will be subjected to immediate disciplinary action, including

possible termination of your employment or affiliation with Lesaka.

#### Employees must ensure that their conduct cannot be interpreted as being in any way in contravention of

#### applicable laws, rules and regulations governing the operations of

#### Lesaka

#### .
3.1. #### FOREIGN CORRUPT PRACTICES ACT
Lesaka Employees are expressly prohibited from, directly or indirectly, offering payment, promising to pay, or authorizing

the payment of any money, or offering any gift or non-monetary offer or benefit, promising to give a gift or non-monetary

offer or benefit, or authorizing the giving of anything of value to any foreign and/or local official or any foreign political

party, official of any foreign political party, or candidate for governmental or political office for purposes of:

● Influencing any act or decision of that foreign and/or local official, political party or candidate in his/ her/ its official

capacity;

● Inducing that foreign and/or local official, candidate or political party to do or omit to do any act in violation of the

lawful duty of that official, candidate or party, or

● Securing any improper advantage; or

● Inducing that foreign and/or local official, candidate or political party to use his/ her/ its influence with local and/or

foreign government or instrumentality to affect or influence any act or decision of that government or instrumentality,

in order to assist Lesaka or its Employee in obtaining or retaining business for or with, or directing business to,

Lesaka.

Various countries also have laws that prohibit commercial bribery. Accordingly, these laws are not limited in scope to

bribery of foreign and/or local officials and typically prohibit bribes or inducements to an individual or business to improperly

influence decision-making.

As such, it is Lesaka's policy that nothing of value should be provided to any person for the purpose of improperly obtaining

or retaining business or otherwise gaining an improper business advantage. Violations of this policy are taken very

seriously, as they can subject both Lesaka and the individual to criminal and civil penalties, up to and including

imprisonment. Therefore, any contravention of such laws and regulations will result in disciplinary action as detailed in the

Code of Conduct.

3.2. #### COPYRIGHTED OR LICENSED MATERIAL
It is both illegal and unethical to engage in practices that violate copyright laws or licensing agreements.

Lesaka requires that all Employees respect the rights conferred by such laws and agreements and refrain from making

unauthorized copies of protected materials, including but not limited to printed matter, musical recordings, and computer

software.

Any Employee who is found to have violated copyright laws will be subject to a disciplinary action.

3.3. #### COMPETITIVE RELATIONSHIPS
It is unethical and unlawful to collaborate with competitors or their agents or representatives for the purpose of establishing

or maintaining rates or prices at any particular level, or to collaborate in any way in the restraint of trade.

It is prohibited and unlawful to collaborate or collude with competitors that are in a horizontal relationship with Lesaka for

the purposes of substantially preventing or lessening competition in a market. Any Employee of Lesaka who is found to

have violated the Competition laws in any of the jurisdictions in which Lesaka operates, will be subject to disciplinary

action.

4. CONFLICT OF INTEREST

Employees are expected to perform their duties conscientiously, honestly and in accordance with the best interests of

Lesaka to optimize business objectives.

Employees must not use their positions, or knowledge gained through their employment with Lesaka, for private or

personal advantage or in such a manner that a conflict or an appearance of conflict arises between Lesaka's interest and

their personal interests.

A conflict could arise where an Employee's family, or a business with which an Employee or his or her family is associated

obtains a gain, advantage or profit, or there is the appearance of a gain, advantage or profit, by virtue of the Employee's

position with Lesaka or knowledge gained through that position.

Every Employee must promptly inform Lesaka of any business opportunities that come to his or her attention through the

use of Lesaka assets, property or information or that relate to the existing or prospective business of Lesaka.

If Employees feel that a course of action which they have pursued, are pursuing or are contemplating pursuing, may

involve them in a conflict of interest situation or a perceived conflict of interest situation, they should immediately make all

the facts known to the person to whom they report and the Head of Human Capital, or Group Risk, or, in the case of any

director or officer of Lesaka, to the Audit Committee of Lesaka.

Where any member of the Head of Human Capital, Group Risk, or the Audit Committee determines that a conflict of

interest exists, Lesaka reserves the right to require the Employee/Director to withdraw from the conflicting activity and/or

to terminate the employment/director relationship based on the conflict of interest, as applicable. Additionally, directors of

Lesaka should recuse themselves from participation in any decision of the Board in which there is a conflict between their

private interests and the interests of Lesaka.Any proposed related party transaction, as such term is described in Item 404

of Regulation S-K, involving Lesaka and an Employee, in which an Employee has a direct or indirect material interest,

shall be analyzed and reviewed by the Audit Committee of Lesaka, for potential conflicts of interest.

#### OUTSIDE ACTIVITIES, EMPLOYMENT AND DIRECTORSHIP
We all share a very real responsibility to contribute to our local communities, and Lesaka encourages Employees to

participate in religious, charitable, educational and civic activities.

Employees should, however, avoid acquiring any business interest or participating in any activity outside Lesaka which

would create, or appear to create:

● An excessive demand upon their time, attention and energy which would deprive Lesaka of their best efforts on the

job; or

● A conflict of interest - that is, an obligation, interest or distraction which would interfere or appear to interfere with their

independent exercise of judgment in Lesaka's best interest.

Employees other than outside directors may not take up outside employment without the prior written approval of the Head

of Human Capital.

Employees who hold, or have been invited to hold, outside directorships should take particular care to ensure compliance

with all provisions of this Code. When outside business directorships are being considered by Employees other than

outside directors, prior written approval must be obtained from the Chief Executive Officer of Lesaka or Executive Director

responsible for the division.

#### RELATIONSHIPS WITH CLIENTS, CUSTOMERS AND SUPPLIERS
Lesaka recognizes that relationships with clients, customers and suppliers give rise to many potential situations where

conflicts of interest, real or perceived, may arise.

Employees should ensure that they are independent, and are seen to be independent, from any business organization

having a contractual relationship with Lesaka or providing goods or services to Lesaka, if such a relationship might

influence or create the impression of influencing their decisions in the performance of their duties on behalf of Lesaka.

In such circumstances, Employees should not invest in, or acquire a financial interest, directly or indirectly, in such an

organization.

#### GIFTS, HOSPITALITY AND FAVOURS
Conflicts of interest can arise where Employees are offered gifts, hospitality or other favours which might, or could be

perceived to, influence their judgment in relation to business transactions such as the placing of orders and contracts.

An Employee should not accept gifts, hospitality or other favours from suppliers of goods or services to Lesaka. However,

the acceptance of the following would not be considered contrary to such policy:

● Promotional matter of limited commercial value;

● Occasional business entertaining such as lunches, cocktail parties or dinners; and

● Occasional personal hospitality such as tickets to sporting events or theatres.

Any bribe or attempted bribe must be reported to the Employee's line manager as soon as possible. It is the intention that

dealings with any supplier that offers bribes will be terminated.

Certain functions or operating areas may have more detailed rules governing the receipt of gifts, hospitality or other

favours.

In addition, no bribes of any kind should be made by any Lesaka Employee to any customer or potential customer to

secure business.

Providing the occasional gifts to customers, as set out below, would not be considered contrary to such a policy:

● Advertising matter of limited commercial value;

● Occasional business entertaining such as lunches, cocktail parties or dinners; and

● Occasional personal hospitality such as tickets to sporting events or theatres.

Employees of the Lesaka Group may accept gifts from Third Parties (other than Government Officials) that are of modest

value ($100 USD or less), provided the gift and entertainment guidelines stated in the Gifts and Entertainment policy, are

satisfied.

#### PERSONAL INVESTMENTS
Lesaka respects the right of all Employees to make personal investment decisions as they see fit, as long as these

decisions do not contravene any provisions of this Code, any applicable legislation, or any policies or procedures

established by the various operating areas of Lesaka, and provided these decisions are not made on the basis of material

non-public information acquired by reason of an Employee's connection with Lesaka.

Employees should not permit their personal investment transactions to have priority over transactions for Lesaka and its

clients.

When considering the application of this section, Employees should ensure that no investment decision made for their

own account could reasonably be expected to adversely influence their judgment or decisions in the performance of their

duties on behalf of Lesaka.

Employees involved in performing investment activities on behalf of Lesaka and those who by the nature of their duties or

positions are exposed to price-sensitive information relating to Lesaka are subject to additional rules governing personal

investments. These may be imposed by the Companies Act, the Stock Exchange of Johannesburg, Banks Act, Financial

Sector Conduct Authority, Securities Regulation Panel, the Securities and Exchange Commission, NASDAQ and other

regulatory bodies, industry associations and management.

The additional rules include requirements for all such Employees to:

● Obtain prior written approval from their line manager and the Compliance Officer for, and to report on, their personal

investment activity and the investment activity of those persons with whom they have a close relationship; and

● Refrain from dealing in the shares of entities that Lesaka deals with during certain restricted/closed periods, as well

as Lesaka subsidiaries and associates.

#### INSIDER INFORMATION AND INSIDER TRADING
Employees may receive information concerning Lesaka or one of its affiliates, business partners, clients, or customers

that is confidential and not generally known by the public. If that information is "material" (i.e., publication of that information

is likely to affect the market price of the stock of the entity to which the information relates), then the Employee has an

ethical and legal obligation not to:

● Act on that information (i.e., buy or sell stock based on that information);

● Disclose that information to others; or

● Advise others to buy or sell the stock of the entity to which that information relates, until such information becomes

public.

An Employee's direct or indirect use of or sharing of such confidential, privileged, or otherwise proprietary business

information of Lesaka or its partners, clients, or customers for financial gain, including investment by the Employee or the

transmission of this information to others so that they can use this information for their financial gain, constitutes insider

trading, which is a criminal offense. Please refer to Lesaka's Insider Trading Policy for more information.

#### REMUNERATION
No Employee may receive commissions or other remuneration related to the sale of any product or service of Lesaka

except as specifically provided under an individual's terms of employment or as specifically agreed with the Lesaka

CEO/Group CFO or relevant Executive.

No employee, director or any committee member of Lesaka shall receive any compensation not permitted by the rules of

the Securities and Exchange Commission (hereinafter referred to as the "SEC"), The NASDAQ Stock Market, and other

applicable law.

Employees may not receive any money or anything of value (other than Lesaka's regular remuneration or other incentives),

either directly or indirectly, for negotiating, procuring, recommending or aiding in any transaction made on behalf of Lesaka,

nor have any direct or indirect financial interest in such a transaction.

5. EMPLOYMENT EQUITY, ENVIRONMENTAL RESPONSIBILITY AND POLITICAL SUPPORT

5.1. #### EMPLOYMENT EQUITY
Lesaka supports employment equity in the workplace and seeks to identify, develop and reward each employee who

demonstrates the qualities of individual initiative, enterprise, hard work and loyalty in their job. Lesaka supports and

complies with the Basic Conditions of Employment Act and the Employment Equity Act.

All Employees have the right to work in an environment which is free from any form of discrimination, directly or indirectly,

on any arbitrary ground, including, but not limited to race, gender, sex, ethnic or social origin, colour, sexual orientation,

age, disability, religion, conscience, belief, political opinion, culture, language, marital status or family responsibility.

Employees should report any cases of actual or suspected discrimination to their line managers or a member of the Human

Capital department.

Employees with illnesses or disabilities may continue to work, provided that they are able to continue to perform

satisfactorily the essential duties of their jobs and do not present a safety or health hazard to themselves or others.

5.2. #### HEALTH AND SAFETY
Lesaka is committed to taking every reasonable precaution to ensure a safe work environment for all Employees .

Employees who become aware of circumstances relating to Lesaka's operations or activities which pose a real or potential

health or safety risk should report the matter to their line manager and a member of the Human Capital department. It is

Lesaka's policy that no retaliation or other adverse action will be taken against any Employee for good-faith reports.

5.3. #### ENVIRONMENTAL MANAGEMENT
Lesaka is committed to developing operating policies to address the environmental impact of its business activities by

integrating pollution control, waste management and rehabilitation activities into operating procedures. Employees should

give appropriate and timely attention to environmental issues.

5.4. #### POLITICAL SUPPORT
Lesaka accepts the personal participation of its Employees in the political process and respects their right to absolute

privacy with regard to personal political activity. Lesaka will not attempt to influence any such activity provided there is no

disruption to workplace activities, and it does not contribute to industrial unrest.

Lesaka funds, goods or services, however, may not be used as contributions to political parties or their candidates.

6. LESAKA'S FUNDS, PROPERTY AND RECORDS

6.1. #### FUNDS AND PROPERTY
Lesaka has developed a number of internal controls to safeguard its assets and imposes strict standards to prevent fraud

and dishonesty. It is every Employee's responsibility to implement, maintain and enhance the effectiveness of the control

environment in which they operate.

All Employees who have access to Lesaka's funds in any form must at all times follow prescribed procedures for recording,

handling and protecting such funds.

Operating areas may implement policies and procedures relating to the safeguarding of Lesaka property, including

computer software and intellectual property.

Employees must at all times ensure that Lesaka's funds and property are used only for legitimate Lesaka business

purposes. Where an Employee requires Lesaka funds to be spent, it is the Employee's responsibility to use good judgment

on Lesaka's behalf and to ensure that appropriate value and authorization is received for such expenditure.

All payments made by or on behalf of Lesaka for any purpose must be fully and accurately described in the documents

and records supporting the payment. No false, improper, or misleading entries shall be made in the books and records of

Lesaka.

Complete and accurate information is to be given in response to inquiries from Group Risk and, independent auditors .

If Employees become aware of any evidence that Lesaka funds or property may have been or are likely to be used in a

fraudulent or improper manner they should immediately and confidentially advise Lesaka as set out in the compliance with

this Code section of this document.

It is Lesaka's policy that no retaliation or other adverse action will be taken against any Employee for good-faith reports.

6.2. #### RECORDS
Accurate and reliable records of many kinds are necessary to meet Lesaka's legal and financial obligations and to manage

the affairs of Lesaka. Lesaka's books and records should reflect all business transactions in an accurate and timely

manner.

Undisclosed or unrecorded revenues, expenses, assets or liabilities are not permissible, and the Employees responsible

for accounting and record-keeping functions are expected to be diligent in enforcing proper practices.

7. EMPLOYMENT MATTERS

7.1. #### SUPERVISION OF RELATIVES AND OTHERS
Close relatives and domestic partners shall not work directly or indirectly under the supervision of one another without

prior written approval from the Head of Human Capital. The aforementioned may be allowed on an exceptional basis.

● "Close relative" means, but is not limited to, a spouse, sister, brother, father, mother-, father-, sister-, brother- son,

daughter-in-law step-parent, aunt, uncle, first cousin, child, step-child, foster child, or grandparent.

● "Domestic partner" means, but is not limited to, husband, wife, or a person the Employee currently resides with in an

intimate, romantic or sexual relationship.

If such a situation should arise, it should be immediately brought to the attention of a direct manager or Head of Human

Capital.

Lesaka also requires that Employees disclose to the Human Capital department the existence of an intimate, romantic or

sexual relationship between Employees where there exists a direct chain of command and/ or supervisor/ subordinate

relationship. Decisions concerning such Employees will be made on a case-by-case basis by the Head of Human Capital.

7.2. #### RESTRICTIONS ON FORMER GOVERNMENT EMPLOYEES
Former U.S. Government employees or U.S. military officers are generally prohibited from representing Lesaka in matters

in which the government has substantial interest and where the employee had prior responsibility.

Retired senior U.S. Government officials and regular military officers are further restricted from selling to, or in some

instances, contacting their former agency or military service.

The duration of these prohibitions and the matters to which they apply depend on the type of previous government

employment. Lesaka's legal department should be contacted to help identify which restrictions apply.

8. DEALING WITH OUTSIDE PERSONS AND ORGANISATIONS

8.1. #### PROMPT COMMUNICATIONS
Lesaka strives to achieve complete, accurate, fair, understandable and timely communications with all parties with whom

it conducts business, as well as government authorities and the public. All Employees must take all steps necessary to

assist Lesaka in fulfilling these disclosure responsibilities. In addition, prompt and effective internal communication is

encouraged.

A prompt, courteous and accurate response should be made to all reasonable requests for information and other client

communications. Any complaints should be dealt with in accordance with internal procedures established by various

operating areas of Lesaka and applicable laws.

8.2. #### MEDIA RELATIONS
In addition to everyday communications with outside persons and organizations, Lesaka will, on occasion, be asked to

express its views to the media on certain issues.

Unless specifically designated to do so, no Employee may provide advice or comment on/respond to

customer/media/public queries or any business/product related queries as a representative of the organisation/operate in

any official capacity via social or other public platforms/media spaces.

Employees approached by the media should immediately contact the department or individual responsible for corporate

communications.

An Employee, when dealing with anyone outside Lesaka, including public officials, must take care not to compromise the

integrity or damage the reputation of any outside individual, business, or government body, or that of Lesaka.

As a general rule, Lesaka's position on public policy or industry issues will be dealt with by the Board of Lesaka and

existing policies in this regard must be adhered to. The text of the articles for publication, public speeches and addresses

about Lesaka and its business should be reviewed in advance with the individual responsible for public relations.

Employees should separate their personal roles from Lesaka's position when communicating on matters not involving

Lesaka business. They should be especially careful to ensure that they are not identified with Lesaka when pursuing

personal or political activities, unless this identification has been specifically authorized in advance by Lesaka.

If your social media activity is/can be linked in any way or could be deemed related to Lesaka (or our related business

entities and brands), we may have a legitimate interest in the content being published by you. This includes but is not

limited to posting any confidential or sensitive information (either as text, video, audio or image content), discriminatory or

offensive comments, critical comments about Lesaka, our Employees, our customers or competitors or any other

information that may put Lesaka and its associated brands and entities at risk.

9. PRIVACY AND CONFIDENTIALITY

In the regular course of business, Lesaka accumulates a considerable amount of information. The following principles are

to be observed:

9.1. #### OBTAINING AND SAFEGUARDING INFORMATION
Information necessary for Lesaka's business should be reliable, accurate and its confidentiality maintained. When personal

information is needed, wherever possible, it should be obtained directly from the person concerned. Only reputable and

reliable sources should be used to supplement this information.

Information should only be retained as long as it is needed or as required by law, and it is every Employee's responsibility

to ensure that such information is physically secured and protected.

9.2. #### ACCESS TO INFORMATION
Any information with respect to any product, plan or business transaction of Lesaka, or personal information regarding

Employees, including their salaries, must be kept strictly confidential (hereinafter referred to as "Confidential Information")

and must not be disclosed or used for improper purposes by any Employee unless and until proper authorization for such

disclosure has been obtained.

Once authorization has been obtained, all information required by stakeholders either on request or due to statutory

requirements must be accurately disclosed.

In addition, operating areas may implement policies and procedures to prevent improper transmission within Lesaka of

material non-public information.

9.3. #### TERMINATION OF EMPLOYMENT
The obligation to preserve the confidentiality of Confidential Information acquired in the course of employment with Lesaka

does not end upon termination of employment. The obligation continues indefinitely until Lesaka authorizes disclosure, or

until the Confidential Information legally enters the public domain.

Immediately upon the termination of employment for any reason, or when otherwise requested by Lesaka, Employees are

required to return to Lesaka all above -mentioned Confidential Information, including documents, information and other

property.

9.4. #### FORMER EMPLOYMENT
New Employees will not be assigned to work where they might be required to use or disclose trade secrets or confidential

information belonging to their former employers. New Employees should not take away from their former place of

employment any information that might be considered proprietary or confidential.

10. EMPLOYEE OBLIGATIONS

It is of paramount importance to Lesaka that all disclosure in reports and documents that Lesaka files with, or submits to,

the SEC, and in other public communications made by Lesaka is full, fair, accurate, timely and understandable.

You must take all steps available to assist Lesaka in fulfilling these responsibilities consistent with your role within Lesaka.

In particular, you are required to provide prompt and accurate answers to all inquiries made to you in connection with

Lesaka's preparation of its public reports and disclosure.

All Employees must perform their duties diligently, effectively and efficiently, and in particular:

● Support and assist Lesaka to fulfil its commercial and ethical obligations and objectives as set out in this Code;

● Avoid any waste of resources, including time;

● Be committed to improving productivity, achieving the maximum quality standards, reducing ineffectiveness, and

avoiding unreasonable disruption of activities at work;

● Commit to honouring their agreed terms and conditions of employment;

● Not act in any way that may jeopardize the shareholders' rights to a reasonable return on investment;

● Act honestly and in good faith at all times and report any harmful activity they observe in the workplace;

● Recognize fellow Employees' rights to freedom of association and not intimidate fellow Employees;

● Pay due regard to environmental, public health and safety conditions in and around the workplace; and

● Act within their powers and not carry on the business of Lesaka recklessly.

Each Employee who contributes in any way to the preparation or verification of Lesaka's financial statements and other

financial information must:

● Ensure that Lesaka's books, records and accounts are accurately maintained;

● Be familiar with and comply with Lesaka's disclosure controls and procedures and its internal control over financial

reporting; and

● Take all necessary steps to ensure that all filings with the SEC and all other public communications about the financial

and business condition of Lesaka provide full, fair, accurate, timely and understandable disclosure.

Each Employee must cooperate fully with Lesaka's accounting and internal audit departments, as well as Lesaka's

independent auditors and counsel.

Each Employee acknowledges that Lesaka shall be the owner of the copyright in any work which is eligible for copyright,

and which is created or executed by such Employee, whether alone or with others, in the course and scope of employment.

All work created or executed by the Employee and for which copyright exists shall unless the Employee established the

contrary, be deemed to have been created or executed in the course and scope of employment with Lesaka.

Non-compliance with the guidelines set herein, may result in the institution of disciplinary action and potential dismissal

.

11. REVISION AND ACKNOWLEDGEMENT OF THE POLICY

#### THE POLICY IS SUBJECT TO REVISION
Lesaka may change the terms of the Code from time to time to respond to developments in law and practice. Lesaka will

take steps to inform all affected persons of any material change to the Code.

#### ALL EMPLOYEES MUST ACKNOWLEDGE THEIR AGREEMENT TO COMPLY WITH THE CODE
The Code will be delivered to all Employees upon its adoption by Lesaka, and to all other new Employees at the start of

their employment or relationship with Lesaka. Upon first receiving a copy of the Code Employees must sign an

acknowledgment that he or she has received a copy and agrees to comply with the Code. All revisions to the Code will be

communicated to Employees and this communication will be deemed acceptance of the same.

This acknowledgment and agreement will constitute consent for Lesaka to impose sanctions for violation of this Code and

to issue any necessary stop-transfer orders to Lesaka's transfer agent to enforce compliance with this Code.

#### INQUIRIES
If you have any questions regarding any of the provisions of this Code, please contact the Compliance Officer or

Human Capital at +27 11 343 2000.

12. POLICY REVIEW

The Audit Committee of Lesaka will periodically (preferably annually) review the policy and may recommend changes from

time to time for the consideration of the Board.

Any proposed changes to this Code where indicated, shall be referred to the Board for appropriate action.

#### BOARD APPROVAL RECEIVED: SEPTEMBER 2025

## Ex-19

LESAKA TECHNOLOGIES, INC.

INSIDER TRADING POLICY

Exhibit 19

#### CONTENTS
[CONTENTS ............................................................................................................................................. 2](#a41)

[1.](#a547)

[EXECUTIVE SUMMARY ................................................................................................................. 4](#a547)

[1.1.](#a551)

[INTRODUCTION...................................................................................................................... 4](#a551)

[2.](#a605)

[TRADING IN COMPANY SECURITIES .......................................................................................... 5](#a605)

[2.1.](#a609)

[TRADING IN COMPANY SECURITIES WHILE IN POSSESSION OF MATERIAL NON-PUBLIC INFORMATION](#a609)

[IS PROHIBITED ....................................................................................................................... 5](#a609)

[2.2.](#a949)

[SPECIAL GUIDELINES FOR 10B5-1 TRADING PLANS ....................................................... 5](#a949)

[3.](#a1201)

[APPLICATION AND RESTRICTION OF THE POLICY .................................................................. 7](#a1201)

[3.1.](#a1205)

[ALL EMPLOYEES, OFFICERS, DIRECTORS, CONSULTANTS AND THEIR FAMILY MEMBERS AND](#a1205)

[AFFILIATES ARE SUBJECT TO THIS POLICY ..................................................................... 7](#a1205)

[3.2.](#a1250)

[EXECUTIVE OFFICERS AND DIRECTORS ARE SUBJECT TO ADDITIONAL RESTRICTIONS 7](#a1250)

[●](#a1254)

[SECTION 16 INSIDERS .......................................................................................................... 7](#a1254)

[●](#a1451)

[ADDITIONAL RESTRICTIONS ................................................................................................ 7](#a1451)

[3.3.](#a1491)

[APPLICABILITY OF THE POLICY TO TRANSACTIONS IN COMPANY SECURITIES ........ 7](#a1491)

[●](#a1498)

[GENERAL RULE ..................................................................................................................... 7](#a1498)

[●](#a1684)

[EMPLOYEE BENEFIT PLANS ................................................................................................ 7](#a1684)

[3.4.](#a2077)

[EMPLOYEES MAY NOT PARTICIPATE IN CHAT ROOMS .................................................. 7](#a2077)

[3.5.](#a2086)

[EVERY INDIVIDUAL IS RESPONSIBLE ................................................................................. 8](#a2086)

[3.6.](#a2107)

[THE POLICY CONTINUES TO APPLY FOLLOWING TERMINATION OF EMPLOYMENT .. 8](#a2107)

[4.](#a2131)

[COMPLIANCE OFFICER ................................................................................................................ 8](#a2131)

[4.1.](#a2135)

[INSIDER TRADING COMPLIANCE OFFICER ....................................................................... 8](#a2135)

[4.2.](#a2244)

[THE COMPLIANCE OFFICER IS AVAILABLE TO ANSWER QUESTIONS ABOUT THIS POLICY 8](#a2244)

[5.](#a2271)

[MATERIAL NON-PUBLIC INFORMATION ..................................................................................... 8](#a2271)

[5.1.](#a2279)

[DEFINITION OF MATERIAL NON-PUBLIC INFORMATION .................................................. 9](#a2279)

[●](#a2285)

[MATERIAL ............................................................................................................................... 9](#a2285)

[●](#a2369)

[NON-PUBLIC ........................................................................................................................... 9](#a2369)

[●](#a2517)

[CONSULT THE COMPLIANCE OFFICER WHEN IN DOUBT ............................................... 9](#a2517)

[5.2.](#a2587)

[ONLY DESIGNATED COMPANY SPOKESPERSONS ARE AUTHORIZED TO DISCLOSE MATERIAL NON-](#a2587)

[PUBLIC INFORMATION .......................................................................................................... 9](#a2587)

[6.](#a2624)

[PROHIBITED TRANSACTIONS ................................................................................................... 11](#a2624)

[6.1.](#a2630)

[SHORT SALES ...................................................................................................................... 11](#a2630)

[6.2.](#a2837)

[PUBLICLY TRADED OPTIONS ............................................................................................. 11](#a2837)

[6.3.](#a3062)

[HEDGING TRANSACTIONS ................................................................................................. 11](#a3062)

[6.4.](#a3268)

[MARGIN ACCOUNTS AND PLEDGES ................................................................................. 11](#a3268)

[7.](#a3656)

[TRADING ACTIVITIES BY EMPLOYEES ..................................................................................... 12](#a3656)

[7.1.](#a3660)

[TRADING ACTIVITIES BY EMPLOYEES ARE PERMITTED ONLY DURING CERTAIN TRADING WINDOWS](#a3660)

[............................................................................................................................................... 12](#a3660)

[8.](#a3739)

[VIOLATIONS OF THE POLICY ..................................................................................................... 12](#a3739)

[8.1.](#a3743)

[VIOLATIONS OF INSIDER TRADING LAWS OR THE POLICY CAN RESULT IN SEVERE CONSEQUENCES](#a3743)

[............................................................................................................................................... 12](#a3743)

[●](#a3766)

[CIVIL AND CRIMINAL PENALTIES ...................................................................................... 12](#a3766)

[●](#a3796)

[COMPANY DISCIPLINE ........................................................................................................ 12](#a3796)

[●](#a3809)

[REPORTING VIOLATIONS ................................................................................................... 12](#a3809)

[9.](#a3838)

[REVISION AND ACKNOWLEDGEMENT OF THE POLICY ......................................................... 13](#a3838)

[9.1.](#a3842)

[THE POLICY IS SUBJECT TO REVISION ........................................................................... 13](#a3842)

[9.2.](#a3859)

[ALL EMPLOYEES MUST ACKNOWLEDGE THEIR AGREEMENT TO COMPLY WITH THE POLICY 13](#a3859)

[9.3.](#a3886)

[INQUIRIES ............................................................................................................................. 13](#a3886)

[10.](#a3902)

[POLICY REVIEW .......................................................................................................................... 13](#a3902)

[11.](#a3940)

[APPENDIX A – SPECIAL RESTRICTION ON TRANSACTIONS IN COMPANY SECURITIES BY SECTION 16](#a3940)

[INSIDERS ...................................................................................................................................... 14](#a3940)

1. EXECUTIVE SUMMARY

1.1. INTRODUCTION

The Insider Trading Policy (hereinafter referred to as the "Policy") provides guidelines to all employees, officers and

directors of Lesaka Technologies , Inc. and its subsidiaries (hereinafter referred to as the "Company") with respect to

transactions in the Company's securities.

The nature of operations of a listed company includes that its management and other insiders may possess information

influencing the value of a security issued by the listed company, meant to be used to promote the business operations of

the listed company. The information shall be confidential until published or otherwise made available in the market. The

information may not be used in securities transactions or disclosed to others without an acceptable reason.

Holdings in a listed company by the management of the listed company and by other insiders are in essence beneficial

for both the company and its shareholders. The publicity of holdings of the insiders provides the investors a possibility to

monitor the holdings of the insiders and simultaneously supports confidence in the securities markets. The trading

practices of the insiders shall be such that they do not undermine confidence in the securities markets.

2. TRADING IN COMPANY SECURITIES

2.1. TRADING IN COMPANY SECURITIES WHILE IN POSSESSION OF MATERIAL NON-PUBLIC

#### INFORMATION IS PROHIBITED
The purchase or sale of securities by any person who possesses material non-public information (hereinafter referred to

"MNPI") is a violation of federal and state securities laws. Furthermore, it is important that the appearance, as well as the

fact, of trading on the basis of MNPI be avoided.

Therefore, any person subject to the Policy who possesses MNPI pertaining to the Company may not trade in the

Company's securities, advise anyone else to do so, or communicate the information to anyone else until he or she knows

that the information has been disseminated to the public.

The Policy applies to all trading or other transactions in the Company's securities, including common stock, options, and

any other securities that the Company may issue, such as preferred stock, notes, bonds and convertible securities, as

well as to derivative securities relating to any of the Company's securities, whether or not issued by the Company.

No director, officer, employee, or consultant of the Company who is aware of MNPI relating to the Company may:

● directly or through family members or other persons or entities, purchase, sell or otherwise transfer or trade, or offer

to purchase, sell, or otherwise transfer or trade, any securities of the Company, other than pursuant to a trading plan

that complies with Rule 10b5-1 promulgated by the U.S. Securities and Exchange Commission ("SEC"); or

● engage in any other action to take personal advantage of that information, communicate that information on to others

outside the Company, including:

◾

friends and family (a practice referred to as "tipping"); or

◾

make recommendations or express opinions as to trading in the Company's securities while in possession of

MNPI, except such person may advise others not to trade in the Company's securities if doing so might violate

the law or this Policy.

In addition, it is the policy of the Company that no officer, director, employee, or consultant who, in the course of working

for the Company, learns of MNPI of another company with which the Company does business, such as a customer or

supplier, may trade in that company's securities until that information becomes public or is no longer material.

No officer, director, employee, or consultant who knows of any such MNPI may communicate that information to, or tip,

any other person, including family members and friends, or otherwise disclose such information without the Company's

authorization.

2.2. SPECIAL GUIDELINES FOR 10B5-1 TRADING PLANS

Notwithstanding the foregoing, an employee will not be deemed to have violated the Policy if he or she effects a transaction

that meets all of the enumerated criteria below:

● The transaction must be made pursuant to a documented plan (the "Plan") entered into in good faith that complies

with all provisions of Rule 10b5-1 (the "Rule"), including, without limitation:

◾

Each Plan must:

a)

specify the amount of securities to be purchased or sold and the price at which and the date on which the

securities are to be purchased or sold, or

b)

include a written formula or algorithm, or computer program, for determining the amount of securities to be

purchased or sold and the price at which and the date on which the securities were to be purchased or sold.

◾

Such Plan must prohibit the employee and any other person who possesses MNPI from exercising any

subsequent influence over how, when, or whether to effect trades.

◾

Such Plan must provide that no trades may occur thereunder until expiration of the applicable cooling-off period

specified in Rule 10b5-1(c)(ii)(B), and no trades may occur until after that time. The appropriate cooling-off period

will vary based on the status of the covered person. For directors and officers, the cooling-off period ends on the

later of (x) ninety (90) days after adoption or certain modifications of the Plan; or (y) two (2) business days

following disclosure of the Company's financial results in a Form 10-Q or Form 10-K for the quarter in which the

Plan was adopted or modified. However, the cooling-off period cannot exceed one hundred and twenty (120)

days from adoption or modification of the Plan as specified in the Rule. For all other persons, the cooling -off

period ends thirty (30) days after adoption or modification of the Plan. This required cooling-off period will apply

to the entry into a new Plan and any revision or modification of a Plan.

● Each Plan must be approved prior to the effective time of any transactions under such Plan by the Company's

Compliance Officer (as hereinafter defined). The Company reserves the right to withhold approval of any Plan that

the Compliance Officer determines, in his or her sole discretion:

◾

fails to comply with the Rule; or

◾

exposes the Company or the employee to liability under any other applicable state or federal rule, regulation or

law; or

◾

creates any appearance of impropriety; or

◾

fails to meet the guidelines established by the Company; or

◾

otherwise fails to satisfy review by the Compliance Officer for any reason, such failure to be determined in the

sole discretion of the Compliance Officer.

● Any modifications to the Plan or deviations from the Plan without prior approval of the Compliance Officer will result

in a failure to comply with the Policy. Any such modifications or deviations are subject to the approval of the

Compliance Officer.

● Each Plan must be established at a time when the trading window is open.

● Each Plan must provide appropriate mechanisms to ensure that the employee complies with all rules and

regulations, including Rule 144 promulgated under the Securities Act of 1933 and Section 16(b) of the Securities

Exchange Act of 1934 (hereinafter referred to as the "Exchange Act"), applicable to securities transactions under

the Plan by the employee.

● Each Plan must provide for the suspension of all transactions under such Plan in the event that the Company, in its

sole discretion, deems such suspension necessary and advisable, including suspensions necessary to comply with

trading restrictions imposed in connection with any lock-up agreement required in connection with a securities

issuance transaction or other similar events.

● None of the Company, the Audit Committee nor any of the Company's officers, employees or other representatives

shall be deemed, solely by their approval of the Plan, to have represented that any Plan complies with the Rule or

to have assumed any liability or responsibility to the employee or any other party if such Plan fails to comply with

the Rule.

3. APPLICATION AND RESTRICTION OF THE POLICY

3.1. ALL EMPLOYEES, OFFICERS, DIRECTORS, CONSULTANTS AND THEIR FAMILY MEMBERS AND

#### AFFILIATES ARE SUBJECT TO THIS POLICY
The Policy applies to all directors, officers, employees, and consultants of the Company as well as to entities (such as

trusts, limited partnerships and corporations) over which such individuals have or share voting or investment control.

For the purposes of this Policy, officers, outside directors and consultants are included within the term "employee." The

Policy also applies to any other persons whom the Company's insider trading Compliance Officer may designate because

they have access to MNPI concerning the Company, as well as any person who receives MNPI from any Company insider.

Persons subject to the Policy are responsible for ensuring compliance by family members and members of their

households and by entities over which they exercise voting or investment control. Employees should provide each of these

persons or entities with a copy of this Policy.

3.2. EXECUTIVE OFFICERS AND DIRECTORS ARE SUBJECT TO ADDITIONAL RESTRICTIONS

● #### SECTION 16 INSIDERS
The Company's directors and executive officers are subject to the reporting provisions and trading restrictions of Section

16 of the Exchange Act and the underlying rules and regulations promulgated by the SEC. Each of these persons is

referred to herein as a "Section 16 Insider."

An executive officer is generally defined as the president, principal financial officer, principal accounting officer or

controller, any vice president in charge of a principal business unit, division or function or any other officer or person who

performs a policy making function.

● #### ADDITIONAL RESTRICTIONS
All Section 16 Insiders are subject to the additional restrictio ns set forth in

#### Appendix A
hereto.

3.3. APPLICABILITY OF THE POLICY TO TRANSACTIONS IN COMPANY SECURITIES

● #### GENERAL RULE
The Policy applies to all transactions in the Company's securities, including common stock and any other securities the

Company may issue from time to time, such as preferred stock, warrants and convertible debentures, as well as to

derivative securities relating to the Company's stock, whether or not issued by the Compan

y,

such as exchange-traded

options.

For purposes of this Policy, the term "trade" includes any transaction in the Company's securities, including gifts and

pledges.

● #### EMPLOYEE BENEFIT PLANS
● Stock Option Plans

The trading prohibitions and restrictions set forth in the Policy do not apply to the exercise of stock options for

cash, a promissory note, or by having the Company withhold common stock in payment of the exercise price but

do apply to all sales of securities acquired through the exercise of stock options.

Thus, the Policy does apply to the "same-day sale" or cashless exercise of Company stock options.

● Employee Stock Purchase Plans

The trading prohibitions and restrictions set forth in the Policy do not apply to periodic contributions by the

Company or employees to employee stock purchase plans or employee benefit plans (e.g., a pension or 401(k)

plan) which are used to purchase Company securities pursuant to the employee's advance instructions.

However, no officers or employees may alter their instructions regarding the level of withholding or the purchase

of Company securities in such plans while in the possession of MNPI. Any sale of securities acquired under such

plans is subject to the prohibitions and restrictions of this Policy.

3.4. EMPLOYEES MAY NOT PARTICIPATE IN CHAT ROOMS

Employees are prohibited from participating in chat room discussions or other Internet forums regarding the Company's

securities or business.

3.5. EVERY INDIVIDUAL IS RESPONSIBLE

Every employee has the individual responsibility to comply with the policy against illegal insider trading.

An employee may, from time to time, have to forego a proposed transaction in the Company's securities even if he or she

planned to make the transaction before learning of the MNPI and even though the employee believes that he or she may

suffer an economic loss or forego anticipated profit by waiting.

3.6. THE POLICY CONTINUES TO APPLY FOLLOWING TERMINATION OF EMPLOYMENT

The Policy continues to apply to transactions in the Company's securities even after termination of employment.

If an employee is in possession of MNPI when his or her employment terminates, he or she may not trade in the Company's

securities until that information has become public or is no longer material, regardless of whether the Company is in an

open or closed trading period.

4. COMPLIANCE OFFICER

4.1. INSIDER TRADING COMPLIANCE OFFICER

The Company has a designated Insider Trading Compliance Officer (hereinafter referred to as the "Compliance Officer").

The duties of the Compliance Officer include, but are not limited to, the following:

● Administering the Policy and monitoring and enforcing compliance with all Policy provisions and procedures;

● Responding to all inquiries relating to the Policy and its procedures;

● Designating and announcing special trading blackout periods during which no employees may trade in Company

securities;

● Providing copies of the Policy and other appropriate materials to all current and new directors, officers and

employees, and such other persons as the Compliance Officer determines have access to MNPI concerning the

Company;

● Administering, monitoring and enforcing compliance with federal and state insider trading laws and regulations; and

assisting in the preparation and filing of all required SEC reports relating to trading in Company securities, including

without limitation Forms 3, 4, 5 and 144 and Schedules 13D and 13G;

● Pre-clearing all trading in securities of the Company by Section 16 Insiders;

● Providing approval of any Rule 10b5-1 plans;

● Selecting designated brokers through which employees are authorized to trade Company securities;

● Revising the Policy as necessary to reflect changes in federal or state insider trading laws and regulations;

● Maintaining as Company records originals or copies of all documents required by the provisions of the Policy or the

procedures set forth herein, and copies of all required SEC reports relating to insider trading, including without

limitation Forms 3, 4, 5 and 144 and Schedules 13D and 13G;

● Maintaining an accurate list of Section 16 Insiders; and

● Providing a reporting system with an effective whistleblower mechanism.

The Compliance Officer may designate one or more individuals to perform the Compliance Officer's duties in the event

that the Compliance Officer is unable or unavailable to perform such duties.

In fulfilling his or her duties under this Policy, the Compliance Officer shall be authorized to consult with the Company's

outside legal counsel.

4.2. THE COMPLIANCE OFFICER IS AVAILABLE TO ANSWER QUESTIONS ABOUT THIS POLICY

Please direct all inquiries regarding any of the provisions or procedures of the policy to the Compliance Officer via e-

mail at compliance@lesakatech.com or by calling +27 11 343 2000, or in person

.

5. MATERIAL NON-PUBLIC INFORMATION

5.1. DEFINITION OF MATERIAL NON-PUBLIC INFORMATION

● #### MATERIAL
Information about the Company is "material" if it would be expected to affect the investment or voting decisions of a

reasonable shareholder or investor, or if the disclosure of the information would be expected to significantly alter the total

mix of the information in the marketplace about the Company.

In simple terms, materiality is a relatively low threshold and material information is any type of information which could

reasonably be expected to affect the market price of the Company's securities. Both positive and negative information

may be material.

While it is not possible to identify all information that would be deemed material, the following types of information ordinarily

would be considered material:

● Financial performance, especially quarterly and year-end earnings, and significant changes in financial performance

or liquidity;

● Company projections and strategic plans;

● Offerings of Company securities;

● Potential mergers or acquisitions, the sale of Company assets or subsidiaries or major partnering agreements;

● New major contracts, orders, suppliers, customers or finance sources or the loss thereof;

● Major discoveries or significant changes or developments in products or product lines, research or technologies;

● Significant changes or developments in supplies or inventory, including significant product defects or recalls;

● Significant pricing changes;

● Significant changes in senior management or membership of the Board of Directors;

● Significant changes in accounting methods or policies;

● Significant labour disputes or negotiations;

● Cybersecurity risks, including vulnerability and breaches, and other institutional risks;

● Actual or threatened major litigation, or the resolution of such litigation; and

● Receipt or denial of regulatory approval for products.

Material information is not limited to historical facts but may also include projections and forecasts.

● #### NON-PUBLIC
Material information is "non-public" if it has not been widely disseminated to the general public through a report filed with

the SEC or through major newswire services, national news services or financial news services.

For the purpose of this Policy, information will be considered public after the close of trading on the second full trading day

following the Company's widespread public release of the information.

● #### CONSULT THE COMPLIANCE OFFICER WHEN IN DOUBT
Any employees who are unsure whether the information that they possess is material or non-public must consult the

Compliance Officer for guidance before trading in any Company securities.

When any securities transaction becomes the subject of legal scrutiny, it may be viewed after the fact with the benefit of

20/20 hindsight. As a result, before engaging in any securities transaction, carefully consider how regulators or others

may view the transaction.

5.2. ONLY DESIGNATED COMPANY SPOKESPERSONS ARE AUTHORIZED TO DISCLOSE MATERIAL

#### NON-PUBLIC INFORMATION
The Company is required under the federal securities laws to avoid the selective disclosure of MNPI. The Company has

established procedures for releasing material information in a manner that is designed to achieve broad dissemination of

the information immediately upon its release.

Employees may not, therefore, disclose material information to anyone outside the Company, including family members

and friends, other than in accordance with those established procedures.

Any inquiries from outsiders regarding MNPI about the Company should be forwarded to the Compliance Officer, the Chief

Risk Officer, Chief Executive Officer, or the Group Chief Financial Officer.

6. PROHIBITED TRANSACTIONS

Certain types of transactions are prohibited:

6.1. SHORT SALES

Short sales of the Company's securities evidence an expectation on the part of the seller that the securi ties will decline in

value, and therefore signal to the market that the seller has no confidence in the Company or its short-term prospects.

In addition, short sales may reduce the seller's incentive to improve the Company's performance. For these reasons, short

sales of the Company's securities are prohibited by this Policy. In addition, Section 16(c) of the Exchange Act expressly

prohibits executive officers and directors from engaging in short sales.

6.2. PUBLICLY TRADED OPTIONS

A transaction in options is, in effect, a bet on the short-term movement of the Company's stock and therefore creates the

appearance that the director or employee is trading based on inside information. Transactions in options also may focus

the director's or employee's attention on short-term performance at the expense of the Company's long-term objectives.

Accordingly, transactio ns in puts, calls or other derivative securities involving the Company's stock, on an exchange or in

any other organized market, are prohibited by this Policy. (Option positions arising from certain types of hedging

transactions are governed by the section below captioned "Hedging Transactions")

6.3. HEDGING TRANSACTIONS

Certain forms of hedging or monetization transactions, such as zero-cost collars and forward sale contracts, allow an

employee to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for

upside appreciation in the stock.

These transactions allow the employee to continue to own the covered securities, but without the full risks and rewards of

ownership. When that occurs, the employee may no longer have the same objectives as the Company's other

shareholders. Therefore, such transactions involving the Com pany's securities are prohibited by this Policy.

6.4. MARGIN ACCOUNTS AND PLEDGES

Securities held in a margin account may be sold by the broker without the customer's consent if the customer fails to meet

a margin call. Similarly, securities pledged (or hypothecated) as collateral for a loan may be sold in foreclosure if the

borrower defaults on the loan. Because a margin sale or foreclosure sale may occur at a time when the pledg or is aware

of MNPI or otherwise is not permitted to trade in Company securities, directors, officers and other employees are prohibited

from holding Company securities in a margin account or pledging Company securities as collateral for a loan.

An exception to this prohibition may be granted where a person wishes to pledge Company securities as collateral for a

loan (not including margin debt) and clearly demonstrates the financial capacity to repay the loan without resort to the

pledged securities. Any person wishing to enter into such an arrangement must first receive pre-approval for the proposed

transaction from the Compliance Officer in accordance with the pre-approval procedures set forth in

#### Appendix A.
7. TRADING ACTIVITIES BY EMPLOYEES

7.1. TRADING ACTIVITIES BY EMPLOYEES ARE PERMITTED ONLY DURING CERTAIN TRADING

#### WINDOWS
In order to avoid any questions and to protect both employees and the Company from any potential liability, any trade by

any employee will be permitted only during an "

#### open

#### trading window
." The trading window generally opens

#### 48 hours
following the public issuance of the Company's earnings release for the most recent fiscal quarter and closes at the close

of trading on the last day of the last month of a fiscal quarter. The Company's Compliance Officer will communicate to

employees and the Board of Directors the relevant open and closed trading periods.

In addition to the times when the trading window is scheduled to be closed, the Company may impose a special blackout

period at its discretion due to the existence of MNPI, such as a pending acquisition, that is likely to be widely known among

employees.

The Company's Compliance Officer will advise employees when any special blackout period is applicable. The

Compliance Officer will impose such a blackout period if, in his/her judgment, there exists non-public information that

would make trades by the Company's employees (or certain of the Company's employees) inappropriate in light of the

risk that such trades could be viewed as violating applicable securities laws.

Even when a trading window is open, employees are prohibited from trading in the Company's securities while in

possession of MNPI.

An employee or former employee, other than a current or former Section 16 Insider of the Company, may submit a request

to the Compliance Officer to transact outside of an open trading window, subject to the determination of the Compliance

Officer that, based on the individual's knowledge, position, responsibilities, or actual or potential access to material

information, such individual is permitted to trade notwithstanding the restrictions set forth in this Section 7.1. To obtain

such determination, the employee or former employee, as applicable, must submit a written request to the Compliance

Officer, confirming that the employee or former employee, as applicable, is not in possession of MNPI and providing any

additional information reasonably requested by the Compliance Officer. The Compliance Officer will review the request

and may approve or deny trading by the employee or former employee during the period prior to the next open trading

window.

8. VIOLATIONS OF THE POLICY

8.1. VIOLATIONS OF INSIDER TRADING LAWS OR THE POLICY CAN RESULT IN SEVERE

#### CONSEQUENCES
● #### CIVIL AND CRIMINAL PENALTIES
The consequences of prohibited insider trading or tipping can be severe. Persons violating insider trading or tipping rules

may be required to disgorge the profit made or the loss avoided by the trading, pay civil penalties up to three times the

profit made, or loss avoided, face private action for damages, as well as being subject to criminal penalties, including up

to 20 years in prison and fines of up to $5 million.

The Company and/ or the supervisors of the person violating the rules may also be required to pay major civil or criminal

penalties.

In addition, a person who tips others may also be liable for transactions by the tippees to whom he or she has disclosed

MNPI. Tippers can be subject to the same penalties and sanctions as the tippees, and the SEC has imposed large

penalties even when the tipper did not profit from the transaction.

● #### COMPANY DISCIPLINE
Violation of the Policy or federal or state insider trading laws by any director, officer or employee may subject the director

to removal proceedings and the officer or employee to disciplinary action by the Company, including termination for cause.

● #### REPORTING VIOLATIONS
Any person who violates the Policy or any federal or state laws governing insider trading or knows of any such violation

by any other person, must report the violation immediately to the Compliance Officer and/or the Audit Committee of the

Company's Board of Directors.

Upon learning of any such violation, the Compliance Officer or Audit Committee, in consultation with the Company's legal

counsel, will determine whether the Company should release any MNPI or whether the Company should report the

violation to the SEC or other appropriate governmental authority.

9. REVISION AND ACKNOWLEDGEMENT OF THE POLICY

9.1. THE POLICY IS SUBJECT TO REVISION

The Company may change the terms of the Policy from time to time to respond to developments in law and practice. The

Company will take reasonable steps to inform all affected persons of any material change to the Policy.

The Audit Committee will be responsible for monitoring and recommending any modification to the Policy, if necessary or

advisable, to the Board of Directors.

9.2. ALL EMPLOYEES MUST ACKNOWLEDGE THEIR AGREEMENT TO COMPLY WITH THE POLICY

The Policy will be delivered to all employees upon its adoption by the Company, and to all other new employees at the

start of their employment or relationship with the Company. Upon first receiving a copy of the Policy employees must sign

an acknowledgment that he or she has received a copy and agrees to comply with the Policy's terms. All revisions to the

Policy will be communicated to the employees and this communication will be deemed acceptance of the same.

This acknowledgment and agreement will constitute consent for the Company to impose sanctions for violation of this

Policy and to issue any necessary stop-transfer orders to the Company's transfer agent to enforce compliance with this

Policy.

9.3. INQUIRIES

If you have any questions regarding any of the provisions of this Policy, please contact the Compliance Officer via e-email

at compliance@lesaktech.com or by calling +27 11 343 2000,.

10. POLICY REVIEW

The Audit Committee of the Company will periodically (preferably annually) review the Policy and may recommend

changes from time to time for the consideration of the Board.

Any proposed changes to this Policy where indicated, shall be referred to the Board for appropriate action.

#### BOARD APPROVAL RECEIVED: SEPTEMBER 2025
11. APPENDIX A – SPECIAL RESTRICTION ON TRANSACTIONS IN COMPANY SECURITIES BY

#### SECTION 16 INSIDERS

#### PRE-CLEARANCE OF TRADES BY SECTION 16 INSIDERS
All purchases, sales and trades of equity securities of the Company by Section 16 Insiders, other than transactions

pursuant to a Rule 10b5-1 trading plan approved by Compliance Officer, must be pre-cleared by the Compliance Officer.

The intent of this requirement is to prevent inadvertent violations of the Policy, avoid trades involving the appearance of

improper insider trading, facilitate timely Form 4 reporting and avoid transactions that are subject to disgorgement under

Section 16(b) of the Exchange Act.

Requests for pre-clearance must be submitted to the Compliance Officer at least two (2) business days in advance of

each proposed transaction. All requests should be made in writing and sent to the Compliance Officer via email. If the

Section 16 Insider submits the request by email and does not receive a response from the Compliance Officer within 24

hours, the Section 16 Insider will be responsible for following up to ensure that the message was received.

A request for pre-clearance should provide the following information:

● The nature of proposed transaction and the expected date of the transaction;

● Number of shares involved;

● If the transaction involves a stock option exercise, the specific option to be exercised; and

● Contact information for the broker who will execute the transaction.

Once the proposed transaction is pre-cleared, the Section 16 Insider may proceed with it on the approved terms, provided

that he or she complies with all other securities law requirements, such as Rule 144 and prohibitions regarding trading on

the basis of inside information, and with any special trading blackout imposed by the Company prior to the completion of

the trade.

The Section 16 Insider and his or her broker will be responsible for immediately reporting the results of the transaction as

further described below. In addition, pre-clearance is required for the establishment of a Rule 10b5-1 trading plan.

However, pre-clearance will not be required for individual transactions effected pursuant to a Rule 10b5-1 trading plan

that specifies or establishes a formula for determining the dates, prices and amounts of planned trades once the applicable

cooling-off period has expired. No trades may be made under an approved 10b5-1 trading plan until expiration of the

applicable cooling-off period. Of course, the results of transactions effected under a trading plan must be reported

immediately to the Company since they will be reportable on Form 4 within two (2) business days following the execution

of the trade, subject to an extension of not more than two (2) additional business days where the Section 16 Insider is not

immediately aware of the execution of the trade.

Notwithstanding the foregoing, any transactions by the Compliance Officer shall be subject to pre-clearance by the Chief

Executive Officer or, in the event of his unavailability, the Chief Financial Officer.

#### DESIGNATED BROKERS
Each market transaction in the Company's stock by a Section 16 Insider, or any person whose trades must be reported

by that Section 16 Insider on Form 4 (such as a member of the Section 16 Insider's immediate family who lives in the

Section 16 Insider's household), must be executed by a broker designated by the Company unless the Section 16 Insider

has received authorization from the Compliance Officer to use a different broker.

A Section 16 Insider and any broker that handles the Section 16 Insider's transactions in the Company's stock will be

required to enter into an agreement whereby:

● The Section 16 Insider authorizes the broker to immediately report directly to the Company the details of all

transactions in Company equity securities executed by the broker in the Section 16 Insider's account and the

accounts of all others designated by the Section 16 Insider whose transactions may be attributed to the Section 16

Insider;

● The broker agrees not to execute any transaction for the Section 16 Insider or any of the foregoing designated

persons (other than under a pre-approved Rule 10b5-1 trading plan) until the broker has verified with the Company

that the transaction has been pre-cleared; and

● The broker agrees to immediately report the transaction details (including transactions under Rule 10b5-1 trading

plans) directly to the Company and to the Section 16 Insider by telephone and in writing (by email).

Should a Section 16 Insider wish to use a broker other than one of the Company's designated brokers, the Section 16

Insider should submit a request to use that broker to the Compliance Officer.

#### REPORTING OF TRANSACTIONS
Under Section 16 of the Exchange Act, most trades by Section 16 Insiders are subject to reporting on Form 4 within two

(2) business days following the trade date (which in the case of an open market trade is the date when the broker places

the buy or sell order, not the date when the trade is settled).

To facilitate timely reporting under Section 16 of the Exchange Act of Insider transactions in Company stock, Section 16

Insiders are required to:

● report the details of each transaction immediately after it is executed (on the same day as the trade date, or with

respect to transactions effected under a Rule 10b5-1 plan, on the date the Section 16 Insider is advised of the terms

of the transaction); and

● arrange with persons whose trades must be reported by the Section 16 Insider (such as immediate family members

living in the Section 16 Insider's household) to immediately report directly to the Company and to the Section 16

Insider the details of any transactions they have in the Company's stock.

Transaction details to be reported include:

● Transaction date (trade date);

● Number of shares involved;

● Price per share at which the transaction was executed (before addition or deduction of brokerage commission and

other transaction fees);

● If the transaction was a stock option exercise, the specific option exercised; and

● Contact information for the broker who executed the transaction.

The transaction details must be reported to the Compliance Officer or designee, with copies to the Company personnel

who will assist the Section 16 Insider in preparing his or her Form 4.

#### INDIVIDUAL ACCOUNT PLAN BLACKOUT PERIODS
Certain trading restrictions apply during a blackout period applicable to any Company individual account plan in which

participants may hold Company stock.

For the purpose of such restrictions, a "blackout period" is a period in which the plan participants are temporarily restricted

from making trades in Company stock. During any blackout period, Section 16 Insiders are prohibited from trading in

shares of the Company's stock that were acquired in connection with such director's or officer's service or employment

with the Company.

Such trading restriction is required by law, and no hardship exemptions are available. The Company will notify Section 16

Insiders in the event of any blackout period.

## Ex-21

#### Exhibit 21

#### SUBSIDIARIES OF REGISTRANT
The following is a list of subsidiaries of the Company as of June 30, 2025, omitting subsidiaries which, considered in the

aggregate, would not constitute a significant subsidiary.

#### NAME

#### WHERE ORGANIZED
Adumo Management Company (Pty) Ltd

Republic of South Africa

Adumo Online (Pty) Ltd

Republic of South Africa

Adumo Online Namibia (Pty) Ltd

Republic of Namibia

Adumo Payouts (Pty) Ltd

Republic of South Africa

Adumo Payments (Pty) Ltd

Republic of South Africa

Adumo Receipts (Prev. Prodigi Africa) (Pty) Ltd

Republic of South Africa

Adumo RF (Pty) Ltd

Republic of South Africa

Adumo Technologies (Pty) Ltd

Republic of South Africa

Cash Connect Capital (Pty) Ltd

Republic of South Africa

Cash Connect Management Solutions (Pty) Ltd

Republic of South Africa

Cash Connect Rentals (Pty) Ltd

Republic of South Africa

Deposit Manager (Pty) Ltd

Republic of South Africa

EasyPay (Pty) Ltd

Republic of South Africa

EasyPay Cash (Pty) Ltd

Republic of South Africa

EasyPay Financial Services (Pty) Ltd

Republic of South Africa

EasyPay Insurance (Pty) Ltd

Republic of South Africa

Evertrade 187 (Pty) Ltd

Republic of South Africa

Flickpay (Pty) Ltd

Republic of South Africa

GAAP Point of Sale (Pty) Ltd

Republic of South Africa

GAAP Botswana Pty Ltd

Republic of Botswana

GAAP Point of Sale East of Africa Ltd

Republic of Kenya

Genisus Risk

Republic of South Africa

Humble Software (Pty) Ltd

Republic of South Africa

Innervation Value Added Services Botswana Pty Ltd

Republic of Botswana

Innervation Value Added Services Namibia Pty Ltd

Republic of Namibia

K2021477132 (South Africa) (Pty) Ltd

Republic of South Africa

K2020 Connect (Pty) Ltd

Republic of South Africa

Kazang Prepaid Pty Ltd

Republic of Botswana

Kazang Prepaid Namibia Pty) Ltd

Republic of Namibia

Kwande Group (Pty) Ltd

Republic of South Africa

Main Street 1723 (Pty) Ltd

Republic of South Africa

Manje Mobile Electronic Payment Services (Pty) Ltd

Republic of South Africa

Lesaka Finance Holdings (Pty) Ltd

Republic of South Africa

Lesaka Mobile Solutions (Pty) Ltd

Republic of South Africa

Lesaka Technologies (Pty) Ltd

Republic of South Africa

Lesaka Universal Electronic Technological Solutions (Pty) Ltd

Republic of South Africa

Masterfuel Software and Support (Pty) Ltd

Republic of South Africa

Prism Holdings (Pty) Ltd

Republic of South Africa

Prism Payment Technologies (Pty) Ltd

Republic of South Africa

Recharger (Pty) Ltd

Republic of South Africa

SwitchPay (Pty) Ltd

Republic of South Africa

Touchsides (Pty) Ltd

Republic of South Africa

Masterpayment GmbH

Federal Republic of Germany

SmartSwitch Netherlands Holdings BV

Netherlands

Net1 Applied Technologies Netherlands BV

Netherlands

NUEP Holdings S.a.r.l.

Luxembourg

## Exhibit 23.1

Exhibit 23.1

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in the Registration Statement Nos. 333-268414, 333-208324, 333-126958, 333-

140042, 333-170395 and 333-283476 on Form S-8 and in the Registration Statement Nos. 333-211968, 333-283473 and 333-

267371 on Form S-3 of our reports dated September 29, 2025, with respect to the consolidated financial statements of Lesaka

Technologies, Inc. and the effectiveness of internal control over financial reporting.

/s/ KPMG Inc

Johannesburg, Republic of South Africa

September 29, 2025

## Exhibit 23.2

Exhibit 23.2

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement Nos. 333-268414, 333-208324, 333-126958, 333-140042,

333-170395 and 333-283476 on Form S-8 and in Registration Statement Nos. 333-211968, 333-283473 and 333-267371 on Form

S-3 of our report dated September 12, 2023 (September 29, 2025 as to Notes 10, 16 and 21), relating to the financial statements of

Lesaka Technologies, Inc. appearing in this Annual Report on Form 10-K for the year ended June 30, 2025.

/s/ Deloitte & Touche

#### Deloitte & Touche
Registered Auditor

Johannesburg, South Africa

September 29, 2025

## Exhibit 31.1

#### Exhibit 31.1
CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO RULES 13A-14(A) AND 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Ali Mazanderani, certify that:

1. I have reviewed this annual report on Form 10-K of Lesaka Technologies, Inc. ("Lesaka") for the year ended June 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading

with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all

material respects the financial condition, results of operations and cash flows of Lesaka as of, and for, the periods presented in this

report;

4. Lesaka's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act

Rules 13a-15(f) and 15d-15(f)) for Lesaka and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to Lesaka, including its consolidated subsidiaries, is

made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to

be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of Lesaka's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report

based on such evaluation; and

(d) Disclosed in this report any change in Lesaka's internal control over financial reporting that occurred during

Lesaka's most recent fiscal quarter (Lesaka's fourth fiscal quarter in the case of an annual report) that has materially affected, or is

reasonably likely to materially affect, Lesaka's internal control over financial reporting; and

5. Lesaka's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial

reporting, to Lesaka's auditors and the Audit Committee of Lesaka's Board of Directors (or persons performing the equivalent

functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect Lesaka's ability to record, process, summarize and report financial

information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in

Lesaka's internal control over financial reporting.

Date: September 29, 2025

/s/ Ali Mazanderani

Ali Mazanderani

Executive Chairman

## Exhibit 31.2

#### Exhibit 31.2
CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

PURSUANT TO RULES 13A-14(A) AND 15D-14(A)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Dan L. Smith, certify that:

1. I have reviewed this annual report on Form 10-K of Lesaka Technologies, Inc. ("Lesaka") for the year ended June 30, 2025;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact

necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading

with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all

material respects the financial condition, results of operations and cash flows of Lesaka as of, and for, the periods presented in this

report;

4. Lesaka's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as

defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act

Rules 13a-15(f) and 15d-15(f)) for Lesaka and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be

designed under our supervision, to ensure that material information relating to Lesaka, including its consolidated subsidiaries, is

made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to

be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of Lesaka's disclosure controls and procedures and presented in this report our

conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report

based on such evaluation; and

(d) Disclosed in this report any change in Lesaka's internal control over financial reporting that occurred during

Lesaka's most recent fiscal quarter (Lesaka's fourth fiscal quarter in the case of an annual report) that has materially affected, or is

reasonably likely to materially affect, Lesaka's internal control over financial reporting; and

5. Lesaka's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial

reporting, to Lesaka's auditors and the Audit Committee of Lesaka's Board of Directors (or persons performing the equivalent

functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial

reporting which are reasonably likely to adversely affect Lesaka's ability to record, process, summarize and report financial

information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in

Lesaka's internal control over financial reporting.

Date: September 29, 2025

/s/ Dan L. Smith

Dan L. Smith

Group Chief Financial Officer

## Ex-32

#### Exhibit 32
CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Annual Report of Lesaka Technologies, Inc. ("Lesaka") on Form 10-K for the year ended June 30,

2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Ali Mazanderani and Dan L. Smith,

Executive Chairman and Group Chief Financial Officer, respectively, of Lesaka, certify, pursuant to 18 U.S.C. § 1350, that to their

knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of

1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results

of operations of Lesaka.

Date: September 29, 2025

/ s/: Ali Mazanderani

Name: Ali Mazanderani

Executive Chairman

Date: September 29, 2025

/s/: Dan L. Smith

Name: Dan L. Smith

Group Chief Financial Officer

## Ex-97

Exhibit 97

LESAKA TECHNOLOGIES, INC.

the "Company"

COMPENSATION CLAWBACK POLICY

#### CONTENTS
[CONTENTS ............................................................................................................................................. 2](#a37)

[1.](#a220)

[PURPOSE ..................................................................................................................................... 3](#a220)

[2.](#a233)

[ADMINISTRATION ....................................................................................................................... 3](#a233)

[3.](#a263)

[DEFINITIONS................................................................................................................................ 4](#a263)

[4.](#a390)

[EFFECTIVE DATE ........................................................................................................................ 4](#a390)

[5.](#a399)

[SCOPE .......................................................................................................................................... 4](#a399)

[6.](#a438)

[RECOVERY .................................................................................................................................. 5](#a438)

[7.](#a504)

[IMPRACTABILITY ......................................................................................................................... 5](#a504)

[8.](#a515)

[NO INDEMNIFICATION ................................................................................................................ 5](#a515)

[9.](#a525)

[ACKNOWLEDGEMENT ................................................................................................................ 5](#a525)

[10.](#a546)

[AMENDMENT AND INTERPRETATION ...................................................................................... 5](#a546)

[11.](#a560)

[OTHER RECOUPMENT RIGHTS ................................................................................................ 6](#a560)

[12.](#a574)

[SUCCESORS................................................................................................................................ 6](#a574)

[13.](#a581)

[GOVERNING LAW ....................................................................................................................... 6](#a581)

[14.](#a588)

[POLICY REVIEW .......................................................................................................................... 6](#a588)

[ANNEXURE A: ACKNOWLEDGEMENT FORM ..................................................................................... 6](#a628)

1. PURPOSE

The Company has adopted this Policy to comply with Section 954 of the Dodd-Frank Wall Street Reform and Consumer

Protection Act of 2010, as codified by Section 10D of the Exchange Act, and Nasdaq Listing Rule 5608, which require the

recovery of certain forms of executive compensation in the case of accounting restatements resulting from a material error

in an issuer's financial statements or material noncompliance with financial reporting requirements under the federal

securities laws.

2. ADMINISTRATION

This Policy shall be administered by the Board or, if so, designated by the Board to the Remuneration Committee, in which

case references herein to the Board shall be deemed references to the Remuneration Committee.

3. DEFINITIONS

For purposes of this Policy, the following capitalized terms shall have the meanings set forth below.

a. "

#### Acknowledgement Form
" shall mean the acknowledgment form attached hereto as Annex A.

(a) "

#### Board
" shall mean the Board of Directors of the Company.

b. "

#### Commission
" shall mean the U.S. Securities and Exchange Commission.

c. "

#### Covered Executive
" shall mean the Company's current and former executive officers, and such other employees

who may from time to time be deemed subject to this Policy by the Board. For purposes of this Policy, an executive

officer means an officer as defined in Rule 16a-1(f) under the Exchange Act.

d. "

#### Erroneously Awarded Compensation
" shall mean, with respect to each Covered Executive in connection with a

Restatement, the amount of Incentive-based Compensation that exceeds the amount of Incentive-based

Compensation that would have been received by the Covered Executive had it been determined based on the

restated amounts, without regard to any taxes paid by the Covered Executive.

e. "

#### Exchange Act
" shall mean the Securities Exchange Act of 1934, as amended.

f. "

#### Financial Reporting Measures
" shall mean measures that are determined and presented in accordance with the

accounting principles used in preparing the Company's financial statements, and any measures that are derived

wholly or in part from such measures. Stock price and total shareholder return shall also constitute "Financial

Reporting Measures." A Financial Reporting Measure need not be presented within the Company's financial

statements or included in a filing with the Commission.

g. "

#### Incentive-based Compensation
" shall mean any compensation that is granted, earned, or vested based wholly or

in part upon the attainment of a Financial Reporting Measure. Incentive -based Compensation shall be deemed to

have been received during the fiscal period in which the Financial Reporting Measure specified in the Incentive-based

Compensation award is attained, even if such Incentive-based Compensation is paid or granted after the end of such

fiscal period. For the avoidance of doubt, Incentive-based Compensation does not include annual salary,

compensation awarded based on completion of a specified period of service, or compensation awarded based on

subjective standards, strategic measures, or operational measures.

h. "

#### Nasdaq
" shall mean the Nasdaq Stock Market LLC.

i. "

#### Policy
" shall mean this compensation clawback policy, as may be amended or restated from time to time.

j. "

#### Restatement
" shall mean an accounting restatement due to material noncompliance by the Company with any

financial reporting requirement under the federal securities laws, including any required accounting restatement to

correct an error in previously issued financial statements that is material to the previously issued financial statements,

or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in

the current period.

k. "

#### Restatement Date
" shall be the earlier of (i) the date the Board, a committee of the Board, or officer(s) are authorized

to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company

is required to prepare a Restatement or (ii) the date a court, regulator, or other legally authorized body directs the

Company to prepare a Restatement.

4. EFFECTIVE DATE

This Policy shall be effective as of the date it is adopted by the Board and shall apply to Incentive-based Compensation

that is approved, awarded, or granted to Covered Executives on or after that date.

5. SCOPE

5.1. This Policy applies to all Incentive-based Compensation received by the Covered Executives

i. after beginning service as an executive officer,

ii. who served as an executive officer at any time during the performance period for such Incentive-based

Compensation, and

iii. during the three (3) completed fiscal years immediately preceding a Restatement Date.

5.2. In addition to these last three (3) completed fiscal years, the Policy applies to any transition period that results

from a change in the Company's fiscal year within or immediately following those three (3) completed fiscal years,

provided, however, that a transition period between the last day of the Company's previous fiscal year end and

the first day of its new fiscal year that comprises a period of nine (9) to twelve (12) months would be deemed a

completed fiscal year for purposes of this Policy. For the avoidance of doubt, the Company's obligation to recover

Erroneously Awarded Compensation is not dependent on if or when the restated financial statements are filed.

6. RECOVERY

6.1. In the event the Company is required to prepare a Restatement, the Company shall, as promptly as reasonably

possible, recover any Erroneously Awarded Compensation received by a Covered Executive during the three (3)

completed fiscal years immediately preceding the Restatement Date. For Incentive-based Compensation based

on stock price or total shareholder return, the Board shall determine the amount of Erroneously Awarded

Compensation based on a reasonable estimate of the effect of the Restatement on the stock price or total

shareholder return upon which the Incentive-based Compensation was received and the Company shall document

such reasonable estimate and provide such documentation to Nasdaq.

6.2. Subsequent changes in a Covered Executive's employment status, including retirement or termination of

employment, do not affect the Company's rights to recover Incentive-based Compensation pursuant to this Policy.

6.3. The Board shall determine, in its sole discretion, the method of recovering any Incentive-based Compensation

pursuant to this Policy. Such methods may include, but are not limited to:

i. direct recovery by reimbursement;

ii. set-off against future compensation;

iii. forfeiture of equity awards;

iv. set-off or cancelation against planned future awards;

v. forfeiture of deferred compensation (subject to compliance with the Internal Revenue Code and related

regulations); and/or

vi. any other recovery action approved by the Board and permitted under applicable law

#### .
7. IMPRACTABILITY

The Board shall recover any Erroneously Awarded Compensation in accordance with this Policy unless such recovery

would be impracticable, as determined by the Board in accordance with Rule 10D-1 under the Exchange Act and the

listing standards of Nasdaq.

8. NO INDEMNIFICATION

The Company shall not indemnify any current or former Covered Executive against the loss of Erroneously Awarded

Compensation, and shall not pay, or reimburse any Covered Executives, for any insurance policy to fund such executive's

potential recovery obligations.

9. ACKNOWLEDGEMENT

9.1. Each Covered Executive shall sign and return to the Company, within 30 calendar days following the later of

i. the effective date of this Policy first set forth above or

ii. the date the individual becomes a Covered Executive,

the Acknowledgement Form, pursuant to which the Covered Executive agrees to be bound by, and to comply with,

the terms and conditions of this Policy.

10. AMENDMENT AND INTERPRETATION

The Board may amend this Policy from time to time in its discretion and shall amend this Policy as it deems necessary to

reflect the regulations adopted by the Commission and to comply with any rules or standards adopted by Nasdaq or such

other national securities exchange on which the Company's securities are then listed. It is intended that this Policy be

interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable

rules or standards adopted by the Commission and Nasdaq, or such other national securities exchange on which the

Company's securities are then listed.

11. OTHER RECOUPMENT RIGHTS

The Board may require that any employment agreement, equity award agreement, or similar agreement entered into on

or after the effective date shall require a Covered Executive to agree to abide by the terms of this Policy as a condition to

the grant of any benefit. Any right of recoupment under this Policy is in addition to, and not in lieu of, any other rights of

recoupment or remedies that may be available to the Company pursuant to the terms of any employment agreement,

equity award agreement, similar agreement, or policy and any other legal remedies available to the Company.

12. SUCCESORS

This Policy shall be binding and enforceable against all Covered Executives and their administrators, beneficiaries,

executors, heirs, or other legal representatives.

13. GOVERNING LAW

This Policy shall be governed by and construed in accordance with the internal laws of the State of Florida, without giving

effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other jurisdiction).

14. POLICY REVIEW

14.1. #### THE POLICY IS SUBJECT TO REVISION
a. The Remuneration Committee of the Company will review this policy annually and may recommend

changes from time to time for the consideration of the Board.

#### LESAKA BOARD APPROVAL RECEIVED: SEPTEMBER 2024

#### ANNEXURE A: ACKNOWLEDGEMENT FORM
By signing below, the undersigned acknowledges and confirms that the undersigned has received and reviewed a copy

of the Lesaka Technologies, Inc. (the "Company") Compensation Clawback Policy (the "Policy"). Capitalized terms used

but not defined in this Acknowledgement Form (this "Acknowledgement Form") shall have the meanings set forth in the

Policy.

By signing this Acknowledgement Form, the undersigned acknowledges and agrees that the undersigned is and will

continue to be subject to the Policy and that the Policy will apply both during and after the undersigned's employment with

the Company. Further, by signing below, the undersigned agrees to abide by the terms of the Policy, including, without

limitation, by returning any Incentive -based Compensation subject to recovery under the Policy to the Company to the

extent required by, and in a manner consistent with, the Policy.

#### _____________________________
Signature

_____________________________

Print Name

_____________________________Date