Competition Commission backs Bank Zero takeover in South Africa
On Techpoint Digest, we discuss how the Competition Commission supports Bank Zero's takeover, a 17-year-old taking on OpenAI, and why X, ChatGPT, and Canva glitched yesterday.
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Konnichiwa,<br />
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Victoria from Techpoint,<br />
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Here’s what I’ve got for you today:<br />
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Competition Commission backs Bank Zero takeover<br />
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Meet the 17-year-old taking on OpenAI<br />
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Why X, ChatGPT, Canva glitched yesterday<br />
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Competition Commission backs Bank Zero takeover<br />
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The Competition Commission has officially recommended that Lesaka Technologies’ acquisition of Bank Zero be approved, clearing one of the final hurdles for the R1.1-billion deal. If the Tribunal signs off, it marks a new chapter for the digital bank and a major consolidation move in South Africa’s fintech space.<br />
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For Bank Zero’s co-founder and chairman, Michael Jordaan, the decision brings his June 2025 buyout offer much closer to reality. The Commission said the deal won’t hurt competition or raise any public-interest concerns, meaning regulators see no major red flags in the takeover.<br />
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Once the transaction wraps, Jordaan will stay on as Bank Zero’s chairman, while co-founder Yatin Narsai continues as CEO and the entire management team remains in place. Bank Zero shareholders will also walk away with roughly 12% of Lesaka’s shares, paid through newly issued stock and up to R91 million in cash.<br />
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Lesaka has made it clear it wants to fold Bank Zero into its broader fintech platform, creating a single, modern tech stack that brings full banking capability into its ecosystem. The integration is expected to reduce third-party costs, improve the company’s digital infrastructure, and open up cross-border financial products down the line.<br />
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On the financial side, Lesaka expects that adding Bank Zero’s deposits and retail base will strengthen its balance sheet, improve lending performance, and help cut down its reliance on expensive bank debt, potentially reducing its gross debt by more than R1 billion.<br />
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Meet the 17-year-old taking on OpenAI<br />
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Okechukwu Nwaozor, Founder of OkeyMeta<br />
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At 17, most teenagers are worrying about WAEC results or arguing with their parents about screen time. But Okechukwu Nwaozor? He’s busy t...
