JSE and Nasdaq-listed fintech group Lesaka Technologies, formerly known as Net1, has decided to retain the services of Steven Heilbron as CEO until June 2025.

In a statement, the dual-listed group, said Heilbron has been the CCEO of the Connect Group since 2013 and joined Lesaka following the acquisition of Connect in the same capacity.

Heilbron has two decades of financial services experience, having spent 19 years working for Investec in South Africa and the UK, where he served as Global Head of Private Banking and Joint CEO of Investec Bank plc.

He led a private consortium that acquired Cash Connect Management Solutions (Pty) Ltd in 2013 and
presided over the significant organic growth in the rebranded Connect Group, as well as spearheading
the successful acquisition and integration of Kazang into the Connect Group.

Connect Group, which was founded in 2006, is one of the leading providers of fintech solutions in the country and services nearly 44 000 micro, small and medium enterprises in Southern Africa.

The Connect Group delivers four main product lines to its customer base under well-established and respected brands:

• A prepaid value-added services platform branded Kazang;
• A digitized cash management platform branded Cash Connect;
• A merchant lending platform branded Capital Connect; and
• Merchant acquiring solutions branded Kazang Pay and Card Connect.

“I am delighted that Steven will remain with us until at least June 30, 2025,” said Chris Meyer,
Lesaka Group CEO.

“Steven has been pivotal in growing Connect into a profitable, high-growth and leading South African fintech company, and integrating Connect into the Lesaka Group. Steven offers deep experience and knowledge in building businesses to scale in expanding markets, which supports Lesaka’s vision to bring financial inclusion to Consumers & Merchants in southern Africa. Steven’s role will transition towards a focus on Group Strategy, M&A and Special Projects.”

Net1 changed its name to Lesaka ast year as part of shedding its tainted image from the Sassa debacle.

Lesaka means “kraal” in Setswana and Sesotho

The company calued at R4.7 billion on the JSE has seen its stock dropped 43.88% in the past year and down 9.09% in the past year despite rising 14.29% in the past seven days.


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