Fintech company Lesaka (formerly Net1 UEPS) reported adding 89,000 new EasyPay Everywhere (EPE) users in Q3 2025, increasing its market share among social grant recipients to 13%. The company now serves 1.7 million grant beneficiaries and aims for 20% market penetration within 3-5 years.
Post Bank Challenges Drive Growth
CEO Lincoln Mali credits Lesaka’s growth to competitors’ struggles, particularly Post Bank’s Sassa card expiration issues.
“Operational challenges at Post Bank, particularly around expiring Sassa [South African Social Security Agency] cards, led many of their customers to seek alternative banking providers,” Mali told the Sunday Times.
“Our strong brand and extensive distribution network enabled us to capture a significant share of this migration … and this contributed meaningfully to our market share gains.”
Key Business Improvements
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Redesigned branches & cards to resemble traditional banks
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Faster onboarding with instant account activation
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Expanded loan offerings, now up to R4,000 over 9 months (from R2,000)
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59% loan book growth (R808m) with regulated credit services
Financial Performance
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Consumer revenue ↑32% (R445.8m)
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Merchant division ↑58% (R782m)
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Full-year revenue forecast: R10bn-R11bn
African Expansion Plans
Lesaka now operates in Namibia, Botswana, Zambia, and Kenya, with more acquisitions planned.
“We aim to be southern Africa’s leading fintech,” Mali stated.
