Fintech group Lesaka Technologies is offering shares worth R215 million to its employees, in an effort to boost its broad-based black economic empowerment rating.
Compliance with BBBEE can provide a range of benefits for businesses, including improved access to various business opportunities, enhanced reputation, increased competitiveness, access to funding and tax benefits, as well as the empowerment of black people in South Africa. This allocation of shares ensures employees have a meaningful stake in Lesaka’s future financial success and gives them the opportunity to share in the value created by Lesaka, says the company.It said this is at the mid-point of the firm’s revenue guidance, and compares to R2.5 billion in Q1 2024.
“At inception, all qualifying employees, regardless of seniority, salary, race, or gender, will receive equal benefits from the plan. We believe that this approach will ensure our employees, from entry-level to management, have a meaningful opportunity to benefit from the company’s growth and success in line with our values.”As an independent fintech in Southern Africa and a consolidator, Lesaka says it has ambitious growth plans.
The liquidity event will be funded by the sale of Lesaka shares held by the Lesaka ESOP Trust post settlement of the notional vendor funding outstanding at the time, directly linking the benefits employees receive to the company’s long-term performance and growth. Lesaka’s employee base is comprised of approximately 87% designated groups for BBBEE purposes. Through the creation of a broader base of employee ownership, it notes, Lesaka is helping to promote economic inclusion and contribute to transformation in the broader South African economy.
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