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Borrowings
 3 Months Ended
Sep. 30, 2024
Borrowings [Abstract]  
Borrowings
Movement in short-term credit facilities (continued)
Summarized below are the
 
Company’s short-term facilities as of
 
September 30, 2024, and
 
the movement in
 
the Company’s short-
term facilities from as of June 30, 2024 to as of September 30, 2024:
8.
 
Borrowings
Refer to
 
Note 12
 
to the
 
Company’s
 
audited consolidated
 
financial statements
 
included in
 
its Annual
 
Report on
 
Form 10-K
 
for
the year ended June 30, 2024, for additional information regarding
 
its borrowings.
South Africa
The
 
amounts
 
below
 
have
 
been
 
translated
 
at
 
exchange
 
rates
 
applicable
 
as
 
of
 
the
 
dates
 
specified.
 
The
 
3-month
 
Johannesburg
Interbank
 
Agreed Rate
 
(“JIBAR”),
 
the
 
rate at
 
which
 
private sector
 
banks borrow
 
funds from
 
the
 
South
 
African Reserve
 
Bank,
 
on
September 30, 2024, was
8.35
%. The prime rate, the benchmark rate at which private sector banks
 
lend to the public in South Africa,
on September 30, 2024, was
11.50
%.
RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term
 
borrowings
Long-term borrowings - Facility G and Facility H
As of
 
September 30,
 
2024, the
 
Company
 
had not
 
utilized any
 
of its
 
ZAR
200
 
million Facility
 
G revolving
 
credit facility.
 
The
interest rate on this facility as of September 30, 2024, was JIBAR plus
4.75
%.
 
Available short-term facility -
 
Facility E
As of
 
September 30,
 
2024, the
 
aggregate amount
 
of the
 
Company’s
 
short-term South
 
African overdraft
 
facility with
 
RMB was
ZAR
0.9
 
billion ($
52.4
 
million). As of September 30,
 
2024, the Company had not
 
utilized this overdraft facility. This overdraft facility
may only be used to fund
 
ATMs and therefore the overdraft utilized and converted to cash to
 
fund the Company’s ATMs is considered
restricted cash. The interest rate on this facility is equal to the prime rate.
 
 
8.
 
Borrowings (borrowings) (continued)
South Africa (continued)
RMB Bridge Facilities, comprising a short-term facility obtained
 
in October 2024
On September 30, 2024, Lesaka SA entered into a
 
Facility Letter (the "F2024 Facility Letter") with RMB
 
to provided Lesaka SA
a ZAR
665.0
 
million funding facility (the “Facility”).
 
The Facility has been used
 
by Lesaka SA to (i) settle an
 
amount of ZAR
232.2
due
 
under the
 
Adumo transaction
 
(refer to
 
Note 20);
 
(ii) pay
 
Crossfin Holdings
 
(RF) Proprietary
 
Limited (“Crossfin”)
 
ZAR
207.2
million under a share purchase agreement concluded
 
between Lesaka SA and Crossfin Holdings ((refer also to
 
Note 20)); (iii) pay an
amount of ZAR
147.5
 
million notified by Investec Bank
 
Limited to Adumo and Lesaka SA
 
as a result of the transaction
 
described in
 
Note 20,
 
and (iv)
 
pay an
 
origination fee
 
of ZAR
7.6
 
million to
 
RMB. The
 
Facility also
 
provides Lesaka
 
with ZAR
70.0
 
million for
transaction -related expenses. Interest on the Facility is calculated at the
 
prime rate plus
1.80
%. The Facility is unsecured and required
to be repaid in full on or before December 13, 2024.
Connect Facilities, comprising long-term borrowings and a short-term facility
As of September 30, 2024, the
 
Connect Facilities include (i) an overdraft facility (general
 
banking facility) of ZAR
170.0
 
million
(of which ZAR
170.0
 
million ($
9.9
 
million) has been utilized); (ii) Facility A of ZAR
700.0
 
million ($
40.7
 
million); (iii) Facility B of
ZAR
550.0
 
million ($
32.0
 
million) (both
 
fully utilized);
 
and (iv)
 
an asset-backed
 
facility of
 
ZAR
200.0
 
million ($
11.6
 
million) (of
which ZAR
138.1
 
million ($
8.0
 
million) has been utilized).
On October 29,
 
2024, the Company, through its
 
wholly owned subsidiary
 
Cash Connect Management
 
Solutions (Pty) Ltd,
 
entered
into an addendum to a facility letter with RMB, to obtain a ZAR
100.0
 
million temporary increase in its overdraft facility for a period
of approximately four
 
months to specifically
 
fund the purchase
 
of prepaid airtime
 
vouchers. This temporary
 
increase is repayable
 
in
equal daily instalments which commenced at the end of October
 
2024 and end of February 15, 2025.
 
CCC Revolving Credit Facility, comprising
 
long-term borrowings
As of
 
September
 
30,
 
2024,
 
the amount
 
of the
 
CCC Revolving
 
Credit Facility
 
was ZAR
300.0
 
million (of
 
which
 
ZAR
215.5
million has been utilized).
 
Interest on the Revolving Credit Facility
 
is payable on the last business
 
day of each calendar month
 
and is
based on the South African prime rate in effect from time to time plus
 
a margin of
0.95
% per annum.
 
RMB facility, comprising indirect facilities
As of September
 
30, 2024, the aggregate
 
amount of the Company’s
 
short-term South African
 
indirect credit facility
 
with RMB
was ZAR
135.0
 
million ($
7.1
 
million), which includes facilities for guarantees, letters of credit and forward exchange contracts. As
 
of
September
 
30,
 
2024
 
and
 
June
 
30,
 
2024,
 
the
 
Company
 
had
 
utilized
 
ZAR
33.1
 
million
 
($
1.9
 
million)
 
and
 
ZAR
33.1
 
million
 
($
1.8
million), respectively,
 
of its indirect and derivative
 
facilities of ZAR
135.0
 
million (June 30, 2024: ZAR
135.0
 
million) to enable the
bank to issue guarantees, letters of credit and forward exchange contracts (refer
 
to Note 19).
Nedbank facility, comprising short-term facilities
As of
 
September 30, 2024,
 
the aggregate amount
 
of the Company’s short-term
 
South African
 
credit facility with
 
Nedbank Limited
was ZAR
156.6
 
million ($
9.1
 
million). The credit facility represents indirect and derivative facilities
 
of up to ZAR
156.6
 
million ($
9.1
million), which include guarantees, letters of credit and forward exchange
 
contracts.
As of
 
September 30,
 
2024 and
 
June 30,
 
2024, the
 
Company had
 
utilized ZAR
2.1
 
million ($
0.1
 
million) and
 
ZAR
2.1
 
million
($
0.1
 
million), respectively, of its indirect and derivative facilities of ZAR
156.6
 
million (June 30, 2024: ZAR
156.6
 
million) to enable
the bank to issue guarantees, letters of credit and forward exchange contracts
 
(refer to Note 19).
 
8.
 
Borrowings (borrowings) (continued)
South Africa (continued)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1) Represents the effects of the fluctuations between the
 
ZAR and the U.S. dollar.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RMB
RMB
RMB
Nedbank
Facility E
Indirect
Connect
Facilities
Total
Short-term facilities available as of
September 30, 2023
$
52,384
$
7,858
$
9,895
$
9,112
$
79,249
Overdraft
 
-
-
9,895
-
9,895
Overdraft restricted as to use for
ATM
 
funding only
52,384
-
-
-
52,384
Indirect and derivative facilities
 
-
7,858
-
9,112
16,970
Movement in utilized overdraft
facilities:
 
Restricted as to use for ATM
funding only
6,737
-
-
-
6,737
No restrictions as to use
 
-
-
9,351
-
9,351
Balance as of June 30, 2024
6,737
-
9,351
-
16,088
Utilized
 
23,893
-
-
-
23,893
Repaid
(31,028)
-
-
-
(31,028)
Foreign currency
adjustment
(1)
398
-
544
-
942
Balance as of September 30, 2024
-
-
9,895
-
9,895
Restricted as to use for ATM
funding only
-
-
-
-
-
No restrictions as to use
 
$
-
$
-
$
9,895
$
-
$
9,895
Interest rate as of September 30,
2024 (%)
(2)
11.50
-
11.40
-
Movement in utilized indirect and
derivative facilities:
Balance as of June 30, 2024
$
-
$
1,821
$
-
$
116
$
1,937
Foreign currency adjustment
(1)
-
106
-
7
113
Balance as of September 30, 2024
$
-
$
1,927
$
-
$
123
$
2,050
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Facilities
G & H
A&B
CCC
(6)
Asset backed
Total
Included in current
$
-
$
-
$
11,841
$
3,878
$
15,719
Included in long-term
56,151
66,815
-
4,501
127,467
Opening balance as of June 30, 2024
56,151
66,815
11,841
8,379
143,186
Facilities utilized
-
-
559
215
774
Facilities repaid
(3,911)
-
(554)
(1,007)
(5,472)
Non-refundable fees paid
-
-
-
-
-
Non-refundable fees amortized
44
12
13
-
69
Capitalized interest
1,845
-
-
-
1,845
Capitalized interest repaid
(95)
-
-
-
(95)
Foreign currency adjustment
(1)
3,188
3,890
684
451
8,213
Closing balance as of September 30,
2024
57,222
70,717
12,543
8,038
148,520
Included in current
-
-
12,543
3,841
16,384
Included in long-term
57,222
70,717
-
4,197
132,136
Unamortized fees
(229)
(176)
-
-
(405)
Due within 2 years
57,451
5,456
-
2,987
65,894
Due within 3 years
-
8,367
-
836
9,203
Due within 4 years
-
57,070
-
294
57,364
Due within 5 years
$
-
$
-
$
-
$
80
$
80
Interest rates as of September 30, 2024
(%):
13.10
12.10
12.45
12.25
Base rate (%)
8.35
8.35
11.50
11.50
Margin (%)
4.75
3.75
0.95
0.75
Footnote number
(2)
(3)
(4)
(5)
(1) Represents the effects of the fluctuations between the ZAR and the
 
U.S. dollar.
(2)
 
Interest
 
on
 
Facility
 
G
 
and
 
Facility
 
H
 
is
 
based
 
on
 
the
 
JIBAR in
 
effect
 
from
 
time
 
to
 
time
 
plus
 
a
 
margin,
 
which
 
margin
 
is
calculated as:
 
(i)
5.50
% if
 
the Look
 
Through Leverage
 
(“LTL”)
 
ratio is
 
greater than
 
3.50x; (ii)
4.75
% if
 
the LTL
 
ratio is
 
less than
3.50x but greater than 2.75x; (iii)
3.75
% if the LTL ratio is less than 2.75x but greater than 1.75x; or (iv)
2.50
% if the LTL ratio is less
than 1.75x.
 
The LTL
 
ratio is
 
expressed as
 
times (“x”),
 
and was
 
introduced to
 
calculate the
 
margin
 
used in
 
the determination
 
of the
interest
 
rate.
 
The
 
LTL
 
ratio
 
is
 
calculated
 
as
 
the
 
Total
 
Attributable
 
Net
 
Debt
 
to
 
the
 
Total
 
Attributable
 
EBITDA,
 
as
 
defined
 
in
 
the
Company’s borrowing arrangements
 
with RMB, for the measurement period ending on a specified date.
 
(3) Interest on Facility A and Facility B is calculated based on JIBAR plus a margin,
 
of
3.75
%, in effect from time to time.
(4) Interest is charged at prime plus
0.95
% per annum on the utilized balance.
(5) Interest is charged at prime plus
0.75
% per annum on the utilized balance.
(6)
 
Amounts presented
 
as of
 
June 30,
 
2024,
 
and as
 
of September
 
30, 2024,
 
have been
 
revised, refer
 
to Note
 
1 for
 
additional
information. The amounts
 
as of
 
June 30,
 
2024, and as
 
of September
 
30, 2024,
 
were incorrectly classified
 
as long-term borrowings,
instead of as current portion of long-term borrowings.
Interest expense incurred under the Company’s South African long-term borrowings and included in the
 
caption interest expense
on the condensed consolidated statement of operations during the three months ended September 30, 2024 and
 
2023, was $
4.2
 
million
and $
4.0
 
million, respectively.
 
Prepaid facility fees amortized
 
included in interest expense
 
during the three months
 
ended September
30, 2024
 
and 2023,
 
respectively,
 
were $
0.1
 
million and
 
$
0.2
 
million, respectively.
 
Interest expense
 
incurred under
 
the Company’s
K2020 and
 
CCC facilities
 
relates to
 
borrowings utilized
 
to fund
 
a portion
 
of the
 
Company’s
 
merchant finance
 
loans receivable
 
and
this
 
interest
 
expense
 
of
 
$
0.4
 
million
 
and
 
$
0.4
 
million,
 
respectively,
 
is
 
included
 
in
 
the
 
caption
 
cost
 
of
 
goods
 
sold,
 
IT
 
processing,
servicing and support on
 
the condensed consolidated statement
 
of operations for the
 
three months ended September
 
30, 2024 and
 
2023.
(2) Facility E interest set at prime and the Connect facility at prime less
0.10
%.
 
8.
 
Borrowings (continued)
Movement in long-term borrowings
Summarized below is
 
the movement in the
 
Company’s long-term
 
borrowing from as of
 
as of June 30, 2024
 
to as of September
30, 2024: