Exhibit 14
LESAKA TECHNOLOGIES, INC.
CODE OF ETHICS
CONTENTS
COMPLIANCE, WAIVERS OR AMENDMENTS
WAIVERS OF OR AMENDMENTS TO THIS CODE
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
CONFLICTS OF INTEREST
RELATIONSHIPS WITH CLIENTS, CUSTOMERS AND SUPPLIERS
GIFTS, HOSPITALITY AND FAVOURS
INSIDER INFORMATION AND INSIDER TRADING
HEALTH AND SAFETY
ENVIRONMENTAL MANAGEMENT
LESAKA’S FUNDS, PROPERTY AND RECORDS
PRIVACY AND CONFIDENTIALITY
OBTAINING AND SAFEGUARDING INFORMATION
TERMINATION OF EMPLOYMENT
OBLIGATIONS OF EMPLOYEES
1.
EXECUTIVE SUMMARY
1.1.
INTRODUCTION
Lesaka Technologies , Inc. and its subsidiaries (hereinafter referred to as “Lesaka”) are committed to a policy of
fairness and integrity in the conducting of their businesses. This commitment, endorsed by the Board of Directors
of Lesaka (hereinafter referred to as the “Board”), is based on the fundamental belief that business should be
conducted to the highest ethical standards of honesty, fairness and legality.
This Code of Ethics (hereinafter referred to as this “Code”) is Lesaka’s promise that these ethical standards will
form the basis for all endeavours of Lesaka. Lesaka has established this Code as part of its overall policies and
procedures. To the extent that other Lesaka policies and procedures conflict with this Code, this Code will prevail.
This Code will apply equally to all employees and other representatives of Lesaka. The term “employees” has
been used in the broadest sense and includes:
●
all staff with whom a service contract exists;
●
management and non-management;
●
directors; and
●
contractors, consultants and temporary staff.
This Code is designed to inform employees of policies in various areas. Therefore, Lesaka expects all employees,
directors and other representatives to share its commitment to high moral, ethical and legal standards.
The most current version of this Code will be distributed to all employees, posted and maintained on Lesaka’s
website, and filed as an exhibit to Lesaka’s Annual Report on Form 10-K. Lesaka’s Annual Report on Form 10-
K shall disclose that this Code is maintained on its website and shall disclose that substantive amendments and
waivers will also be posted on Lesaka’s website.
Please study this Code carefully so that you understand Lesaka’s expectations and your
obligations.
2.
COMPLIANCE, WAIVERS OR AMENDMENTS
2.1.
COMPLIANCE WITH THIS CODE
Compliance with this Code by all employees is mandatory. If any employee become s aware of, or suspects, a
contravention of this Code, such employee must promptly and confidentially advise his or her line manager, the
Human Resources Manager or a member of the Compliance Department (provided such person was not involved
in the alleged violation).
Lesaka’s efforts to ensure observance of, and adherence to, the goals and policies outlined in this Code mandate
that you must promptly bring to the attention of your line manager, the Human Resources Manager or a member
of the Compliance Department (provided such person was not involved in the alleged violation) any material
transaction, relationship, act, failure to act, occurrence or practice that you believe, in good faith, is inconsistent
with, in violation of, or reasonably could be expected to give rise to a violation of, this Code.
The matter will be investigated and dealt with according to the Lesaka’s Policy for the Review and Investigation
of Compliance Matters. Failure to report violations of this Code will itself be considered a serious violation of
this Code.
It is Lesaka’s policy that no retaliation or other adverse action will be taken against any employee for good-faith
reports of Code violations. Persons who discriminate, retaliate or harass may be subject to civil, criminal and
administrative penalties, as well as disciplinary action, up to and including termination of employment for cause.
Managers set an example for other employees and are often responsible for directing the actions of others. Every
manager and supervisor is expected to take necessary actions to ensure compliance with this Code, to provide
guidance and assist employees in resolving questions concerning this Code and to permit employees to express
any concerns regarding compliance with this Code.
No one has the authority to order another employee to act in a manner that is contrary to this Code.
2.2.
WAIVERS OF OR AMENDMENTS TO THIS CODE
Any waivers of or amendments to this Code must be in writing and must be approved in advance by the Board.
Waivers and amendments, and the reason therefore, shall be disclosed as required under applicable law and
regulations. If employees are in doubt about the application of this Code, they should discuss the matter with their
line manager, the Human Resources Manager, or the Compliance Department.
3.
COMPLIANCE WITH LAWS, RULES AND REGULATIONS
Employees must comply with all applicable laws, rules and regulations which relate to their activities for and on
behalf of Lesaka. Lesaka will not tolerate any violation of the law or unethical business dealing by any employee,
including any payment for, or other participation in, an illegal act, such as bribery.
Lesaka is committed to full compliance with the laws, rules and regulations of the cities, states and countries in
which it operates. You must comply with all applicable laws, rules and regulations in performing your duties for
Lesaka.
Numerous federal, state and local laws, rules and regulations define and establish obligations with which Lesaka,
its employees and agents must comply. Under certain circumstances, local country law may establish requirements
that differ from this Code.
You are expected to comply with all local country laws in conducting Lesaka’s business. If you violate these laws
or regulations in performing your duties for Lesaka, you not only risk individual indictment, prosecution and
penalties, as well as civil actions and penalties, but also subject Lesaka to the same risks and penalties.
If you violate these laws in performing duties for Lesaka, you may be subject to immediate disciplinary action,
including possible termination of your employment or affiliation with Lesaka.
Employees must ensure that their conduct cannot be interpreted as being in any way in contravention of
applicable laws, rules and regulations governing the operations of Lesaka .
3.1.
FOREIGN CORRUPT PRACTICES ACT
Lesaka employees are expressly prohibited from, directly or indirectly, offering payment, promising to pay, or
authorizing the payment of any money, or offering any gift or non-monetary offer or benefit, promising to give a
gift or non-monetary offer or benefit, or authorizing the giving of anything of value to any foreign official or any
foreign political party, official of any foreign political party, or candidate for governmental or political office for
purposes of:
●
influencing any act or decision of that foreign official, political party or candidate in his/ her/ its official
capacity;
●
inducing that foreign official, candidate or political party to do or omit to do any act in violation of the lawful
duty of that official, candidate or party, or
●
securing any improper advantage; or
●
inducing that foreign official, candidate or political party to use his/ her/ its influence with a foreign
government or instrumentality to affect or influence any act or decision of that government or instrumentality,
in order to assist Lesaka or its employee in obtaining or retaining business for or with, or directing business
to, Lesaka.
Various countries also have laws that prohibit commercial bribery. Accordingly, these laws are not limited in
scope to bribery of foreign officials and typically prohibit bribes or inducements to an individual or business to
improperly influence decision-making.
As such, it is Lesaka’s policy that nothing of value should be provided to any person for the purpose of improperly
obtaining or retaining business or otherwise gaining an improper business advantage. Violations of this policy
are taken very seriously, as they can subject both Lesaka and the individual to criminal and civil penalties, up to
and including imprisonment.
3.2.
COPYRIGHTED OR LICENSED MATERIAL
It is both illegal and unethical to engage in practices that violate copyright laws or licensing agreements.
Lesaka requires that all employees respect the rights conferred by such laws and agreements and refrain from
making unauthorized copies of protected materials, including but not limited to printed matter, musical recordings,
and computer software.
3.3.
COMPETITIVE RELATIONSHIPS
It is unethical and unlawful to collaborate with competitors or their agents or representatives for the purpose of
establishing or maintaining rates or prices at any particular level, or to collaborate in any way in the restraint of
trade.
4.
CONFLICTS OF INTEREST
Employees are expected to perform their duties conscientiously, honestly and in accordance with the best interests
of Lesaka to optimize business objectives.
Employees must not use their positions, or knowledge gained through their employment with Lesaka, for private
or personal advantage or in such a manner that a conflict or an appearance of conflict arises between Lesaka’s
interest and their personal interests.
A conflict could arise where an employee’s family, or a business with which an employee or his or her family is
associated obtains a gain, advantage or profit, or there is the appearance of a gain, advantage or profit, by virtue
of the employee’s position with Lesaka or knowledge gained through that position.
Every employee must promptly inform Lesaka of any business opportunities that come to his or her attention
through the use of Lesaka assets, property or information or that relate to the existing or prospective business of
Lesaka.
If employees feel that a course of action which they have pursued, are pursuing or are contemplating pursuing,
may involve them in a conflict of interest situation or a perceived conflict of interest situation, they should
immediately make all the facts known to the person to whom they report and the Human Resources Manager, or
Compliance Department.
4.1.
OUTSIDE ACTIVITIES, EMPLOYMENT AND DIRECTORSHIP
We all share a very real responsibility to contribute to our local communities, and Lesaka encourages employees
to participate in religious, charitable, educational and civic activities.
Employees should, however, avoid acquiring any business interest or participating in any activity outside Lesaka
which would create, or appear to create:
●
an excessive demand upon their time, attention and energy which would deprive Lesaka of their best efforts
on the job; or
●
a conflict of interest - that is, an obligation, interest or distraction which would interfere or appear to interfere
with their independent exercise of judgment in Lesaka’s best interest.
Employees other than outside directors may not take up outside employment without the prior written approval
of the Human Resources Manager.
Employees who hold, or have been invited to hold, outside directorships should take particular care to ensure
compliance with all provisions of this Code. When outside business directorships are being considered by
employees other than outside directors, prior written approval must be obtained from the Chief Executive Officer
of Lesaka or Executive Director responsible for the division.
4.2.
RELATIONSHIPS WITH CLIENTS, CUSTOMERS AND SUPPLIERS
Lesaka recognizes that relationships with clients, customers and suppliers give rise to many potential situations
where conflicts of interest, real or perceived, may arise.
Employees should ensure that they are independent, and are seen to be independent, from any business
organization having a contractual relationship with Lesaka or providing goods or services to Lesaka, if such a
relationship might influence or create the impression of influencing their decisions in the performance of their
duties on behalf of Lesaka.
In such circumstances, employees should not invest in, or acquire a financial interest, directly or indirectly, in
such an organization.
4.3.
GIFTS, HOSPITALITY AND FAVOURS
Conflicts of interest can arise where employees are offered gifts, hospitality or other favours which might, or
could be perceived to, influence their judgment in relation to business transactions such as the placing of orders
and contracts.
An employee should not accept gifts, hospitality or other favours from suppliers of goods or services to Lesaka.
However, the acceptance of the following would not be considered contrary to such policy:
●
promotional matter of limited commercial value;
●
occasional business entertaining such as lunches, cocktail parties or dinners; and
●
occasional personal hospitality such as tickets to sporting events or theatres.
Any bribe or attempted bribe must be reported to the employee’s line manager as soon as possible. It is the
intention that dealings with any supplier that offers bribes will be terminated.
Certain functions or operating areas may have more detailed rules governing the receipt of gifts, hospitality or
other favours.
In addition, no bribes of any kind should be made by any Lesaka employee to any customer or potential customer
to secure business.
Providing the occasional gifts to customers, as set out below, would not be considered contrary to such a policy:
●
advertising matter of limited commercial value;
●
occasional business entertaining such as lunches, cocktail parties or dinners; and
●
occasional personal hospitality such as tickets to sporting events or theatres.
4.4.
PERSONAL INVESTMENTS
Lesaka respects the right of all employees to make personal investment decisions as they see fit, as long as these
decisions do not contravene any provisions of this Code, any applicable legislation, or any policies or procedures
established by the various operating areas of Lesaka, and provided these decisions are not made on the basis of
material non-public information acquired by reason of an employee’s connection with Lesaka.
Employees should not permit their personal investment transactions to have priority over transactions for Lesaka
and its clients.
When considering the application of this section, employees should ensure that no investment decision made for
their own account could reasonably be expected to adversely influence their judgment or decisions in the
performance of their duties on behalf of Lesaka.
Employees involved in performing investment activities on behalf of Lesaka and those who by the nature of their
duties or positions are exposed to price -sensitive information relating to Lesaka are subject to additional rules
governing personal investments. These may be imposed by the Companies Act, the Stock Exchange of
Johannesburg, Banks Act, Financial Sector Conduct Authority, Securities Regulation Panel and other regulatory
bodies, industry associations and management.
The rules include requirements for employees to:
●
obtain prior written approval for, and to report on, their personal investment activity and the investment
activity of those persons with whom they have a close relationship; and
●
refrain from dealing in the shares of entities that Lesaka deals with during certain restricted periods, as well
as Lesaka subsidiaries and associates.
4.5.
INSIDER INFORMATION AND INSIDER TRADING
Employees may receive information concerning Lesaka or one of its affiliates, business partners, clients, or
customers that is confidential and not generally known by the public. If that information is “material” (i.e.,
publication of that information is likely to affect the market price of the stock of the entity to which the information
relates), then the employee has an ethical and legal obligation not to:
●
act on that information (i.e., buy or sell stock based on that information);
●
disclose that information to others; or
●
advise others to buy or sell the stock of the entity to which that information relates, until such information
becomes public.
An employee’s direct or indirect use of or sharing of such confidential, privileged, or otherwise proprietary
business information of Lesaka or its partners, clients, or customers for financial gain, including investment by
the employee or the transmission of this information to others so that they can use this information for their
financial gain, constitutes insider trading, which is a criminal offense. Please refer to Lesaka’s Insider Trading
Policy for more information.
4.6.
REMUNERATION
No employee may receive commissions or other remuneration related to the sale of any product or service of
Lesaka except as specifically provided under an individual’s terms of employment or as specifically agreed with
management.
No member of Lesaka’s Audit Committee shall receive any compensation not permitted by the rules of the
Securities and Exchange Commission (hereinafter referred to as the “SEC”), The NASDAQ Stock Market, and
other applicable law.
Employees may not receive any money or anything of value (other than Lesaka’s regular remuneration or other
incentives), either directly or indirectly, for negotiating, procuring, recommending or aiding in any transaction
made on behalf of Lesaka, nor have any direct or indirect financial interest in such a transaction.
5.
EMPLOYMENT EQUITY, ENVIRONMENTAL RESPONSIBILITY AND POLITICAL
SUPPORT
5.1.
EMPLOYMENT EQUITY
Lesaka supports employment equity in the workplace and seeks to identify, develop and reward each employee
who demonstrates the qualities of individual initiative, enterprise, hard work and loyalty in their job. Lesaka
supports and complies with the Basic Conditions of Employment Act and the Employment Equity Act.
All employees have the right to work in an environment which is free from any form of discrimination, directly
or indirectly, on any arbitrary ground, including, but not limited to race, gender, sex, ethnic or social origin, colour,
sexual orientation, age, disability, religion, conscience, belief, political opinion, culture, language, marital status
or family responsibility.
Employees should report any cases of actual or suspected discrimination to their line managers or the Human
Resources Manager.
Employees with illnesses or disabilities may continue to work, provided that they are able to continue to perform
satisfactorily the essential duties of their jobs and do not present a safety or health hazard to themselves or others.
5.2.
HEALTH AND SAFETY
Lesaka is committed to taking every reasonable precaution to ensure a safe work environment for all employees.
Employees who become aware of circumstances relating to Lesaka’s operations or activities which pose a real or
potential health or safety risk should report the matter to their line manager and the Human Resources Manager.
It is Lesaka’s policy that no retaliation or other adverse action will be taken against any employee for good-faith
reports.
5.3.
ENVIRONMENTAL MANAGEMENT
Lesaka is committed to developing operating policies to address the environmental impact of its business activities
by integrating pollution control, waste management and rehabilitation activities into operating procedures.
Employees should give appropriate and timely attention to environmental issues.
5.4.
POLITICAL SUPPORT
Lesaka accepts the personal participation of its employees in the political process and respects their right to
absolute privacy with regard to personal political activity. Lesaka will not attempt to influence any such activity
provided there is no disruption to workplace activities and it does not contribute to industrial unrest.
Lesaka funds, goods or services, however, may not be used as contributions to political parties or their candidates.
6.
LESAKA’S FUNDS, PROPERTY AND RECORDS
6.1.
FUNDS AND PROPERTY
Lesaka has developed a number of internal controls to safeguard its assets and imposes strict standards to prevent
fraud and dishonesty. It is every employee’s responsibility to implement, maintain and enhance the effectiveness
of the control environment in which they operate.
All employees who have access to Lesaka’s funds in any form must at all times follow prescribed procedures for
recording, handling and protecting such funds.
Operating areas may implement policies and procedures relating to the safeguarding of Lesaka property, including
computer software.
Employees must at all times ensure that Lesaka’s funds and property are used only for legitimate Lesaka business
purposes. Where an employee requires Lesaka funds to be spent, it is the employee’s responsibility to use good
judgment on Lesaka’s behalf and to ensure that appropriate value and authorization is received for such
expenditure.
All payments made by or on behalf of Lesaka for any purpose must be fully and accurately described in the
documents and records supporting the payment. No false, improper, or misleading entries shall be made in the
books and records of Lesaka.
Complete and accurate information is to be given in response to inquiries from Lesaka’s Compliance Department
and certified public accountants.
If employees become aware of any evidence that Lesaka funds or property may have been or are likely to be used
in a fraudulent or improper manner they should immediately and confidentially advise Lesaka as set out in the
compliance with this Code section of this document.
It is Lesaka’s policy that no retaliation or other adverse action will be taken against any employee for good-faith
reports.
6.2.
RECORDS
Accurate and reliable records of many kinds are necessary to meet Lesaka’s legal and financial obligations and to
manage the affairs of Lesaka. Lesaka’s books and records should reflect all business transactions in an accurate
and timely manner.
Undisclosed or unrecorded revenues, expenses, assets or liabilities are not permissible, and the employees
responsible for accounting and record-keeping functions are expected to be diligent in enforcing proper practices.
7.
EMPLOYMENT MATTERS
7.1.
SUPERVISION OF RELATIVES AND OTHERS
Close relatives and domestic partners shall not work directly or indirectly under the supervision of one another
without prior written approval.
●
“Close relative” means, but is not limited to, a spouse, sister, brother, sister-in-law, brother-in-law, father,
mother, father-in-law, mother-in-law, step-parent, aunt, uncle, first cousin, child, step-child, foster child, or
grandparent.
●
“Domestic partner” means, but is not limited to, husband, wife, or a person the employee currently resides
with in an intimate, romantic or sexual relationship.
If such a situation should arise, it should be immediately brought to the attention of a direct manager of Human
Resources.
Lesaka also requires that employees disclose to Human Resources the existence of an intimate, romantic or sexual
relationship between employees where there exists a direct chain of command and/ or supervisor/ subordinate
relationship. Decisions concerning such employees will be made on a case-by-case basis by Human Resources.
7.2.
RESTRICTIONS ON FORMER GOVERNMENT EMPLOYEES
Former U.S. Government employees or U.S. military officers are generally prohibited from representing Lesaka
in matters in which the government has substantial interest and where the employee had prior responsibility.
Retired senior government officials and regular military officers are further restricted from selling to, or in some
instances, contacting their former agency or military service.
The duration of these prohibitions and the matters to which they apply depend on the type of previous government
employment. Lesaka’s legal department should be contacted to help identify which restrictions apply.
8.
DEALING WITH OUTSIDE PERSONS AND ORGANISATIONS
8.1.
PROMPT COMMUNICATIONS
Lesaka strives to achieve complete, accurate, fair, understandable and timely communications with all parties with
whom it conducts business, as well as government authorities and the public. All employees must take all steps
necessary to assist Lesaka in fulfilling these disclosure responsibilities. In addition, prompt and effective internal
communication is encouraged.
A prompt, courteous and accurate response should be made to all reasonable requests for information and other
client communications. Any complaints should be dealt with in accordance with internal procedures established
by various operating areas of Lesaka and applicable laws.
8.2.
MEDIA RELATIONS
In addition to everyday communications with outside persons and organizations, Lesaka will, on occasion, be
asked to express its views to the media on certain issues.
When communicating publicly on matters that involve Lesaka business, employees must not presume to speak
for Lesaka on any matter, unless they are certain that the views they express are those of Lesaka and it is Lesaka’s
desire that such views be publicly disseminated. Employees approached by the media should immediately contact
the department or individual responsible for corporate communications.
An employee, when dealing with anyone outside Lesaka, including public officials, must take care not to
compromise the integrity or damage the reputation of any outside individual, business, or government body, or
that of Lesaka.
As a general rule, Lesaka’s position on public policy or industry issues will be dealt with by senior management
of Lesaka and existing policies in this regard must be adhered to. The text of the articles for publication, public
speeches and addresses about Lesaka and its business should be reviewed in advance with the individual
responsible for public relations.
Employees should separate their personal roles from Lesaka’s position when communicating on matters not
involving Lesaka business. They should be especially careful to ensure that they are not identified with Lesaka
when pursuing personal or political activities, unless this identification has been specifically authorized in advance
by Lesaka.
9.
PRIVACY AND CONFIDENTIALITY
In the regular course of business, Lesaka accumulates a considerable amount of information. The following
principles are to be observed:
9.1.
OBTAINING AND SAFEGUARDING INFORMATION
Information necessary for Lesaka’s business should be reliable, accurate and its confidentiality maintained. When
personal information is needed, wherever possible, it should be obtained directly from the person concerned. Only
reputable and reliable sources should be used to supplement this information.
Information should only be retained as long as it is needed or as required by law, and it is every employee’s
responsibility to ensure that such information is physically secured and protected.
9.2.
ACCESS TO INFORMATION
Any information with respect to any product, plan or business transaction of Lesaka, or personal information
regarding employees, including their salaries, must be kept strictly confidential (hereinafter referred to as
“Confidential Information”) and must not be disclosed or used for improper purposes by any employee unless and
until proper authorization for such disclosure has been obtained.
Once authorization has been obtained, all information required by stakeholders either on request or due to statutory
requirements must be accurately disclosed.
In addition, operating areas may implement policies and procedures to prevent improper transmission within
Lesaka of material non-public information.
9.3.
TERMINATION OF EMPLOYMENT
The obligation to preserve the confidentiality of Confidential Information acquired in the course of employment
with Lesaka does not end upon termination of employment. The obligation continues indefinitely until Lesaka
authorizes disclosure, or until the Confidential Information legally enters the public domain.
Immediately upon the termination of employment for any reason, or when otherwise requested by Lesaka,
employees are required to return to Lesaka all above -mentioned Confidential Information, including documents,
information and other property.
9.4.
FORMER EMPLOYMENT
New employees will not be assigned to work where they might be required to use or disclose trade secrets or
confidential information belonging to their former employers. New employees should not take away from their
former place of employment any information that might be considered proprietary or confidential.
10.
OBLIGATIONS OF EMPLOYEES
It is of paramount importance to Lesaka that all disclosure in reports and documents that Lesaka files with, or
submits to, the SEC, and in other public communications made by Lesaka is full, fair, accurate, timely and
understandable.
You must take all steps available to assist Lesaka in fulfilling these responsibilities consistent with your role
within the Lesaka. In particular, you are required to provide prompt and accurate answers to all inquiries made to
you in connection with Lesaka’s preparation of its public reports and disclosure.
All employees must perform their duties diligently, effectively and efficiently, and in particular:
●
support and assist Lesaka to fulfil its commercial and ethical obligations and objectives as set out in this
Code;
●
avoid any waste of resources, including time;
●
be committed to improving productivity, achieving the maximum quality standards, reducing ineffectiveness,
and avoiding unreasonable disruption of activities at work;
●
commit to honouring their agreed terms and conditions of employment;
●
not act in any way that may jeopardize the shareholders’ rights to a reasonable return on investment;
●
act honestly and in good faith at all times and report any harmful activity they observe in the workplace;
●
recognize fellow employees’ rights to freedom of association and not intimidate fellow employees;
●
pay due regard to environmental, public health and safety conditions in and around the workplace; and
●
act within their powers and not carry on the business of Lesaka recklessly.
Each employee who contributes in any way to the preparation or verification of the Company's financial
statements and other financial information must:
●
ensure that the Company's books, records and accounts are accurately maintained;
●
be familiar with and comply with the Company's disclosure controls and procedures and its internal control
over financial reporting; and
●
take all necessary steps to ensure that all filings with the SEC and all other public communications about the
financial and business condition of the Company provide full, fair, accurate, timely and understandable
disclosure.
Each employee must cooperate fully with the Company's accounting and internal audit departments, as well as
the Company's certified public accountants and counsel.
Each employee acknowledges that Lesaka shall be the owner of the copyright in any work which is eligible for
copyright and which is created or executed by such employee, whether alone or with others, in the course and
scope of employment.
All work created or executed by the employee and for which copyright exists shall unless the employee established
the contrary, be deemed to have been created or executed in the course and scope of employment with Lesaka.
BOARD APPROVAL RECEIVED: SEPTEMBER 2021