NEDBANK GROUP LIMITED - Voluntary Announcement: Nedbank Group Acquisition of iKhokha

Voluntary Announcement: Nedbank Group Acquisition of iKhokha

NEDBANK GROUP LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1966/010630/06
JSE share code: NED
NSX share code: NBK
A2X share code: NED
ISIN: ZAE000004875
JSE alpha code: NEDI
('Nedbank Group' or 'Nedbank')

VOLUNTARY ANNOUNCEMENT: NEDBANK GROUP ACQUISITION OF IKHOKHA

Nedbank Group is pleased to announce that it has entered into a binding agreement, on 12 August
2025, to acquire 100% of fintech innovator iKhokha Proprietary Limited ('iKhokha') for a cash
consideration of approximately R1.65bn (subject to certain adjustments upon conclusion)
('iKhokha transaction'), a move that marks a significant milestone in Nedbank's strategy to deepen
its support for small and medium-sized enterprises (SMEs) through digital innovation and
inclusive financial services. The iKhokha transaction is subject to customary regulatory approvals
and is expected to conclude in the coming months. The acquisition of iKhokha will strengthen and
scale Nedbank's positioning in the SME market.

The acquisition will result in iKhokha becoming a wholly owned subsidiary of Nedbank, while
continuing to operate under its own brand and leadership team. The acquisition includes a
comprehensive management lock-in to ensure managerial continuity and alignment with long-
term growth objectives.

Jason Quinn Chief Executive of Nedbank Group noted: 'We believe that empowering
entrepreneurs is essential to building a thriving and inclusive economy. iKhokha's mission and
technology align perfectly with our vision for digital transformation in the SME sector. Together,
we will unlock new opportunities for growth and financial inclusion in South Africa and potentially
abroad.'

About iKhokha

Founded in 2012, iKhokha is a South African fintech company that provides card machines, digital
payment solutions, and business tools to SMEs. Since its founding, iKhokha has established itself
as a leading trusted partner to South African entrepreneurs, offering a suite of affordable,
accessible SME cash advance and payment and business management tools. Since its inception,
iKhokha has helped hundreds of thousands of entrepreneurs grow their businesses by making
financial services more accessible and affordable. iKhokha processes north of ZAR20bn annually
in digital payments and has distributed more than ZAR3bn in working capital into the SME sector
to date.

Sandton
13 August 2025
   
Corporate advisor and sponsor to              Legal advisor to Nedbank Group
Nedbank Group

Nedbank Corporate and Investment Banking,
      a division of Nedbank Limited           Bowman Gilfillan Incorporated

Date: 13-08-2025 08:30:00
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