Jordaan announced the acquisition in a post on social media late on Thursday evening.
"So Lesaka Technologies Inc bought BankZeroSA for R1.1-billion. Lot of regulatory approvals still needed, but both teams are excited about the merger synergies," he posted ahead of a formal announcement.
Jordaan said he will stay on as chairman of Bank Zero. "The whole team stays intact," he said in response to a question.
Bank Zero is a digital mutual bank that has carved a niche for itself by offering app-based banking solutions for both individuals and businesses.
Launched in 2021, it differentiates itself with a strong focus on zero fees for most basic banking activities, including monthly fees, EFT payments and debit orders, setting it apart from traditional banks.