The fintech sector in South Africa has seen unprecedented growth, contributing around 40% of the continent’s total fintech revenue, according to the Fintech in Africa Report 2024. However, many of these fintechs face challenges in developing scalable and efficient payment solutions. Mastercard and Paymentology are stepping in to bridge this gap, providing fintechs with the capability to introduce card services that cater to a wide range of niches, including underserved communities and the unbanked, thus expanding access to vital financial services.
Mastercard, with its extensive global expertise in payments, security, and infrastructure, pairs perfectly with Paymentology’s advanced cloud-based card processing and program management technology. Together, they enable a seamless card issuance process for fintechs, ensuring fast and efficient market entry. The combination of Mastercard’s vast network—which includes financial institutions, governments, and regulators—and Paymentology’s cutting-edge cloud technology significantly accelerates the rollout of card programs in South Africa’s rapidly evolving digital landscape.
Gabriel Swanepoel, Country Manager at Mastercard Southern Africa, said: “Our collaboration with Paymentology continues to evolve, driven by a shared vision of fostering an accessible digital economy. We are committed to equipping fintech companies with market-relevant solutions that enable them to scale effectively. Together, we are simplifying card issuance and creating new pathways for financial access for the underserved populations in South Africa.”
This collaboration is also in alignment with South Africa’s National Development Plan, which aims to achieve 90% financial inclusion by 2030. By facilitating access to the digital economy, this partnership plays a pivotal role in helping South Africa move closer to that ambitious goal. Mastercard’s commitment to integrating 1 billion people into the digital economy by 2025 is a key driving force behind initiatives like this, with fintech companies playing an essential role in bringing this vision to life.
As the digital payments ecosystem continues to evolve, collaborations like the one between Mastercard and Paymentology are crucial in ensuring financial services are not only accessible but scalable and inclusive. This partnership is set to have a lasting impact on South Africa’s fintech sector, empowering fintechs to meet the financial needs of both businesses and individuals, contributing to a more inclusive financial ecosystem across the region.
Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology, stated: “Our long-standing relationship with Mastercard has been instrumental in driving next-generation payments innovation. This agreement solidifies both our companies’ commitment to advancing financial inclusion in South Africa. By leveraging our combined strengths, we are enabling fintechs to accelerate the delivery of impactful solutions to the market.”
Tags:Drisha Kirkman, Mastercard, Gabriel Swanepoel, Mastercard Southern Africa, Paymentology