Mastercard is deepening its strategic partnership with Paymentology, a leading global issuer processor, to enhance card issuance capabilities for fintech companies in South Africa. This collaboration aims to equip fintechs with the expertise, infrastructure, and go-to-market support required to navigate the complexities of issuing cards, unlocking new opportunities for financial inclusion and digital transformation.
South Africa’s fintech ecosystem is one of the most dynamic in Africa, contributing approximately 40% of the continent’s total fintech revenue (Fintech in Africa Report 2024). However, despite its rapid growth, many fintechs struggle to scale their payment solutions efficiently due to regulatory complexities, infrastructure constraints, and high operational costs.
Through this expanded collaboration, Mastercard and Paymentology are addressing these challenges head-on by enabling fintechs to seamlessly launch and scale card services, catering to diverse market segments, including underserved and unbanked populations. This initiative not only enhances financial access but also supports South Africa’s broader push towards digital and financial inclusion.
A Powerful Combination of Global Expertise and Scalable Technology
This partnership leverages Mastercard’s extensive global expertise in digital payments, security, and infrastructure, combined with Paymentology’s cutting-edge cloud-based processing capabilities and program management solutions. By integrating Mastercard’s network of financial institutions, governments, and regulators with Paymentology’s scalable, next-generation technology, the collaboration enables faster, more efficient, and more cost-effective card issuance.
Key benefits of this initiative include:
- Rapid Market Entry for Fintechs: Fintech companies can quickly issue and manage physical and virtual cards, reducing time-to-market and improving operational efficiency.
- Enhanced Security & Compliance: Mastercard’s robust security frameworks ensure fintechs can safely process transactions, reducing fraud risks and increasing customer trust.
- Scalable & Flexible Solutions: Paymentology’s cloud-first platform provides fintechs with the flexibility to expand their offerings as they grow, whether targeting niche financial services or mainstream banking solutions.
- Financial Inclusion at Scale: By lowering the barriers to card issuance, this partnership enables fintechs to serve previously unbanked or underbanked communities, driving financial access and economic empowerment.
Industry Leaders Reinforce Commitment to Digital Transformation
“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.”
– Gabriel Swanepoel, Country Manager, Mastercard Southern Africa
“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.”
– Drisha Kirkman, Head of Programme Management and Sustainability, Paymentology
This initiative aligns with South Africa’s National Development Plan, which aims to achieve 90% financial inclusion by 2030. By fostering broader access to digital payment infrastructure and card services, Mastercard and Paymentology are making significant strides towards creating a more inclusive financial ecosystem.
Additionally, this partnership supports Mastercard’s global commitment to integrating 1 billion people into the digital economy by 2025—a milestone the company has already surpassed. By strengthening fintech partnerships, Mastercard continues to expand financial access, drive economic growth, and promote digital transformation in South Africa and beyond.
As fintech innovation reshapes Africa’s financial landscape, the Mastercard-Paymentology collaboration stands as a catalyst for change, ensuring that secure, scalable, and inclusive financial solutions remain within reach for businesses and consumers alike.
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