Mastercard is deepening its partnership with global issuer processor Paymentology to provide extensive opportunities in South Africa when it comes to card issuance for fintechs.
Both companies will collaborate to support South African fintechs with relevant infrastructure to perform go-top-market products, whilst also providing guidance when navigating complex card issuing solutions and opportunities to boost financial inclusion across the country.
Gabriel Swanepoel, Country Manager at Mastercard Southern Africa, said: “Our collaboration with Paymentology continues to evolve, driven by a shared vision of fostering an inclusive 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.”
Much like many African countries, South Africa is experiencing a digital transformation to its financial services as an answer to underbanked communities and access to provide financial inclusion.
A report by BDO last year revealed that South Africa’s fintech revenue is contributing to 40% of total African fintech revenue, making it one of the leading markets in the continent.
However, many fintechs face challenges in scaling their payment solutions efficiently. Mastercard and Paymentology are aiming to bridge this gap by enabling fintechs to launch card services that serve both niche use cases and underbanked communities, extending access to financial services.
Mastercard will bring its global expertise in payments, security, and infrastructure, while Paymentology provides scalable card processing and programme management capabilities, ensuring fintechs can launch and scale their card programs seamlessly.
By integrating Mastercard’s extensive network, including financial institutions, governments, and regulators, with Paymentology’s cloud-based technology, the collaboration seeks to provide faster, more efficient card issuance in South Africa’s digital landscape.
Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology, added: “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.”
