Mastercard is enhancing its partnership with Paymentology, a cutting-edge global issuer processor, to streamline card issuance for fintech companies operating in South Africa. This collaboration aims to provide fintechs with the necessary expertise, infrastructure, and rapid go-to-market capabilities to navigate the complexities associated with card issuance, thereby unlocking new opportunities for financial inclusion and digital transformation.
The fintech sector in South Africa is experiencing remarkable growth, contributing approximately 40% of the total fintech revenue across the African continent, as highlighted in the Fintech in Africa Report 2024. Despite this growth, many fintech companies encounter challenges in efficiently scaling their payment solutions. Mastercard and Paymentology are addressing this gap by enabling fintechs to launch card services tailored to both niche use cases and unbanked communities, thereby extending access to essential financial services where it is most needed.
Mastercard leverages its extensive global expertise in payments, security, and infrastructure, while Paymentology offers scalable card processing and program management capabilities. This combination ensures that fintechs can seamlessly launch and scale their card programs. By integrating Mastercard’s vast network—which includes financial institutions, governments, and regulators—with Paymentology’s advanced cloud-based technology, the collaboration facilitates faster and more efficient card issuance within South Africa’s rapidly evolving digital landscape.
Gabriel Swanepoel, the Country Manager at Mastercard Southern Africa, commented;
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 underserved populations in South Africa.
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.
This collaboration aligns with South Africa’s National Development Plan, which aims to achieve 90% financial inclusion by 2030. By promoting broader access to the digital economy, this partnership represents a significant step toward fostering a more inclusive financial ecosystem.
Mastercard has set an ambitious goal to integrate 1 billion people into the digital economy by 2025, a commitment that has already been exceeded and includes fintech companies. Strengthening partnerships like the one with Paymentology ensures that financial services become more accessible, scalable, and inclusive, empowering fintechs to make a meaningful impact in South Africa and beyond.
