Mastercard is expanding its collaboration with Paymentology, a London-based global issuer processor, to support card issuance for fintech companies in South Africa.
This partnership aims to provide fintech firms with the necessary infrastructure and expertise to navigate the complexities of issuing cards, facilitating financial inclusion and digital transformation.
South Africa’s fintech sector is growing rapidly, contributing around 40% of Africa’s total fintech revenue.
However, many firms face challenges in scaling their payment solutions.
Mastercard and Paymentology are addressing this by enabling fintechs to launch card services tailored to niche markets and unbanked communities, broadening access to financial services.
Mastercard brings expertise in payments, security, and infrastructure, while Paymentology offers scalable card processing and programme management.
By combining Mastercard’s network – including financial institutions, governments, and regulators – with Paymentology’s cloud-based technology, the partnership aims to streamline card issuance in South Africa’s digital payments 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.”
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 initiative aligns with South Africa’s National Development Plan, which targets 90% financial inclusion by 2030.
Featured image credit: Mastercard
