Mastercard Teams Up with Paymentology to Expand Financial Access in South Africa

Mastercard is deepening its collaboration with Paymentology, a next-generation global issuer processor, to facilitate card issuance for fintech companies in South Africa. This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards—unlocking new opportunities for financial inclusion and digital transformation.

South Africa’s fintech sector is experiencing rapid growth, contributing approximately 40% of the total fintech revenue in Africa (Fintech in Africa Report 2024). Yet, many fintechs face challenges in scaling their payment solutions efficiently. Mastercard and Paymentology are bridging this gap by enabling fintechs to launch card services that serve both niche use cases and unbanked communities, extending access to financial services where it is needed most.

Mastercard brings 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 advanced cloud-based technology, the collaboration enables faster, more efficient card issuance in South Africa’s 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.”

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.”

Aligned with South Africa’s National Development Plan, which aims to achieve 90% financial inclusion by 2030, this collaboration promotes broader access to the digital economy, representing a significant step toward fostering a more inclusive financial ecosystem.

Mastercard set up a goal to integrate 1 billion people into the digital economy by 2025, a commitment that has since been exceeded and includes fintech companies. Strengthening partnerships like the one with Paymentology ensures that financial services become more accessible, scalable, and inclusive, enabling fintechs to drive meaningful impact in South Africa and beyond.