Mastercard is expanding its collaboration with Paymentology, to make it easier for fintech companies in South Africa to issue cards.
The collaboration aims to provide fintechs with the necessary expertise, infrastructure, and rapid go-to-market capabilities to streamline card issuing, thereby fostering financial inclusion and digital transformation.
🚀We’re excited to announce that #Mastercard and Paymentology are deepening their collaboration to drive financial inclusion in South Africa by enabling fintechs to launch card programmes faster & scale with cloud-based technology.
👉Read more – https://t.co/UHYCWWJiyL pic.twitter.com/7QQdy0ZTUg— Paymentology (@Paymentology) March 17, 2025
South Africa’s fintech sector is expanding rapidly, accounting for almost 40% of overall fintech revenue in Africa (Fintech in Africa Report 2024). However, many fintechs struggle to scale their payment systems efficiently. Mastercard and Paymentology are bridging this gap by allowing fintechs to establish card services that serve both niche use cases and unbanked areas, thereby increasing access to financial services where they are most needed.
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.”
Mastercard adds its global knowledge in payments, security, and infrastructure, while Paymentology offers scalable card processing and program management capabilities, allowing fintechs to begin and extend their card programs smoothly. By combining Mastercard’s wide network—including financial institutions, governments, and regulators—with Paymentology’s innovative cloud-based technology, the alliance allows for faster, more efficient card issuing in South Africa’s changing digital ecosystem.
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.
