Mastercard Expands Paymentology Partnership to Bolster Financial Inclusion in South Africa

Payments giant Mastercard is expanding its collaboration with Paymentology, the global issuer processor, to facilitate card issuance for fintech companies in South Africa.

While the fintech sector in South Africa enjoys rapid growth, contributing around 40 per cent of the total fintech revenue in Africa, Mastercard and Paymentology say they have recognised that many fintech struggle to scale their payment solutions.

In a move to help solve these challenges, the payment firms are enabling fintech firms in South Africa to launch card services that serve niche use cases and unbanked communities, extending access to financial services where it is needed most.

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.

Gabriel Swanepoel, 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 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.”

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

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Mastercard will offer 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.

Drisha Kirkman, head of programme management and sustainability at Paymentology, also 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.”

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.

By strengthening partnerships like the one with Paymentology, Mastercard also hopes to ensure that financial services become more accessible, scalable, and inclusive, enabling fintechs to drive meaningful impact in South Africa and beyond.