Following this announcement, the collaboration is expected to support fintech companies with the expertise, infrastructure, and rapid go-to-market capabilities that are usually needed to navigate the challenges of the issuing cards process. This aims to unlock new opportunities for financial inclusion and digital transformation as well.
Mastercard will provide its global expertise in payments, security, and infrastructure, while Paymentology is set to offer scalable card processing and programme management capabilities in order to ensure that fintechs can launch and scale their card programs efficiently.
As South Africa’s fintech sector is currently experiencing rapid development, contributing to the total fintech revenue in Africa by approximately 40%, many companies are still facing challenges in scaling their payment solutions. With this in mind, Mastercard and Paymentology will focus on offering enterprises the possibility to launch card services that serve both niche use cases and unbanked communities, extending overall access to financial tools where it is needed the most.
By integrating Mastercard’s extensive network, including governments, regulators, and financial institutions, with Paymentology’s cloud-based technology, the partnership also aims to allow faster, safer, and more efficient card issuance in South Africa’s digital landscape. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
In addition, the strategy is also aligned with South Africa’s National Development Plan, which was developed in order to achieve 90% financial inclusion by 2030. The collaboration promotes overall broader access to the digital economy as well, representing a significant step towards fostering a more inclusive financial ecosystem.
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