Global card issuer-processor Paymentology has partnered with Bank Zero, to deliver digital banking and financial services in South Africa.
Based on a zero-fee banking model, Bank Zero launched to the public in August 2021. In June 2025, it was announced that fintech group Lesaka Technologies will acquire 100% of the issued ordinary shares of Bank Zero for R1.1 billion.
In a statement, Paymentology says the partnership signals Bank Zero’s first alliance partner and will support the bank’s vision of enabling organisations to participate in financial services.
Through the partnership, fintech firms, retailers, SMEs and digital platforms will be able to offer tailored financial products through Mastercard card issuing, it states.
Kesheni Moodley, regional director for Africa at Paymentology, says: “By combining our global card processing expertise with Bank Zero’s digital banking capabilities, alongside our shared strong local presence in South Africa, we are creating new opportunities for businesses to innovate and scale in the country’s rapidly-evolving payments landscape.”
Although South Africa is one of the most sophisticated financial markets in Africa, cash continues to play a significant role in everyday commerce.
However, digital payment behaviours are shifting rapidly, with over 70% of consumers reported to have used digital wallets such as Apple Pay or Google Pay, over 60% of face-to-face payments are now contactless, and 90% of SMEs have adopted digital payments.
Lezanne Human, co-founder of Bank Zero, comments: “South Africa has a strong financial system, but there is still significant opportunity to simplify the customer offering, making it more easily accessible and faster for businesses and customers alike.
“We are excited about opening new possibilities for those organisations looking to participate in the financial ecosystem, through our Paymentology partnership.”
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