Bank Zero and Paymentology partner to extend card issuing and digital banking services to businesses in South Africa

The agreement gives fintech firms, retailers, SMEs and digital platforms access to Mastercard card issuing through Bank Zero's banking infrastructure, marking the bank's first formal alliance partnership

Lezanne Human, co-founder of Bank Zero.

Bank Zero and Paymentology have announced a partnership that will allow third-party organisations to offer financial products built on Bank Zero's banking infrastructure and Paymentology's card processing technology.

Bank Zero is a South African digital bank that launched publicly in August 2021 on a zero-fee model, meaning it does not charge transaction fees on standard banking activity. In June 2025, fintech group Lesaka Technologies announced it would acquire 100% of Bank Zero's issued ordinary shares for R1.1 billion. Paymentology is a global card issuer-processor that handles the technical infrastructure behind card programmes, enabling organisations to issue and manage Mastercard and other network cards without building that infrastructure independently.

Under the agreement, fintech companies, retailers, small and medium-sized businesses and digital platforms will be able to offer Mastercard card products to their customers by connecting to Bank Zero's banking licence and Paymentology's processing platform. The arrangement removes the need for these organisations to obtain their own banking licence or build card issuing capability from scratch.

"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," said Kesheni Moodley, regional director for Africa at Paymentology.

The partnership comes as digital payment adoption in South Africa continues to grow. Industry data indicates that more than 70% of consumers have used digital wallets such as Apple Pay or Google Pay, over 60% of face-to-face transactions are now contactless, and 90% of SMEs have adopted some form of digital payment. Despite this, cash remains widely used in everyday commerce.

"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," said Lezanne Human, co-founder of Bank Zero.