Paymentology Celebrates 20 Years of Driving African Payments

Paymentology, a leading global issuer-processor, today announces its 20-Year anniversary of dedicated on-soil processing and strategic investment across the Africa region.

Paymentology originated in South Africa and was formerly known as Tutuka. It is a cloud-based, next-generation processor which empowers banks, fintechs, and telcos with the technology, expert teams, and experience to enable them to issue and process physical and virtual cards, including debit, prepaid, credit, BNPL, revolving, and more, on a global scale.

Jeff Parker, CEO at Paymentology

Over the last two decades, Paymentology’s platform and products have been designed to simplify the deployment process for its clients. It has navigated on-soil and regional data regulations, allowing clients to successfully launch their products on any public or private cloud, adhering to regional compliance requirements, a key component of data residency considerations.

Fintech’s Digital Assets market in Africa is projected to grow by 9.01% [2024-2028] resulting in a market volume of US$56.47bn in 2028. Owing to this growth, Paymentology powers several leading organisations in the South Africa region including Standard Bank, Access Bank, Adumo, Santam, Massmart, Pick n Pay, Liberty Group, Achievement Awards and Altech, Mukuru, Mama Money and Spar.

Paymentology has also made substantial investments in its tokenization services and offers its clients unmatched digital capabilities. This investment coincides with a pivotal juncture in the payments industry as global preferences shift toward network tokens, a significantly more secure alternative to traditional card-on-file storage.

Jeff Parker, CEO at Paymentology commented: “Paymentology was first to market in Africa to support startups, retailers and corporates in getting payments right and enabling people to pay, and get paid, in a way that suits the demands of the modern world. Our success over the last 20 years is attributed to our growing on-site team in Africa, which has doubled over the last two years. By bolstering our workforce across the African continent, we continue to foster local collaboration and co-innovation with our clients.”

Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology added: “The African fintech ecosystem is Paymentology’s lifeblood, we pride ourselves on our diverse workforce and, in turn, the wide range of perspectives that come with it that reflect the rich tapestry of the Africa region. We started our journey here, and we remain steadfast in nurturing growth and supporting our clients. The regional market is poised for substantial expansion over the next five years, and we are set to continue playing a pivotal role in this growth, empowering our clients with our flexible, reliable, and sustainable next-generation on-soil processing.”

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