A new era of digital transactions is coming to Southern Africa following a 10-year commercial agreement between Nedbank and MasterCard.
The deal spans SA, Zimbabwe, Namibia, Eswatini, Lesotho and Mozambique, and aims to bring enhanced digital payment experiences to retail banking, small businesses and merchant services.
This comes as digital payments economy is expected to reach $1.5 trillion by 2030, driven by mobile money, QR codes and instant bank transfers. While there are over 1.1 billion registered mobile money accounts, most transactions in the region remain cash-based, with fewer than 10% of payments made digitally.
Nedbank will leverage MasterCard's technology and innovation to accelerate growth across its African footprint. The two organisations intend to create products designed to elevate customer engagement and strengthen Nedbank’s competitive edge.
The relationship is designed to deliver fresh value propositions to customers, unlocking benefits that go beyond traditional banking offerings, the partners say.
It will also enhance the ways customers engage with the bank through rewards and personalised solutions.
“ This collaboration marks a transformative step in our digital payment capability across our African footprint.
"Through our collaboration with MasterCard, we gain access to cutting-edge security, faster transaction processing and advanced digital tools that will enable us to innovate at speed and maintain our competitive edge in an increasingly digital banking landscape.
"We are proud to be taking this significant step with a trusted global partner,” said Ciko Thomas, group managing executive: Personal and Private Banking at Nedbank.
The migration of the bank's card portfolio to the MasterCard network represents a powerful step forward, said Gabriel Swanepoel, president for Africa at MasterCard.
“This collaboration is a testimony to the trust that has been built with Nedbank over the years and forms part of our long-term commitment to Africa, investing in local infrastructure and strengthening resilience.”
The 10-year agreement positions the bank at the forefront of the region’s digital payments evolution, providing customer-centric solutions across key industries, said Nedbank.
The card migration will enhance the payment experience and unlock future-fit solutions that benefit the entire ecosystem, the partners say.
Nedbank Group is a bank holding company registered on the Johannesburg Stock Exchange Limited, with a market value of $7,7 billion (R127bn) as of December 31, 2025.
The bank is one of Africa's largest banking organisations, operating in South Africa, Namibia, Eswatini, Mozambique, Lesotho, and Zimbabwe, as well as offshore in the Isle of Man and Jersey.
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