Nedbank and Mastercard Sign 10-Year Deal to Transform Digital Payments in Southern Africa
The collaboration will also enable the development of more personalized financial products, including enhanced rewards systems and improved customer engagement tools.
Nedbank and Mastercard announced a landmark 10-year commercial agreement that expands their long-standing collaboration across Southern African. The agreement spans South Africa, Zimbabwe, Namibia, Eswatini, Lesotho and Mozambique, and will bring enhanced digital payment experiences to customers and businesses across the region.
Under the agreement, Nedbank will leverage Mastercard’s global technology expertise and payments innovation to accelerate its growth across retail banking, small businesses, commercial clients and merchant services. Together, the two organisations will create future-fit products designed to elevate customer engagement and strengthen Nedbank’s competitive edge in key African markets.
The expanded Nedbank and Mastercard relationship is designed to deliver fresh and exciting value propositions to customers, unlocking unique benefits and experiences that go beyond traditional offerings. It will enhance the ways customers can engage with Nedbank and create more opportunities for the bank’s clients to enjoy convenience, rewards and personalised solutions that truly enhance everyday life.
“As customer expectations evolve, Nedbank is committed to meeting the growing demand for seamless and secure digital banking experiences. 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.”
– Ciko Thomas, Group Managing Executive: Personal and Private Banking, Nedbank
“This collaboration is a testimony to the trust that has been built with Nedbank over the years. The migration of Nedbank’s card portfolio to the Mastercard network represents a powerful step forward for both organisations and forms part of our long-term commitment to Africa, investing in local infrastructure, strengthening resilience and working with trusted partners to help build payment systems that enable inclusive growth and shared prosperity.”
– Gabriel Swanepoel, President, Africa, Mastercard
This 10-year agreement positions Nedbank at the forefront of the region’s digital payments evolution, providing customer-centric solutions across key industries and strengthening its commitment to ESG leadership and sustainability-driven banking. The card migration will enhance the payment experience and unlock future-fit solutions that benefit the entire ecosystem, positively impacting consumers, merchants, large retailers and financial institutions alike.
