Katlego Maphai: Revolutionizing South Africa’s Payment Ecosystem as Founder of Yoco

Katlego Maphai is the co-founder and CEO of Yoco, a South Africa-based fintech company that develops tools and services, including the company’s mobile point-of-sale platform and card reader, to enable small businesses to accept card payments.

This has revolutionized how small businesses receive their due, making way for the emergence of different entrepreneurs with smooth and accessible financial solutions.

From humble beginnings to a dominant market player, the Yoco journey is one of testimony to the power of innovation, determination, and a clear vision.

Yoco was founded in 2013 by a group of four friends: Katlego Maphai, Bradley Wattrus, Lungisa Matshoba, and Carl Wazen who had worked together previously in different capacities. The team came together before the idea.

This was for the provision of an affordable, user-friendly card payment solution to small enterprises in South Africa.

They realized that it was difficult for small merchants to accept card payments; thus, they came up with the idea of offering a bridge between the traditional banking system and the changing needs of modern business.

Yoco, since its inception in the last quarter of 2015, has grown to become the largest independent point-of-sale payments company, processing a merchant base exceeding 60,000-75% of whom had never accepted cards before-in November 2019.

Dratech International celebrates Katlego Maphai, one of the giants in the industry who, through his influence, moved and reshaped the Fintech sector.

This article discusses the achievement and influence Katlego Maphai has made in the African financial technology sector.

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Katlego Maphai`s Background

Katlego Maphai is a renowned South African entrepreneur and one of the founding members of a leading FinTech company called Yoco.

Studying business and technology, Katlego realized that there was a gap in financial services within the under-reserved markets and innovatively created means accessible to those markets.

Maphai has this rare ability to blend strategic foresight with profound understanding of local challenges in driving Yoco’s mission: to enhance financial inclusion.

He works in a collaborative style, forging necessary partnerships throughout the entire Fintech ecosystem.

This made him a leading force of the new wave of Africa’s digital economy and an example to be followed for every new entrepreneur willing to make a difference.

Transforming Retail Payment Solutions and Expanding Across Africa

In 2017, Yoco expanded its product offering with a point-of-sale application for independent retailers and a working capital product whereby merchants can get instant cash in advance.

It has further partnered with the accounting software provider Xero and the points-of-sale providers Vend and iKentoo to offer its merchants a fully integrated experience.

To date, the company has only recently started expansion into Sub-saharan Africa.

Indeed, Yoco’s potential did not go unnoticed, and the company secured funding to accelerate growth.

This included $3.5 million in Series A funding from Quona Capital and Velocity Capital back in 2015.

In fact, this capital injection further saw Yoco expand its operations, better its product, and reach more customers.

Yoco continued to expand the demand for its services, further investing heavily. In 2018, it raised $16 million in a Series B funding round with leading investors including Partech Ventures and Orange Digital Ventures.

This cash injection provided Yoco with the means to further cement its position in the market and invest in leading technology that would enable further enhancements to its product suite.

In July 2021, Yoco raised US$83 million in Series C funding to fast-track the development of its platform and drive international expansion.

Yoco’s Role in Driving Financial Inclusion across Africa

Yoco has enabled entrepreneurs who had no means of payment systems to easily access the best tech available with ease.

It has transformed how South African entrepreneurs enable payments in their own business. Yoco has truly enabled financial inclusion.

Traditionally, barriers to SMEs include high costs, complicated setups, and limitations to modern financial systems.

What differentiated them was when this challenge was addressed by the innovative platform of Yoco in an easy, user-friendly manner that truly let the power of accepting card payments without a headache rest with the businesses, thus scaling and growing their businesses with ease.

It plans to continue growing its network of small businesses, raise further funding, and expand into other African markets.

Yoco’s Remarkable Milestones

Excellence and a commitment to the empowerment of small businesses have seen Yoco attain various milestones.

In 2017, it breached the 10,000-customer milestone, a pointer that this company is truly one of the drivers within the South African business ecosystem.

The ease of use of its interface and its clearly articulated fee structure contributed to building trust and loyalty among its merchants.

In 2019, Yoco reached the big milestone of processing more than $1 billion in card payments, a full realization of its exponential growth curve.

The customer base was expanded to more than 80,000 merchants, which further cements its leading position as the best-recognized provider of card payment solutions to small business owners across South Africa.

In October 2021, Yoco launched a new card machine called the Yoco Khumo, providing the fastest connectivity speed ever on a Yoco card machine due to connectivity to the widely accessible 4G network speeds with unlimited data, besides being able to connect to wifi.

Such is the journey of Yoco, illustrating how innovation and entrepreneurship can change an industry.

From a small startup in South Africa, it has grown to disrupt traditional ways of making payments in the country, nurturing small businesses with affordable, user-friendly solutions.

Leadership Philosophy and Vision

Katlego Maphai isn’t just an innovator: he saw a quick fix for a problem in financial services, improved the idea, and roped in three of his friends to build a business that solves one of the most fundamental problems of a small business-receiving payment.

Leadership by Katlego Maphai in the Fintech space is defined by his forward-looking approach and strategic vision.

Katlego Maphai`s innovation, increased financial inclusion, and the activation of under-served markets are the drivers behind the African FinTech leading player.

He has the ability to anticipate the shifts within the industry and puts scalable digital solutions to effective use, helping bridge some of the gaps between traditional finance and financial technology in these modern times.

Through sheer determination, has been a force in fostering crucial collaboration among tech startups, regulators, and established institutions.

He has helped shape the work in the Fintech ecosystem for sustainable growth and to extend financial services to more people in Africa.

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Challenges and Opportunities in African Fintech

Katlego Maphai has been very influential in Africa’s tech ecosystem, administering visionary leadership and focusing on nurturing innovation.

His work in fintech covers gaps in access to finance, empowering underserved communities with modern digital solutions.

He champions the collaboration of startups, established business, and regulators in providing an enabling environment which nurtures growth propelled by technology.

He also hastens the development of Africa’s inclusive digital economy through promotion of scalable and inclusive technologies.

Changes brought about by Kabelo do not only transform the face of Fintech but are also an inspiration to the new generation of entrepreneurs driving technological advancement and, hence, continuing to shape the evolving technology landscape within the continent.

FAQs

who is Kabelo Katlego Maphai?

He is the co-founder and one of the leading founders of Yoco, a South African fintech company concerned with the provision of digital means of paying for small and medium-sized businesses.

What does Yoco aim at under Katlego Maphai leadership?

Yoco is focused on helping small businesses all over Africa achieve ease and affordability with digital payment solutions.

What impact has Katlego Maphai had on the African Fintech ecosystem so far?

He has, therefore, always been instrumental in carving a new face for Fintech in Africa through innovation and inclusiveness within the sector.

Conclusion

Katlego Maphai’s leadership at Yoco has had a transformative impact on Africa’s fintech and entrepreneurial landscape.

By providing accessible digital payment solutions, he has empowered small businesses, fostered financial inclusion, and driven innovation across the continent.

His vision continues to inspire and shape the future of African tech and entrepreneurship.