A pivotal moment has arrived for Yoco, one of South Africa’s most celebrated financial technology companies, as co-founder and long-standing CEO, Katlego Maphai, has announced his decision to step aside from his leadership role. This significant Yoco leadership transition sees fellow co-founders Lungisa Matshoba and Bradley Wattrus ascend to the positions of co-CEOs, marking a new chapter for the innovative fintech giant. Maphai’s departure from the helm, after a decade of dedicated leadership, is described as a deeply personal decision, yet one that aligns with the evolving landscape of the South African fintech space and Yoco’s ambitious future trajectory.
A Decade of Vision: Katlego Maphai’s Transformative Legacy
Just over ten years ago, Katlego Maphai, alongside three close friends, embarked on a mission to revolutionize payment accessibility for small businesses across South Africa and beyond. Their simple yet profound idea was to empower micro and small enterprises with the ability to accept card payments, a capability previously dominated by large, established banks. From these humble beginnings, Yoco has grown into a household name, a testament to the founders’ vision and relentless execution.
Today, Yoco serves an impressive network of over 200,000 businesses, processing billions in payments annually. This widespread adoption underscores the company’s success in democratizing financial services, providing vital tools for entrepreneurs who form the backbone of the economy. The company’s remarkable journey has culminated in an estimated valuation of $700 million (R12.2 billion), solidifying its position as a major player in the global fintech arena and a beacon of South African innovation. Maphai’s leadership has been instrumental in cultivating a brand that entrepreneurs trust and a platform that truly empowers them, alongside a dedicated team of nearly 400 people committed to this mission.
Navigating a Shifting Fintech Landscape and the Yoco Leadership Transition
Maphai’s decision to step down was not made lightly, and it comes at a time of significant “tectonic shifts” within South Africa’s dynamic fintech space. The industry has recently witnessed a flurry of major acquisitions, reshaping the competitive landscape and signaling a new era of consolidation and intensified competition. These market movements played a role in Maphai’s reflection on the company’s future and the leadership required to navigate it.
Indeed, the competitive environment has intensified dramatically. One of Yoco’s largest competitors, iKhokha, was recently acquired by Nedbank for a substantial R1.65 billion, a strategic move by the established bank to accelerate its growth in the South African market. Furthermore, Lesaka Technologies made significant plays, acquiring payments processor Adumo in October 2024 for R1.5 billion, followed by the acquisition of Bank Zero in June 2025 for R1.05 billion. These high-profile transactions highlight the increasing value and strategic importance of fintech players in the broader financial ecosystem. Yoco, historically, has been one of the few companies to successfully break into South Africa’s payments space, which has long been dominated by traditional banking giants such as Nedbank, Absa, FirstRand, and Standard Bank. The entry of Capitec into business banking further underscores the evolving competitive pressures, as it now directly competes with Yoco’s core payment services. For a deeper dive into the broader fintech ecosystem, consider exploring our article on Top South African Fintech Startups to Watch.
Maphai articulated the rationale behind his departure with candor: “This was not an easy choice, but after taking some time, it became clear that the skills and energy needed to start and build a company are not always the same as those required to scale it to the next level.” This insight speaks to the distinct challenges of scaling a successful startup into a mature, large-scale enterprise, requiring a different set of strategic and operational competencies.
The New Guard: Ensuring Continuity in the Yoco Leadership Transition
While Katlego Maphai is stepping away from the CEO role, he emphasizes that this is not a complete farewell. He will remain deeply engaged as a founder, focusing on longer-term, strategic topics that are crucial for strengthening Yoco’s overall impact. This founder-led transition is designed to ensure seamless continuity while simultaneously empowering a new generation of leadership within the organization.
The new co-CEOs bring complementary strengths to their shared leadership roles. Lungisa Matshoba will spearhead innovation and product growth, driving the development of new offerings and enhancing existing ones to meet the evolving needs of Yoco’s merchant base. Bradley Wattrus, on the other hand, will concentrate on governance and scalability, ensuring that Yoco’s operations can efficiently expand while maintaining robust internal structures and compliance. Carl Wazen, another key figure in Yoco’s leadership, will continue to lead go-to-market strategies and commercial operations, ensuring the company’s products reach the widest possible audience and continue to drive revenue growth. This strategic distribution of responsibilities aims to fortify Yoco’s foundation for its next phase of expansion and influence across Africa.
Yoco’s Genesis: A Vision Ignited by Global Inspiration
The story of Yoco’s inception in 2013 is as inspiring as its growth. It began with an observation by Maphai and his co-founders of a successful business model in the United States: Square, a pioneering payments system founded by Jack Dorsey, Jim McKelvey, and Tristan O’Tierney. Maphai vividly recalls a trip to San Francisco in 2012, where he witnessed Square’s product “proliferating” throughout the city. A particular encounter at a “hole-in-the-wall barbeque eatery” proved to be a pivotal moment.
Expecting a cash-only establishment, Maphai was surprised when the waitress, in the absence of traditional point-of-sale systems, pulled out “this old Android device, stuck in this white little dongle that could read cards, took his card, and swiped it.” This simple yet powerful demonstration of technology enabling a small business to accept digital payments ignited the spark for Yoco. It highlighted the immense potential to bring similar accessibility and empowerment to South African entrepreneurs, many of whom were excluded from the digital economy due to the high barriers to entry for traditional card payment systems. This vision laid the groundwork for what would become a transformative force in the local economy, particularly for small and micro-enterprises.
Yoco’s impact on enabling e-commerce growth in townships and underserved areas has been profound, providing crucial tools for businesses to thrive in the digital age.
Empowering Entrepreneurs: Yoco’s Enduring Mission and Future Trajectory
Reflecting on his journey and this significant Yoco leadership transition, Katlego Maphai shared profound insights into the company’s impact and the broader economic landscape. “The journey has been extraordinary, full of highs and lows, resilience, and growth,” he remarked. He expressed immense pride in the legacy built: “a brand entrepreneurs believe in, a platform that empowers them, and a team of nearly 400 people dedicated to this mission.”
For Maphai, this transition is about creating space to refocus and continue contributing in ways that leverage his unique strengths as a founder and builder. It’s a strategic move to ensure Yoco benefits from fresh operational leadership while retaining the wisdom and long-term vision of its original founders. His reflection on this milestone brought one truth into sharp focus: “entrepreneurs are the lifeblood of the South African economy.” This belief has been the guiding principle behind Yoco’s efforts and will continue to shape its future.
Looking ahead, Maphai conveyed his gratitude to the “merchants, partners, team, and community” who have trusted, challenged, and inspired Yoco throughout its journey. The next chapter for Yoco is not just about sustaining its success but about “scaling our impact and deepening our role as the home of entrepreneurs in Africa.” This ambitious vision underscores Yoco’s commitment to expanding its reach and influence, further solidifying its position as an indispensable partner for entrepreneurs across the continent.
The shift in leadership represents a natural evolution for a company that has consistently adapted and innovated. With Lungisa Matshoba and Bradley Wattrus at the helm as co-CEOs, supported by Carl Wazen and the continued strategic involvement of Katlego Maphai, Yoco is poised to embark on its next phase of growth, reinforcing its commitment to empowering the entrepreneurial spirit that drives economic progress in South Africa and beyond.
