Katlego Maphai has stepped aside as CEO of financial technology company Yoco, and his co-founders Lungisa Matshoba and Bradley Wattrus have taken over as co-CEOs.
“After a decade at the helm, I’ve made the deeply personal decision to step down as CEO of Yoco,” Maphai said.
“Just over ten years ago, three friends and I set out with a simple idea: to make card payments accessible to small businesses in South Africa and beyond.”
Today, Yoco is a household name in South Africa, serving over 200,000 businesses and processing billions in payments yearly. The company has an estimated valuation of $700 million (R12.2 billion).
One reason Maphai decided to step aside was the recent tectonic shifts in South Africa’s fintech space, including several major acquisitions.
One of Yoco’s largest competitors, iKhokha, was recently bought by Nedbank for R1.65 billion to accelerate its growth in South Africa.
Lesaka Technologies also acquired payments processor Adumo in October 2024 for R1.5 billion, followed by Bank Zero in June 2025 for R1.05 billion.
Yoco was one of the few companies able to successfully break into South Africa’s payments space dominated by big banks such as Nedbank, Absa, FirstRand, and Standard Bank.
Capitec recently entered business banking, competing directly with Yoco’s payment services.
“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,” said Maphai.
He said this was not goodbye, as he would remain engaged as a founder, working on longer-term, strategic topics that strengthen Yoco’s impact. “But it is time for new leadership at the helm,” he said.
Lungisa Matshoba will lead innovation and product growth, while Bradley Wattrus will focus on governance and scalability. Carl Wazen will continue to lead go-to-market and commercial operations.
Maphai said this founder-led transition would ensure continuity while empowering a new generation of leadership within Yoco.
Yoco’s story
Founded in 2013 by four friends, Yoco has emerged as one of South Africa’s most successful fintech startups and has transformed the landscape for small and micro-enterprises in the country.
Maphai and his co-founders got the idea for Yoco after seeing the business model work in the US through Square, a payments system founded by Jack Dorsey, Jim McKelvey, and Tristan O’Tierney.
“I was back in San Francisco again in 2012, saw the product really proliferating, but it wasn’t until an old childhood friend took me into this hole-in-the-wall barbeque eatery,” he told Rand Merchant Bank.
While at the restaurant, he saw no point-of-sale or tills on the countertop, and was shocked when the waitress asked his friend how he wanted to pay, assuming it was a cash-only place.
“She took out this old Android device, stuck in this white little dongle that could read cards, took his card, and swiped it,” Maphai recalled.
“Small business, good product, nothing much else. Now, this lady was able to accept digital payments.”
Maphai said that stepping back has given him a chance to reflect. “The journey has been extraordinary, full of highs and lows, resilience, and growth,” he said.
“I’m proud of the legacy we’ve built: a brand entrepreneurs believe in, a platform that empowers them, and a team of nearly 400 people dedicated to this mission.”
Maphai said that for him, this transition was about creating space to refocus and continue contributing in ways that leverage his strengths as a founder and builder.
As he reflected on this milestone, Maphai said one truth stood out to him: entrepreneurs are the lifeblood of the South African economy.
“To our merchants, partners, team, and community: thank you. You’ve trusted us, challenged us, and inspired us,” Maphai said.
“The next chapter for Yoco is about scaling our impact and deepening our role as the home of entrepreneurs in Africa.”