Yoco, now just over ten years old, has experienced rapid growth and has over 200,000 business owners using its product.
The story is one of an underdog, with Yoco being one of the few companies able to successfully break into South Africa’s financial sector dominated by big banks such as Nedbank, Absa, FirstRand, and Standard Bank.
Capitec has also recently made a move into business banking, competing directly with Yoco’s payment services.
One of Yoco’s largest competitors, iKhokha, was recently bought by Nedbank for R1.65 billion to accelerate its growth in South Africa.
These changes may have led to Maphai’s decision to step down as Yoco CEO, which was revealed in a LinkedIn post.
“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,” Maphai’s statement read.
Today, Yoco is a household name in South Africa, serving over 200,000 businesses and processing billions in payments yearly.
“After a decade at the helm, I’ve made the deeply personal decision to step down as CEO of Yoco,” Maphai said.
“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.”
Maphai made it clear that this is not goodbye, as he will 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.
Taking the reins as co-CEOs are Maphai’s fellow founders, Lungisa Matshoba and Bradley Wattrus.
Matshoba will lead innovation and product growth, while Wattrus will focus on governance and scalability. Carl Wazen will continue to lead go-to-market and commercial operations.
Maphai said that this founder-led transition ensures continuity while empowering a new generation of leadership within Yoco.
“Stepping back has given me 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.”
“For me, this transition is about creating space to refocus and continue contributing in ways that leverage my strengths as a founder and builder.”
As he reflected on this milestone, Maphai said one truth stands out – entrepreneurs are the lifeblood of our 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.”
Issued on Daily Investor by Shaun Jacobs | https://dailyinvestor.com/finance/102767/end-of-an-era-for-prominent-south-african-fintech/
