South Africa is looking at a growing crisis in financial literacy as over 10 million South Africans are currently in debt and more young people are defaulting on credit. While South Africans under 35 hold only 17% of the country’s total credit, they account for 40% of all credit defaulters.
In response, a new partnership between Blackbullion South Africa, a financial wellbeing platform driven by the social impact organisation WaFunda, and Paymentology, a global processor that supports banks and fintechs, is working towards changing how young people think about money.
Instead of providing traditional financial education or debt counselling, this initiative introduces young South Africans aged 18 to 35 to Induction Sessions. These sessions are interactive, peer-led discussions that examine personal money habits, inherited views on money, and the emotional challenges often tied to financial choices.
“Young people face significant financial pressures without having had a chance to learn about money in a way that resonates with them,” says Leana De Beer, CEO of WaFunda. “This partnership with Paymentology helps us change that by creating safe spaces for young people to understand their financial behaviours and start reshaping their own stories.”
Blackbullion South Africa is a local extension of the UK-based platform Blackbullion, which provides young people with the tools, confidence, and knowledge to manage their finances. WaFunda has tailored the content to fit South Africa’s unique social and economic context, making it accessible to youth who may not have received financial guidance at home or in school.
Support from Paymentology, known for facilitating modern payment experiences in over 60 countries, allows these Induction Sessions to take place on campuses and in communities throughout the country, reaching the youth who need them most.
“Young people’s financial insecurity affects their futures and hinders the country’s growth,” says Drisha Kirkman, Head of Programme Management and Sustainability at Paymentology. “By teaming up with Blackbullion South Africa, we’re investing in a generation that requires access and the ability to make better financial decisions.”
While the sessions don’t promise instant change, they are already helping hundreds of participants rethink their relationship with money and move from survival mode to more intentional, informed financial choices.
As credit usage rises among Gen Z, with a 22.7% year-on-year increase in new credit card accounts, this intervention feels timely and necessary.