In a move to reshape in-store consumer payments in South Africa, fintech innovators, Float and Adumo have announced a strategic partnership to enable credit card holders to split purchases into four interest-free monthly installments.
The collaboration leverages Float’s card-linked installment platform and Adumo’s extensive retail payment network, allowing shoppers to convert transactions into manageable, fee-free payments using their existing credit limits.
The strategy allows Float’s solution to be accessed through Adumo’s payment devices, already deployed across leading South African retailers such as Safari Outdoor, Verimark, Cellucity, TOMS, Vision Optometrists and Tyremart.
Folat’s CEO, Alex Forsyth-Thompson commented that,
This partnership with Adumo will further our footprint and ensure that millions of credit card holders can split their purchases over several months, without incurring any added interest.
With inflation pressures and rising consumer debt levels across the continent, this joint offering marks a broader trend toward embedded, user-centric financial tools designed to empower spending while mitigating financial risk.
Who are they?
FLOAT: founded in November 2021 by CEO Alex Forsyth‑Thompson, Float is Africa’s first card‑linked installment platform. Its mission: empower credit card holders to manage payments more responsibly by allowing them to split purchases into interest‑free, fee‑free installments using their existing Visa or Mastercard credit limits.
Float integrates seamlessly with users’ credit cards, no separate sign-up, application, or credit check needed. Shoppers select Float at checkout, and their purchase is converted into up to 24 monthly installments, all while staying within their original credit limit.
ADUMO: founded in 2002 (originally as Crossfin Transactional Solutions), Adumo has grown into South Africa’s largest independent payment processor over more than two decades.
Headquartered in Bryanston, Johannesburg, Adumo maintains a strong regional presence, operating across South Africa, Namibia, Botswana and Kenya, and serves approximately 23,000 active merchants through a network exceeding 50,000 point‑of‑sale terminals.
Why It Matters
Let’s say you walk into a store like ShopRite, and want to buy something expensive. Normally, you’d pay in full with your credit card. Now, thanks to this partnership: you can still use your credit card, but the total cost will be divided into four equal monthly payments, and you won’t pay any interest or fees.
It’s like getting a short-term, no-cost loan using your credit card balance, helping you manage money better without taking a hit on interest rates. It makes it easier and safer for shoppers to buy big-ticket items without worrying about interest charges. For stores also, people may be willing to buy, because they know they can pay gradually.
For Float, their service reaches more people because Adumo’s machines are used in many popular stores. Generally, this partnership gives South African shoppers a smarter, more flexible way to pay, using tools they already have.
Talking Point
The partnership between Float and Adumo is more than just a strategic business move—it represents a thoughtful innovation in the way everyday consumers interact with credit and manage spending.
At its core, this collaboration helps ease financial stress for millions of South Africans by offering a smarter, more forgiving way to access credit. The model directly tackles the cycle of high-interest debt and late payment penalties that often burden working-class earners.
This isn’t just good for individuals—it’s a catalyst for economic stimulation. When consumers feel more in control of their finances, they are more likely to spend. By removing interest barriers, this model encourages responsible consumption, which boosts retail sales across sectors like electronics, health, and mobility.
This uptick in consumer spending, in turn, supports local businesses, protects jobs, and contributes positively to GDP growth. In a country like South Africa, where high levels of credit card debt and cost-of-living pressures persist, this kind of financial innovation is timely and impactful.
Beyond South Africa, this development should serve as a blueprint for other African markets. Countries across the continent are grappling with limited credit access, predatory lending models, and a slow transition to digital payments.
The Float–Adumo model showcases how embedded finance and fintech collaboration can lead to scalable, low-risk credit solutions that empower consumers without pushing them into debt traps. For regulators and fintech builders in Nigeria, Kenya, Ghana, and beyond, this partnership is a powerful nudge toward investing more confidently in digital banking infrastructure.
