The South African Reserve Bank plans to open the national payment system to non-bank players in mid-2027, an official at the institution said on Friday 16 October. Fintechs, telecoms operators and retailers are affected.
Pradeep Maharaj, executive director of the payments modernisation programme, told the press that rules and exemptions would be published by November, according to Reuters. Approval of participants must precede testing and technical integration.
The reform would allow these companies to access clearing and settlement of transactions directly. In its presentation of the programme, the central bank explains it wants to remove the requirement to rely on a partner bank to join these infrastructures, a change that would open the market further to new providers.
The future regulatory framework would be based on the activities carried out. It would notably cover the issuance of electronic money and services allowing merchants to accept payments. The central bank plans exemptions, an authorisation mechanism and an overhaul of the law on the national payment system.
For small businesses and their customers, the stated aim is to multiply affordable digital solutions. The central bank also wants to allow the various networks and providers to work together, while strengthening fraud prevention.
This opening builds on the transformation of PayInc, formerly BankservAfrica, into a shared national infrastructure. The central bank holds 50%, alongside commercial banks. Its programme also envisages developing PayShap and its regional equivalent TCIB for instant payments in southern Africa.