SARB to end banks’ monopoly on payments

South Africa Opens Payments System to Non-Banks in 2027

South Africa will allow retailers, telecommunications companies and financial technology firms to access its national payments system directly from mid-2027, ending banks’ traditional dominance over payment processing. The reform is part of the South African Reserve Bank’s Payments Ecosystem Modernisation programme. It will enable eligible non-bank providers to connect to infrastructure used to clear and … Continue reading "South Africa to Open…

Open the payments system, don’t nationalise it - Daily Friend

The Reserve Bank wants to open South Africa's payment and cash systems to new competitors. Then it wants to own them.

Banks to lose their grip on South Africa's payments system

Banks will lose their grip on South Africa's payments system from mid-2027, when telecoms companies, fintechs and retailers get direct access to it.

SARB to end banks’ monopoly on payments

South Africa will open its payments system to non-bank operators, including telecoms firms, fintechs and retailers, from the middle of next year, a central bank official said on Friday, as part of a major overhaul of the system.