From mid-2027, the South African Reserve Bank (SARB) intends to open the national payments system to eligible, appropriately authorised non-bank operators, including telecommunications companies, fintechs and retailers, allowing qualifying firms to connect directly to the infrastructure that clears and settles payments nationwide rather than relying on banks as intermediaries. The reform is a key pillar of SARB’s Payments Ecosystem Modernisation (PEM) Programme, which aims to modernise payment infrastructure, expand affordable and secure digital payments, increase adoption of fast-payment and reduce reliance on cash.
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