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End of an era for South Africa’s payments system | SA News

End of an era for South Africa's payments system

South Africa’s banks have lost the body through which they collectively governed the national payment system. On 2 September, the Reserve Bank’s recognition of the Payments Association of South Africa as the country’s payment system management body lapsed, ending a self-regulatory arrangement that had run for 27 years.

Pasa’s functions, staff and intellectual property have been split between the central bank and PayInc, the payments infrastructure company formerly known as BankservAfrica, in which the Reserve Bank holds a 50% stake.

The Bank issued the directive withdrawing recognition on 2 June, giving three months’ notice. The first tranche of functions moved across on 11 August;…

Technology Startups: South Africa has a growing tech startup ecosystem,
particularly in cities like Cape Town and Johannesburg.

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