South Africa to open payments system to non-banks from 2027

South Africa's Reserve Bank will let telecoms, fintechs and retailers connect directly to the national payments infrastructure from mid-2027, ending banks' role as intermediaries. Rules and exemptions are due by November, with licensed non-bank participants expected live around March 2027. The reform aims to cut costs and widen access to digital payments.

• Non-banks get direct access to clearing and settlement from mid-2027
• Seven payment activities allowed initially, from e-money issuance to acquiring
• PayShap handles ~60 million transactions a month, target 500 million by 2029
• 9,200 of ~30,600 ATMs do not accept cash deposits