South Africa's central bank to open payment system to non-banks

The South African Reserve Bank plans to publish a new authorisation framework by the end of November 2026 that would let approved non-banks issue e-money, process merchant payments and access clearing and settlement directly without a sponsor bank. Fintechs currently pay banks for access and lose interest on deposits held through those partnerships.

• SARB aims to publish the new authorisation framework by end of November 2026
• Approved non-banks could issue e-money and reach clearing without a sponsor bank
• Lesaka pays banks for access and forgoes interest on deposits
• Shoprite earned R334 million in money transfer commissions in the year to June 2026