South Africa's Reserve Bank plans to let approved companies that are not banks, such as mobile operators, retailers and fintech firms, connect directly to the national payments system from mid-2027, according to a report carried by AllAfrica. At present such firms need a bank partner to hold or move customers' money.
The central bank's payments modernisation head, Pradeep Maharaj, said rules would be published by November, with licences expected around March 2027. Governor Lesetja Kganyago said the aim was more competition and lower costs, though pricing would remain a commercial decision for each provider, so the change does not guarantee free transactions. The bank also plans to pilot a universal QR code, QR+, in early 2027 that any banking app could read, and wants instant payments to become as common as cash.
Source: AllAfrica
