South Africa Reserve Bank Takes Over Key Payment System Functions

August 12, 2026
By Mintesinot Nigussie

South Africa is restructuring the oversight of its national payment system, with the central bank beginning the process of withdrawing recognition of the Payments Association of South Africa as a payment system management body.

The South African Reserve Bank said the changes are intended to modernise the country’s payment infrastructure and ensure it remains safe, efficient and responsive to users while supporting innovation.

The transition will not disrupt day-to-day payments. Card transactions, electronic transfers, debit orders and ATM withdrawals will continue operating normally, the central bank said.

From August 11, some functions previously performed by PASA, together with affected employees and intellectual property, will move to the South African Reserve Bank. The remaining functions and employees, including those transferring to PayInc, are expected to move by September 2.

PASA will continue performing its existing responsibilities during the transition and will work with the central bank, PayInc and other stakeholders to complete the transfer.

The restructuring comes as South Africa seeks to modernise the institutional architecture underpinning its payment system, with the central bank saying users and other stakeholders will continue to engage on payment-system matters through established consultation processes.

Source: FSX Business News