Modernising and regulating SA’s payments industry
In the second half of 2022, the South African Reserve Bank (SARB) announced it has its sights set on stricter regulations for the South African payments ecosystem “to ensure financial stability in a world of increasingly innovative and disruptive technology”. Though some new fintech players winced at the thought, it is a necessary move if South Africa wants to keep up with international trends, notes Andrew Springate, CEO of tech and financial gateway service provider PAYM8.
Fintechs and Virtual banks are increasingly grabbing a larger share of market space, but often taking on more risk than traditional banks due to their ability to scale up rapidly, says the International Monetary Fund. “Though stricter regulation might it more difficult for new players to enter the market, payments mus...