SARB announces major changes to South Africa’s payment system – what you need to know

The South African Reserve Bank (SARB) has unveiled significant modifications to the country's payment system, assuming control of pivotal responsibilities that were once overseen by the Payments Association of South Africa (PASA). These changes are part of the SARB's continuous efforts to streamline the national payment system, ensuring it remains secure, efficient, innovative, and attuned to the requirements of its users.

The SARB is presently in the process of disavowing PASA's status as a payment system management entity. This move is a key component of the SARB's ongoing initiatives to modernize the South African national payment system (NPS), guaranteeing its continued safety, efficiency, innovation, and responsiveness to user needs. Some of PASA's functions, along with affected employees and intellectual property, will be handed over to the SARB starting August 11, 2026.

The remaining responsibilities, including those transitioning to PayInc, will be transferred by September 2, 2026. It is crucial to note that the transition will not impact consumers and businesses' ability to make or receive payments. Services such as card payments, electronic transfers, debit orders, and automated teller machine (ATM) withdrawals will continue to function as usual.

PASA will maintain its existing duties throughout the transition period, collaborating with the SARB, PayInc, and other relevant parties to ensure a seamless process. Stakeholders will retain avenues to communicate with the SARB on payment system issues via established consultation and engagement procedures.