South Africa will open its payments system to non-bank operators, including #telecoms firms, #fintechs, and #retailers, from mid-2027, a central bank official said on Friday, as part of a major overhaul of the system. The change would end banks' longstanding dominance of South Africa's payments processing market allowing non-bank firms to connect directly to the national payments infrastructure which clears and settles payments nationwide rather than relying on banks as intermediaries. #PayShap #PaymentSA #BankingSA #SouthAfrica
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