South Africa opens payments to fintechs by 2027
South Africa will open its national payments system to non-bank operators like retailers and fintechs by mid-2027. The reform aims to boost competition and lower transaction costs.
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South Africa will open its national payments system to non-bank operators, including telecoms firms, fintechs and retailers, starting in mid-2027. The overhaul ends traditional commercial banks' long-standing dominance over clearing and settlement infrastructure. The reform aims to lower transaction costs, spur digital competition, and broaden financial access across the market.
