Reserve Bank moving to streamline payment systems, reduce cash usage
02 February 2025 - 08:28
The South African Reserve Bank will allow digital payment firms to handle certain licensed banking activities while it finalises a regulatory review that could open the door for non-banking institutions to make and accept payments without a banking intermediary.
Many companies have entered the payments market, providing digital platforms for financial transactions such as money transfers, lending and insurance, among other things. However, regulations require them to partner with the holder of a banking license for these transactions to be cleared. ..
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