Reserve Bank proposes opening payments to non-bank providers
Regulation · announcedFriday 23 October 2026
The Reserve Bank has proposed changes that would let non-banks provide payment services and make payment services interoperate. The proposals build on PayShap, which has processed more than one billion transactions since 2023.
Opening payment licences beyond banks could bring new competitors into a market dominated by the big banks.
The South African Reserve Bank and the Market Practitioners Group are preparing a fallback if legislation for the new rand benchmark rate is not passed by year-end. The group includes the central bank and the Financial Sector Conduct Authority.
The Reserve Bank has formally withdrawn HSBC's authorisation to conduct banking through its Johannesburg branch, with effect from 18 September 2026. The withdrawal was published in the Government Gazette on 23 October 2026.
The Reserve Bank and National Treasury have published a draft framework for a synthetic financial centre that lets approved managers run ring-fenced foreign-asset portfolios from South Africa. Reuters reports the framework exempts qualifying vehicles from the 45% offshore investment cap, and the draft is open for public comment.
