As part of ongoing reforms to modernise South Africa's national payment system, the South African Reserve Bank (SARB) is in the process of withdrawing its recognition of the Payments Association of South Africa (PASA) as a payment system management body.
“The change is aimed at ensuring that South Africa’s payment system remains safe, efficient, innovative and responsive to the needs of all users. The transition will not affect the ability of consumers and businesses to make or receive payments,” the SARB said on Tuesday.
Everyday payment services, including card payments, electronic transfers, debit orders and automated teller machine (ATM) withdrawals, will continue to operate as normal.
From 11 August 2026, some of PASA's functions, affected employees and intellectual property will be transferred to the SARB.
The transfer of the remaining functions and employees, including those moving to PayInc, will be concluded on 2 September 2026.
PASA will continue to fulfil its current duties during the transition period and will work with the SARB, PayInc and other affected stakeholders to support an orderly and effective transfer.
Stakeholders will continue to have opportunities to engage with the SARB on payment system matters through established consultation and engagement processes. - SAnews.gov.za
