Finance

South Africa launches payment system to reduce cash dependence

South Africa launches payment system to reduce cash dependence
Monday, 13 March 2023 14:59

The digital and interbank payment service was announced a few months ago. The service aims to reduce cash dependence and improve financial inclusion and bank interoperability.

Today March 13, the South African Reserve Bank has officially launched PayShap, an instant interbank electronic payment method that allows individuals and companies residing in South Africa to make or receive payments using a bank account number, a cell phone number, and a registered business name or ID (for businesses).

The payment system will allow access to instant, real-time payments between multiple banks. In the current phase, payments can be made through selected banks, which are Absa, First National Bank, Standard Bank, and Nedbank. Other local banks will join PayShap in the coming months, with plans to expand the system to non-bank institutions as soon as possible. 

PayShap, the low-value, real-time rapid payment platform, is aimed at deepening digital financial inclusion of both consumers and small businesses by making digital payments more convenient and reducing the reliance on cash in the economy,” the central bank indicated in the media statement announcing the effective launch of PayShap. 

The platform announced a few months ago marks another step in the modernization of the South African payment ecosystem. It will pave the way for greater financial inclusion and also for a more accessible national payment system. 

Through this initiative, the Central Bank intends to reform and modernize the country's national payment system. PayShap will help improve interoperability in the banking sector, security, and convenience for consumers and small businesses. The system also aims to reduce the country's reliance on cash.

Chamberline Moko

On the same topic
• Nile.ag secures $11.2 million in equity funding led by Cathay AfricInvest Innovation Fund• Capital to expand digital agriculture tools and...
• KCB Group is in discussions with Ethiopia’s central bank following a 2024 law that allows foreign banks to operate locally.• The group may obtain a...
• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move supports expansion of investment banking and...
• CBN gives forex bureaus until December 31, 2025, to meet new capital rules• Fewer than 10% of operators were compliant as of June 2025, says ABCON• Over...
Most Read
01

BCEAO lowers main rate from 3.50% to 3.25% effective June 16, 2025 Inflation eased to 2.3% in...

BCEAO Cuts Key Rate to 3.25% to Stimulate Regional Growth
02

• WAEMU’s inflation dropped from 2.2% in March to 1.5% in April 2025• BCEAO attributes the decline t...

WAEMU Inflation Rate Falls to 1.5% in April 2025
03

• FirstRand receives approval to take over HSBC's South African assets, clients, and staff• Move sup...

FirstRand to Acquire HSBC's Clients and Assets in South Africa
04

• BOAD and JICA sign €200 million loan deal to support West Africa’s growth corridor plan.• Fun...

BOAD Secures €200mln from Japan’s JICA to Boost Regional Corridors
05

• Ghana aims to secure LBMA license to boost refinery access to global markets• Reforms include gold...

Ghana Launches Reforms to Pursue LBMA License for Gold Refineries
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

Benjamin FLAUX
bf@agenceecofin.com 
Téls: +41 22 301 96 11 
Mob: +41 78 699 13 72
Média kit : Download

EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.