'Profound' changes coming to South Africa's payments industry

regulatory landscape in South Africa will lead to greater financial inclusion and the digitisation of payments because banks will no longer be the only institutions allowed to clear transactions from one party to another.CEO Lincoln Mali, who was speaking to the TechCentral Show in an episode to be published soon.

like Lesaka have been a driver of financial inclusion and payment digitisation, particularly in the informal sector, where cash continues to dominate. “Competition in payment systems is vital to ensuring high service levels to end users and for spurring innovation,” the Reserve Bank document stated. “Due to the nature of their business and the related regulatory environment, banks have historically been the primary providers of payment services to consumers and businesses as well as the main conduit in providing access to clearing and settlement infrastructures for non-banks.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ramaphosa Meets Musk, Discusses Investment Opportunities in South Africa as Starlink Expands Across AfricaSouth African President Cyril Ramaphosa met with Elon Musk at the United Nations General Assembly to discuss investment opportunities in South Africa. Meanwhile, Starlink, Musk's satellite internet constellation, is expanding its reach across Africa, now available in eight countries including eSwatini, Botswana, Mozambique, Nigeria, and Zambia.
Source: TheCitizen_News - 🏆 6. / 75 Read more »