South African Reserve Bank (Sarb) deputy governor Rashad Cassim said the bank does not want to crowd out private innovation, but believes it must take a more active role in shaping the retail payments landscape to keep South Africa aligned with global developments.
South Africa should prioritise modernising its payment system to deliver faster, cheaper and more inclusive digital payments rather than rushing to introduce a retail central bank digital currency (CBDC).
This is the advice by the South African Reserve Bank (Sarb) deputy governor Rashad Cassim who was speaking at the Gordon Institute of Business Science on Tuesday.
Cassim reiterated that the Sarb’s research had shown that a retail CBDC was technically feasible, but there was currently no compelling case for immediate implementation.
Instead, he said the Position Paper published in November 2025 ensured that the central bank’s focus is on building a payment system that works better for all South Africans.
