SARB announces major changes to South Africa’s payment system – what you need to know

The South African Reserve Bank has announced a major change to the way South Africa’s national payment system is managed

The South African Reserve Bank has announced a major change to the way South Africa’s national payment system is managed, taking over key functions previously handled by the Payments Association of South Africa (PASA).

The central bank said the changes form part of ongoing reforms to modernise the national payment system and ensure it remains safe, efficient, innovative and responsive to the needs of users.

The SARB is in the process of withdrawing its recognition of PASA as a payment system management body.

"In an important change to how South Africa’s national payment system (NPS) is managed, 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 (PSMB)", the Reserve Bank said.