South Africa's Multiple Option Settlement system has served as the country's real-time gross settlement infrastructure since 9 March 1998. SAMOS processes high-value interbank payments through the South African Reserve Bank. The system completed its migration to ISO 20022 messaging standards, aligning with global wholesale payment modernisation trends. It connects participating banks, clearing systems, and payment clearing house operators that form the core of the National Payment System.
The SARB is restructuring governance of the broader payment ecosystem through its Payments Ecosystem Modernisation programme. In November 2025, the central bank acquired a 50 percent stake in BankservAfrica, the national low-value payment processor. The entity has been rebranded as PayInc and will operate as a public-interest payments utility providing open, shared digital infrastructure. PASA, the current payment system management body, is scheduled to withdraw fully by Q1 2027.
Activity-based licensing for non-banks represents the most significant structural change to South Africa's payment system in two decades. Draft regulations published in March 2025 have been revised following public consultation. The framework will allow fintechs, retailers, and mobile money operators to participate directly in payment activities without bank sponsorship. This includes issuing e-money and providing acquiring services. First licences are expected in the second half of 2026.
The SARB published a consultation paper on Vision 2030+ in February 2026, succeeding Vision 2025. The new strategy adds inclusive growth and development as an overarching goal. Companies including Yoco, Stitch, Ozow, MTN MoMo, and Vodacom VodaPay are expected to benefit from direct lower-cost access to settlement rails under the new licensing regime.