BankservAfrica seeks transition to payments utility through SARB collaboration
Settlements and payments services platform BankservAfrica intends to transition into a national payments utility through a significant industry collaboration with the South African Reserve Bank (SARB) and its commercial bank shareholders.
The strategic partnership seeks to bolster efforts to modernise South Africa’s national payment system by making the payment system more secure, inclusive and efficient, but is subject to the conclusion of detailed transaction agreements and regulatory approvals, BankservAfrica says.
“Our role has always been to provide essential payment services to financial institutions. This partnership between the company, its commercial bank shareholders and the SARB signifies a continuation and expansion of that role, as we focus more deliberately on financial inclusion through affordable access to modern payment capabilities,” says BankservAfrica CEO Stephen Linnell.
A foundational offering of the envisioned payments utility is PayShap, which is a service launched by BankservAfrica in March 2023 that allows South Africans to make instant payments.
PayShap has more than 1-million transactions per day, and enables accessible, convenient and secure payments for everyday transactions.
More details of the intended transaction will be made public once the contractual and regulatory processes have been finalised, the company says.
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