SARB sets 2027 timetable for non-bank payment access as November rules loom

The South African Reserve Bank has put a more specific timetable on plans to let fintechs, retailers and telecom operators connect directly to the country's national payment infrastructure. Rules covering payment activities and exemptions are expected by November 2026, with initial non-bank participation targeted for 2027.

Pradeep Maharaj, executive director of the bank's Payments Ecosystem Modernisation (PEM) programme, gave the timing at a media roundtable on Friday, 16 October. Reuters reported that early participants could begin operating around March 2027 after licensing and technical testing, ahead of a broader mid-year opening.

For South African payment businesses, that is a material shift in the route to market. The reform is intended to let qualifying non-bank providers reach clearing and settlement infrastructure without having to rely on a commercial bank as their sponsor. It does not mean every retailer or app will automatically gain access.

What the timetable actually says

The November rules are the next concrete milestone. They are expected to clarify which payment activities need authorisation, where exemptions apply and what businesses must satisfy before joining the system.

The March 2027 date is a target for initial participation, not evidence that non-bank access is already operational. Reuters described it as a go-live expectation following licensing, systems integration and testing, while the broader opening was placed around the middle of the year.

That distinction matters for fintech founders preparing products, retailers weighing their own payment services and mobile operators expanding financial products. A policy commitment does not provide a technical connection or regulatory permission on its own.

The programme's stated ambition is to improve competition and reduce the cost of digital transactions. Whether those savings reach merchants and consumers will depend on access fees, compliance costs, service reliability and how the rules are implemented.

A different role for the banks

Banks have historically sat between many payment providers and the core national payment system. Under the Reserve Bank's planned activity-based approach, authorisation would depend on the service a provider performs rather than simply whether it holds a conventional banking licence.

The Reserve Bank's official PEM programme description says the framework is intended to cover activities including electronic-money issuance and acquiring services. It also describes direct clearing and settlement access without bank sponsorship for eligible non-bank entities.

This is not the first part of the payment system to change in 2026. The Reserve Bank has already taken over regulatory, licensing and certain rule-related responsibilities previously exercised through the Payments Association of South Africa. Other operational functions moved to PayInc, formerly BankservAfrica.

The central bank says it has acquired a 50% stake in PayInc. The company is being developed into a national payments utility designed to serve a wider range of payment providers, rather than infrastructure organised solely around established banks.

That creates a clearer institutional route for reform. It also puts more responsibility on the Reserve Bank and the new utility to publish workable access standards and manage the risks of a more open network.

PayShap, shops and mobile money

For Johannesburg, Durban, Cape Town and smaller towns, the immediate question is what happens at the till, in a mobile wallet or when a small business needs to be paid.

The PEM programme includes plans to expand fast digital payments and make services such as PayShap more widely usable. Its long-term case is that interoperable systems could give consumers more ways to move money without being locked into a single banking relationship.

Retail chains, telecom groups and independent fintechs are plausible beneficiaries of the new access model. Their eligibility, however, must still be determined under the final rules. A company selling mobile money or payment services today should not be mistaken for a company already licensed for direct participation.

The Reserve Bank is also considering changes to cash infrastructure. Reuters reported proposals for a national cash utility and shared, white-label ATMs, including a pilot expected in January 2027. These are related modernisation measures, not proof that cash services will disappear.

What remains unresolved

The largest unknown is the actual entry threshold. The November documents should show how the regulator balances competition with capital, safeguarding, fraud prevention, operational resilience and customer protection.

The final price of direct access is also unknown. Removing a bank intermediary could reduce one layer of cost, but a new participant would still have to fund compliance, technology, security and support.

There is a timing question too. The Reserve Bank's programme has been under development for some time, and earlier public expectations pointed to non-bank participation sooner. Friday's update places the meaningful rollout in 2027.

Until the rules are published and the first authorised non-bank participants complete testing, the change remains a timetable rather than a live alternative to the bank-sponsored model.