South Africa’s payments landscape is on the cusp of transformation.

08 December 2025

RMB and FNB Clients Discuss South Africa’s Changing Payments Framework

South Africa’s payments landscape is on the cusp of transformation. At a recent Payments Breakfast in Cape Town, RMB and FNB brought together corporate and enterprise leaders to explore the implications of the South African Reserve Bank’s proposed activity-based licensing framework. This shift is set to redefine participation in the payments ecosystem and unlock new opportunities for innovation and collaboration.

For decades, banks have held exclusive control over clearing and settlement. The proposed framework changes that dynamic by allowing qualified non-bank participants, including fintechs and large corporates, to perform specific payment activities. This evolution signals a move toward a more open, competitive market where payments function as a utility and differentiation comes from value-added services rather than transaction fees. It matters because it will reshape business models, accelerate digital adoption, and reduce the heavy reliance on cash, which costs the economy an estimated R13 billion annually.

Speakers at the event highlighted the implications for businesses. As payment rails commoditise, transaction fees will shrink, forcing banks and new entrants to rethink revenue models and focus on services that deliver real value. Compliance will become a critical success factor, with licensing tied to stringent governance and operational standards. Those who invest early in resilience and interoperability will be best positioned to scale. At the same time, partnerships will emerge as the growth engine, enabling banks, fintechs, and corporates to co-create solutions that deliver efficiency and innovation. For end users, the benefits are clear: faster, cheaper, and more inclusive payment options supported by low-cost acceptance and new technologies.

South Africa enters this transition from a position of strength. It was among the first globally to introduce real-time clearing and boasts a robust payments infrastructure. Yet global lessons, such as India’s success with digital financial identity and QR-based payments, show that infrastructure alone is not enough. Adoption at scale requires coordinated action, interoperability standards like ISO 20022, and incentives to change behaviour. These elements are not optional; they are prerequisites for inclusion and growth.

While the regulations remain in draft form, further iterations are expected soon. Businesses should act now by assessing compliance gaps, mapping potential roles under the activity-based model, and exploring partnerships that accelerate readiness. The convergence of open participation, stronger standards, and collaboration creates a platform for growth, but only for those who prepare early.

RMB will continue to share insights and create forums for collaboration, supporting clients as they navigate this transition and explore opportunities in a modernised payments ecosystem.

ENDS