Reserve Bank has instructed the banking sector to cease executing so-called low-value transactions within the Common Monetary Area (CMA) through “inappropriate” systems by March 2027 as part of measures to rein in potential money laundering. The directive issued by the Bank last week to the banking industry is geared towards efforts to remove SA from
Visa, a global leader in digital payments, has announced strategic investments and commercial partnerships with two fintechs following their 12-week engagement through the Visa Africa Fintech Accelerator program, which enables start-ups to scale through training, mentorship, and networking opportunities. Visa’s investments include Konnect, a fintech based in Tunisia which enables seamless, accessible, and instant payments
By: Pierre Aurel, Chief Product Officer, Stanchion Payments Solution. Originally published here. The number of virtual cards issued worldwide is growing at an unprecedented pace. According to Juniper Research, global virtual card issuance is expected to grow at over 30% annually between 2023 and 2028, driven by relentless consumer demand for seamless, secure and convenient
PayShap is leading the charge as South Africa’s real-time payments landscape transforms. Built on the Rapid Payments Programme (RPP) rails, PayShap has emerged as a key product driving digital transactions, fostering financial inclusion, and accelerating the country’s shift towards a digital economy. Since its launch on March 13, 2023, PayShap has seen phenomenal growth, with
iKhokha, a fintech company dedicated to fostering growth for South African small businesses amid challenging macroeconomic conditions, hosted its first iKhokha Elevate event in Durban on Wednesday, March 12. The event, which saw hundreds of merchants attend in person and thousands more join online, focused on discussing the challenges and successes of small businesses. It
RealPay has strengthened its African footprint through expanded partnerships with leading financial institutions. These collaborations leverage innovative technology to promote financial inclusion and drive seamless payment processes across multiple countries. For more information about RealPay, click here. Founded in 2003, RealPay has pioneered time-sensitive payment solutions throughout the continent, helping businesses of all sizes—from small
Flutterwave, a Nigeria-based payments technology company, has obtained a Payment System License from the Bank of Zambia, allowing it to provide mobile money services. This license enables the company to facilitate local and international business transactions while supporting financial inclusion and economic activity. Zambia’s digital payments sector is growing, with mobile money contributing to nearly
African Development Bank Group and Standard Bank Group signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa. The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA).
Stitch has partnered with the Shyft team to offer instant top-ups on the Shyft wallet, providing customers from any bank with more immediate access to funds for global transactions. Payments infrastructure company Stitch has partnered with Standard Bank’s Shyft, the global money app, to enable instant top-ups on the Shyft wallet for customers from any
SA Banks are facing a significant shift in technology and in how different groups of customers engage with it. While banks have invested heavily in protecting their customers against fraud, this focus has unintentionally slowed down spending in other areas. As a result, the cracks in the system are starting to become more visible. Currently,
