Digital risk is key in the future of payments, says BankservAfrica’s CRO—lasting impact lies in trust, transparency, and inclusion.
Digital transformation is reshaping the South African payments landscape, driving greater transparency, regulatory compliance, and inclusive innovation. But beyond the technology, it’s also redefining how the financial ecosystem anticipates, manages, and mitigates risk. Digitisation doesn’t solely translate to a technical shift; it is a strategic enabler that paves the way for real economic growth and meaningful financial inclusion.
Think of how far we’ve come—from mobile banking and digital wallets to real-time payments. These advancements are not only modernising how we pay—they’re opening doors for underserved communities and helping close the long-standing access gaps that have held so many back.
As importantly, digital platforms bring the scalability and agility needed to support the rising demand for fast, secure and seamless payments. They also strengthen the industry’s ability to manage risk in real time, moving beyond compliance into prevention – for example, through real-time fraud detection and adaptive security models.
At the heart of this transformation, BankservAfrica plays a critical role as a trusted partner in South Africa’s financial system, helping to build an ecosystem that’s not only innovative but secure, resilient, and inclusive. With advanced technology and a focus on managing risk, we’re driving digital progress without compromising stability.
Digital risk management is essential in today’s digitally driven ecosystem
With markets opening, growing competition, new global standards and regulatory shifts, the payments landscape is significantly changing. To navigate this transformation responsibly, we must stay mindful of the potential risks across the payments value chain and respond to them with intention. It’s about ensuring that as we grow and innovate, we don’t lose sight of what matters most – keeping things transparent, trust building and ensuring no one’s left behind.
As cyber threats and fraud rise, broader systemic pressures—from global financial instability to shifting policies and inflation—also present challenges. Proactively engaging in policy discussions helps identify and address emerging risks early. At the same time, there’s a growing need to prepare for structural changes, such as the increasing emphasis on payment sovereignty worldwide.
Ongoing regulatory change adds another layer of complexity. Beyond checking the compliance box, staying aligned with local and global standards is critical, particularly for building trust and enabling continued growth. This requires active monitoring and a commitment to staying ahead.
Yet even as digital innovation accelerates, access is restricted. Many rural and underserved communities still face significant barriers to formal financial services. According to the South African Reserve Bank’s Digital Payments Roadmap, cash continues to dominate in lower-income markets – a reminder that progress must be inclusive. The risk of digital exclusion is not just a societal concern, but a long-term economic one.
This is where partnerships play a crucial role. By working together across banks, fintech, and mobile networks, we can co-create solutions that bring more people into the financial system. PayShap already shows what’s possible when innovation is guided by collaboration and purpose.
Future-proofing the payments landscape
The evolution of digital payments brings both opportunity and responsibility. As new players enter the market and regulatory frameworks shift, financial institutions must respond with foresight, agility and robust risk oversight. In all the dynamic shifts, risk management is a strategic imperative.
Digitisation unleashes a new wave of innovation, but that innovation must extend beyond products. It should also reshape our thinking about risk, compliance and operational resilience. Future-ready institutions are adopting cloud-native infrastructure, open APIS and AI-powered analytics tools that offer security, scalability and agility. These technologies enable institutions to respond to market demands quickly while maintaining strong oversight and compliance.
At the same time, the rise of sandboxes as platforms is paving the way for responsible innovation. These controlled environments offer a space to test new solutions, push regulatory boundaries, and co–create policies while keeping risk management front and centre. This approach efficiently advances complex areas like cross-border payments and financial inclusion. And at the heart of it all is strong industry collaboration.
As fintech, telcos, and digital-only banks enter the space, the need for interoperable standards is growing. Seamless collaboration without compromising security ensures inclusive and resilient innovation. Interoperability isn’t just a technical goal; it’s the foundation of a trusted, sustainable payments ecosystem.
Building a secure and inclusive digital future
We’re in an exciting era of digital transformation in payments, and navigating it with purpose and precision is key. By addressing risks early, we can unlock growth through world-class technologies and an inclusive ecosystem that serves the economy’s evolving needs.
As digitisation deepens, the industry must continue evolving—not only in speed and access but also in how it strengthens risk management, resilience, and collaboration. The future of payments is undoubtedly digital; however, its success rests on a strong foundation of trust, transparency, and thoughtful innovation.
