The companies coming for South Africa’s biggest banks

The South African Reserve Bank aims to complete proposals to give non-banks access to the national payments system in the first half of next year, ending commercial lenders’ monopoly hold, News24 reported on Sunday. 

Increasing access will enhance competition, efficiency, innovation and financial inclusion, the news organization cited the central bank as saying.

The SARB operates and regulates the NPS, which facilitates money transfers between institutions. Non-bank payment platforms, including Payfast, SnapScan, Yoco and MTN Group’s MoMo, currently have to partner with a commercial lender to clear and settle payments.