SARB acquires 50% of PayInc - The company responsible for clearing payments between the country’s largest banks.
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Stephen Linnell – CEO, PayInc
In a move set to redefine South Africa’s digital payments landscape, the South African Reserve Bank (SARB) has acquired a 50% stake in PayInc, the company responsible for clearing payments between the country’s largest banks.
Formerly known as BankservAfrica, PayInc has long been the backbone of South Africa’s financial system processing millions of card, EFT and ATM transactions daily. Now, with the SARB as an equal shareholder alongside the major commercial banks, PayInc transitions into a national payments utility a public–private partnership designed to modernise how money moves in South Africa.
In a move set to redefine South Africa’s digital payments landscape, the South African Reserve Bank (SARB) has acquired a 50% stake in PayInc, the company responsible for clearing payments between the country’s largest banks.
Formerly known as BankservAfrica, PayInc has long been the backbone of South Africa’s financial system processing millions of card, EFT and ATM transactions daily. Now, with the SARB as an equal shareholder alongside the major commercial banks, PayInc transitions into a national payments utility a public–private partnership designed to modernise how money moves in South Africa.
