The South African Reserve Bank has published the 11th National Payment System Regulatory and Oversight Report, covering developments in the national payment system between 1 April 2024 and 31 March 2025. The report consolidates updates on the Payments Ecosystem Modernisation Programme, planned legal reforms to broaden participation and competition, and oversight measures aimed at improving the efficiency, security and resilience of South Africa’s payments ecosystem. On reform, the report notes progress toward amendments to the National Payment System Act, with a standalone National Payment System Bill being developed through a process led by National Treasury and supported by the SARB, and proposed changes planned for submission to Parliament by the end of 2025. To accelerate non-bank access ahead of legislative change, a draft exemption notice to carve out specified payment activities from the Banks Act definition of “business of a bank”, alongside a supporting regulatory framework, was published for consultation in March 2025 and is envisaged to be finalised by the third quarter of 2025. Other key regulatory actions and consultations highlighted include a cybersecurity and cyber-resilience directive (effective 17 August 2024), an interim directive addressing screen scraping risks that requires providers issuing EFT credit instructions on behalf of payers to register with the SARB, and consultation papers on cloud computing and data offshoring, climate change risk management in payment institutions, and interoperability. The report also describes governance changes under way, including a transitional committee to migrate selected Payment System Management Body functions and an agreement with the Payments Association of South Africa to transfer settlement rules management for the SARB-operated settlement system to the SARB, while some other PASA functions remain outside the initial migration. Looking ahead, the report sets out milestones including publication of a detailed Vision 2025 progress report by the end of the fourth quarter of 2025 and completion of the next payments vision and strategy (NPS Vision 2030+) in the latter part of 2025, with implementation scheduled to begin in 2026. It also flags expected 2025 finalisation of workstreams such as payroll deductions requirements and domestic card transaction guidance, updated Principles for Financial Market Infrastructures self-assessments by key payment system FMIs in 2025/26 ahead of a formal assessment in 2026/27, and the planned retirement of the Head of the National Payment System Department in August 2025.

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