{
 "jurisdiction_id": "ZA",
 "jurisdiction": "South Africa",
 "url": "https://payments.gi/jurisdictions/south-africa/",
 "generator": "render_jid v13.3.0",
 "date_modified": "2026-08-11",
 "schema_version": "world-payments-v1",
 "counts": {
  "modules": 14,
  "sourced_findings": 62,
  "source_register": 97
 },
 "modules": [
  {
   "code": "W1a",
   "name": "Licensing, Authorisation & Market Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-africa/#w1a-licensing-authorisation-market-access",
   "standing_position": "SARB is overhauling NPS market access via the PEM programme, moving to an activity-based Authorisation Framework allowing non-bank self-authorisation; consultation closes 15 June 2026, final framework expected Q3 2026.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "primary statute (NPS Act 78 of 1998)",
     "source": "SARB Authorisation Framework & Exemption Notice for Payment Activities (draft, Nov 2025) (resbank.co.za)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "settlement access rule",
     "source": "SARB Draft Directive — activity-based authorisation; PA Prudential Communication 10 of 2026 (resbank.co.za)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "draft directive + exemption notice (activity-based authorisation)",
     "source": "https://bowmanslaw.com/insights/the-south-african-reserve-bank-has-recently-published-a-draft-activity-based-authorisation-framework-for-participants-banks-and-non-banks-in-the-national-payment-system/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "draft directive (e-money tier thresholds)",
     "source": "https://facephi.com/en/national-payment-system-south-africa-psp-licences/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "self-regulatory registration (PASA/SARB Directive 1 of 2007)",
     "source": "https://authorisation.pasa.org.za/so-and-tppp/tppp-registration/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W1b",
   "name": "Conduct, Safeguarding & Financial Promotions",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w1b-conduct-safeguarding-financial-promotions",
   "standing_position": "Conduct and consumer-protection supervision is split under the Twin Peaks model: the SARB Prudential Authority (PA) is the prudential supervisor and the Financial Sector Conduct Authority (FSCA) is the market-conduct authority, both operating under the Financial Sector Regulation Act 2017. The current safeguarding position is that only banks may take deposits, so non-bank payment safeguarding has historically depended on sponsor-bank arrangements; the proposed activity-based regime introduces explicit fund-segregation, minimum-capital and AML obligations for non-bank payment institutions. The FSCA also supervises financial products under the FAIS Act (including crypto assets declared financial products in 2022). Sponsorship arrangements are being preserved but on a more structured, accountability-based footing.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "Financial Sector Regulation Act 2017 (Twin Peaks)",
     "source": "https://www.ebnet.co.za/fsca-publishes-final-joint-standard-on-cybersecurity-and-cyber-resilience-requirements-for-financial-institutions/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "safeguarding mechanism (segregation/capital)",
     "source": "https://facephi.com/en/national-payment-system-south-africa-psp-licences/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sponsorship/accountability rules",
     "source": "https://www.mondaq.com/southafrica/financial-services/1802450/third-party-payment-providers-at-a-regulatory-crossroads [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FAIS Act conduct declaration",
     "source": "https://bitcoinke.io/2026/06/legal-clarity-on-crypto-assets-in-south-africa/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W2",
   "name": "Stablecoins & Digital Money",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-africa/#w2-stablecoins-digital-money",
   "standing_position": "South Africa has no dedicated stablecoin/e-money issuance framework in force: under the long-standing SARB 2009 Electronic Money position paper only registered banks may issue e-money, so a non-bank stablecoin falls outside the domestic e-money definition. On 28-29 May 2026 SARB, the FSCA, the Prudential Authority and the FIC issued Joint Communication 1 of 2026 clarifying that crypto assets including stablecoins are not money, funds, legal tender or payment instruments under the NPS Act, and crypto used for payments falls outside NPS regulation. The FSB assessed South Africa as having 'no framework in place' for global stablecoin arrangements. Stablecoin trading has surged (to ~R80bn by Oct 2025), and authorities are studying rand-backed stablecoins via the IFWG and the SARB regulatory sandbox while warning that foreign-currency stablecoins pose a dollarisation/monetary-sovereignty risk. The activity-based reform would enable non-banks to issue e-money.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SARB Position Paper NPS 01/2009 (Electronic Money)",
     "source": "https://www.resbank.co.za/content/dam/sarb/what-we-do/financial-stability/The%20financial%20stability%20considerations%20of%20stablecoins.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Joint Communication 1 of 2026 (SARB/FSCA/PA/FIC)",
     "source": "https://bitcoinke.io/2026/06/legal-clarity-on-crypto-assets-in-south-africa/",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "FSB implementation review finding",
     "source": "https://www.moonstone.co.za/sarb-adds-crypto-and-stablecoins-to-new-financial-stability-risk-category/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "sandbox / IFWG rand-stablecoin study",
     "source": "https://bitcoinke.io/2026/06/crypto-is-not-money-in-south-africa/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market data point",
     "source": "https://www.moneyweb.co.za/moneyweb-crypto/south-africa-flags-crypto-stablecoins-as-new-financial-risk/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W3",
   "name": "Operational Resilience & Critical Infrastructure",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w3-operational-resilience-critical-infrastructure",
   "standing_position": "Operational resilience is anchored on SARB Directive 1 of 2024 'Cybersecurity and Cyber-resilience within the National Payment System' (issued 17 May 2024, compliance from 17 August 2024) together with Joint Standard 1 of 2023 (IT Governance and Risk Management) and Joint Standard 2 of 2024 (Cybersecurity and Cyber Resilience), the latter made jointly by the PA and FSCA under section 107 FSR Act and effective 1 June 2025. The NPS Directive requires governance, critical-asset identification, controls aligned to ISO 27001/NIST CSF v2, quarterly testing including third-party/cloud providers, recovery of critical systems within two hours (max eight hours) and incident reporting to SARB within 24 hours with a detailed report within 48 hours. SARB also maintains contingency plans to migrate operations if critical infrastructure is compromised.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SARB Directive 1 of 2024 (NPS cyber-resilience)",
     "source": "https://www.michalsons.com/blog/sarb-cybersecurity-and-cyber-resilience-directive/78268",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "recovery-time obligation",
     "source": "https://www.mondaq.com/southafrica/security/1601204/ensuring-cybersecurity-and-resilience-navigating-the-sarb-cybersecurity-directive-and-joint-standards-for-financial-institutions [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Joint Standard 2 of 2024 (PA/FSCA, FSR Act s.107)",
     "source": "https://www.ebnet.co.za/fsca-publishes-final-joint-standard-on-cybersecurity-and-cyber-resilience-requirements-for-financial-institutions/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "supervisory posture",
     "source": "https://www.moneyweb.co.za/news/south-africa/sarb-bolsters-defences-against-cyberattacks/ [CAVEAT: Tier 3 secondary source — Assessed; verify vs primary pre-publication]",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W4",
   "name": "Scheme & Network Compliance",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w4-scheme-network-compliance",
   "standing_position": "Card-scheme compliance combines global scheme rulebooks (Visa Core Rules / Mastercard rules) and PCI DSS administered by the PCI Security Standards Council, applied to South African issuers, acquirers, service providers and merchants under the standard four-party model. Distinctively, interchange in South Africa is regulated by SARB via a facilitated interchange determination process (Position Paper 02/2022), reflecting recommendations from the original Competition Commission Banking Enquiry; SARB sets interchange to promote cost-efficiency, interoperability, secure electronic payments and financial inclusion. PCI DSS merchant levels are set by transaction volume (Level 1 >6m/year requiring external audit; lower levels via SAQ), and PCI compliance is also relevant to POPIA obligations. Surcharging is governed by scheme rules and local law.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SARB Interchange Position Paper 02/2022",
     "source": "https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/regulation-oversight-and-supervision/regulatory-and-oversight-reports/Position%20Paper%20no%2002_2022%20on%20Interchange_final%20published%20version.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Visa Core Rules / scheme rulebook",
     "source": "https://www.visa.co.za/partner-with-us/pci-dss-compliance-information.html",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PCI DSS (PCI SSC)",
     "source": "https://netcash.co.za/blog/what-south-african-businesses-need-to-know-about-pci-dss/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Competition Commission / interchange origin",
     "source": "http://www.compcom.co.za/wp-content/uploads/2014/09/Interchange-determination.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W5",
   "name": "Payment Corridor Dynamics",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w5-payment-corridor-dynamics",
   "standing_position": "South Africa is the largest remittance send-market in Africa, with principal corridors to SADC neighbours (Zimbabwe being by far the largest by volume and value). Cross-border remittances operate via Authorised Dealers with Limited Authority (ADLAs) under a tiered four-category licensing framework, under strict exchange controls per the ADLA Manual requiring full transaction information; an estimated ~50% of SA-to-SADC remittances still flow through informal channels. Regional rails comprise SARB-operated SADC-RTGS (live since 2013, settling in ZAR, 16-country membership) for high value, and the TCIB scheme (live since 2021) for low-value ISO 20022 retail flows across six corridors. SARB Directive 1 of 2025 requires all low-value cross-border EFTs within the Common Monetary Area (SA, Lesotho, Eswatini, Namibia) to migrate to TCIB by March 2027. Continental integration is via PAPSS (AfCFTA), with which TCIB is intended to interconnect.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "SADC-RTGS (regional settlement system)",
     "source": "https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements/SADC-RTGS",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "SARB Directive 1 of 2025 (TCIB migration / CMA)",
     "source": "SARB Directive 1 of 2025 — CMA low-value EFT migration to TCIB (resbank.co.za)",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor cost/KPI context",
     "source": "https://www.resbank.co.za/en/home/publications/publication-detail-pages/media-releases/2025/g20-cross-border-payments",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "ADLA tiered remittance licensing",
     "source": "https://old.remitscope.org/africa/south_africa",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "corridor data (2024)",
     "source": "https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/cross-border-payments-conference/documents/paper-sa-sadc.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W6",
   "name": "Industry Structure & Commercial Dynamics",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w6-industry-structure-commercial-dynamics",
   "standing_position": "South Africa's payments market is highly concentrated and bank-dominated: the six largest banks hold more than 90% of sector assets, and the 'big four' (Absa, FNB, Nedbank, Standard Bank) have historically held exclusive control of clearing and settlement. A wave of consolidation and structural change is underway: SARB acquired a 50% stake in PayInc (formerly BankservAfrica), the national clearing operator, in November 2025 as the base for a public National Payment Utility (NPU); Nedbank acquired iKhokha and Lesaka Technologies acquired Adumo and Bank Zero, while Capitec launched its own merchant solution. Non-bank acquirers (Yoco ~35-40% of the independent SME card-acceptance segment, iKhokha, Adumo) and digital banks (TymeBank, Bank Zero) are reshaping the competitive landscape, which the activity-based reform is designed to open further.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "concentration metric (SARB FSR)",
     "source": "https://www.moonstone.co.za/sarb-adds-crypto-and-stablecoins-to-new-financial-stability-risk-category/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "NPU / PayInc market-structure shift",
     "source": "https://werksmans.com/payments-revolution-what-every-psp-operating-in-south-africa-needs-to-know-right-now/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "market consolidation events",
     "source": "https://en.wikipedia.org/wiki/Yoco",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "non-bank acquirer market share",
     "source": "https://businessmodelcanvastemplate.com/blogs/competitors/yoco-competitive-landscape",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W7",
   "name": "Legal & Litigation",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w7-legal-litigation",
   "standing_position": "The most consequential payments-related litigation concerns whether crypto assets fall within South Africa's exchange-control framework. In the 2025 Standard Bank of South Africa v SARB matter the High Court held that crypto is neither 'currency' nor 'capital' under the Exchange Control Regulations and set aside SARB's forfeiture order; SARB obtained leave to appeal to the Supreme Court of Appeal, suspending the ruling. In a contrasting 1 June 2026 judgment, Mangundhla v SARB, the Gauteng High Court held that Bitcoin constitutes both 'money' and 'capital' for exchange-control purposes, so transferring it offshore is an export of capital potentially requiring approval. On enforcement, the Prudential Authority imposed administrative sanctions in the 2025 financial year on banks Capitec (R56m penalty), Standard Bank (R13m) and HSBC for non-compliance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "High Court judgment (Mangundhla v SARB, 1 June 2026)",
     "source": "https://bitcoinke.io/2026/06/legal-clarity-on-crypto-assets-in-south-africa/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "High Court judgment (Standard Bank v SARB, 2025) + SCA appeal",
     "source": "https://mayet.law/crypto-regulation-in-south-africa-exchange-control-rules-and-the-sbsa-decision/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "Prudential Authority enforcement sanctions",
     "source": "https://www.moneyweb.co.za/news/south-africa/sarb-bolsters-defences-against-cyberattacks/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "exchange-control legal context (reg 10(1)(c))",
     "source": "https://www.bakermckenzie.com/en/insight/publications/2026/03/south-africa-crypto-assets-likely-to-enter-exchange-control-regime",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W8",
   "name": "Merchant Acquiring & Risk",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w8-merchant-acquiring-risk",
   "standing_position": "Merchant acquiring follows the standard four-party model with the acquiring bank/PSP supplying the terminal and settling funds net of fees to the merchant. The acquiring market has shifted substantially from bank-only provision (Absa, Standard Bank, Nedbank) toward fintech acquirers and aggregators - Yoco, iKhokha, Adumo, Flash and Capitec - offering pay-as-you-go and SoftPOS/tap-on-phone onboarding with rapid, low-friction merchant sign-up. Merchant risk, onboarding/PCI obligations, chargeback/dispute mechanics and high-risk-MCC treatment flow through scheme rules incorporated into acquiring agreements, with scheme fines passed from networks to acquirers and on to merchants via indemnification. The activity-based reform recognises 'payment acquiring' as a licensable non-bank activity, expected to compress acquiring fees.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "four-party acquiring model",
     "source": "https://eezipay.com/pos-system-card-machine-south-africa/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "scheme rules / chargeback & risk framework",
     "source": "https://www.pxp.io/payments-glossary/card-scheme-rules",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "high-risk-merchant / TPA risk programs",
     "source": "https://www.decta.com/company/media/how-visa-and-mastercard-ensure-compliance-for-acquirers-and-issuers",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "acquiring market operations / SoftPOS",
     "source": "https://businessmodelcanvastemplate.com/blogs/competitors/yoco-competitive-landscape",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W9",
   "name": "Product Innovation & Market Development",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-africa/#w9-product-innovation-market-development",
   "standing_position": "Product development is led by the SARB Payments Ecosystem Modernisation (PEM) Programme (launched September 2025, succeeding Vision 2025), built around a public National Payment Utility, a new domestic and regional RTGS, an enhanced fast payment system, alternative messaging networks, a QR+ interoperability standard and PEMKey credentials. The domestic instant rail is PayShap (launched 2023 on the Rapid Payments Programme, ISO 20022), which by late 2025 had over 5 million ShapIDs and ~45 million transactions/month (80% under R500); the per-transaction limit was raised to R50,000. Capitec Pay launched the first bank open API in 2023. On CBDC, SARB (via Project Khokha) has deprioritised a retail digital rand, with Deputy Governor Cassim (June 2026) stating the priority is modernising payment 'plumbing'; SARB also intends to introduce an open banking/open finance framework and enable non-bank e-money issuance.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "PEM Programme / fast payment system",
     "source": "https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements/pem",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CBDC study / open banking direction",
     "source": "https://www.sanews.gov.za/south-africa/sarb-study-rules-out-launch-digital-currency",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "PayShap adoption metrics",
     "source": "https://netcash.co.za/blog/top-digital-payment-trends-shaping-south-africa-in-2026/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "open banking / Capitec Pay",
     "source": "https://stitch.money/blog/open-banking-in-south-africa-payshap-capitec-pay-and-the-importance-of-bank-tppp-partnerships",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "CBDC posture statement",
     "source": "https://news.bitcoin.com/south-african-reserve-bank-backs-payshap-over-digital-rand-as-cassim-targets-real-time-payments/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W10",
   "name": "Consumer Protection & APP Fraud",
   "confidence": "High",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w10-consumer-protection-app-fraud",
   "standing_position": "Consumer dispute resolution for payments runs through the National Financial Ombud Scheme (NFO), formed by amalgamating the Ombudsman for Banking Services, Credit Ombud and the long- and short-term insurance ombuds, and recognised by the Ombud Council; the FAIS Ombud handles financial-advice complaints. Notably, South Africa has NO mandatory APP-fraud reimbursement regime equivalent to the UK PSR scheme - authorised push-payment losses are generally treated as voluntary and borne by the consumer - even as instant rails accelerate. APP/social-engineering fraud is rising sharply (SA banks recorded ~98,000 digital fraud incidents and ~R1.9bn losses in 2024); industry is deploying tools such as a 'Scam Signal' and exploring consortium models, and a Confirmation-of-Payee-type capability is emerging but not yet universal.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "National Financial Ombud Scheme (complaints route)",
     "source": "https://www.nfosa.co.za/",
     "source_url": null,
     "source_tier": "2",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "APP-fraud reimbursement gap",
     "source": "https://chadwicks.co.za/specialised-business/south-africas-next-big-scam-app-fraud/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "fraud-liability policy debate",
     "source": "https://www.cnbcafrica.com/media/7778756845462/combating-south-africas-banking-fraud-problem-",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "fraud-loss data",
     "source": "https://www.dailymaverick.co.za/article/2026-03-24-the-second-ordeal-what-happens-when-sa-fraud-victims-fight-back-1/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W11",
   "name": "AML/CFT & Financial Crime",
   "confidence": "Confirmed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w11-aml-cft-financial-crime",
   "standing_position": "[Sentinel-fed payments-context position only; no original FIM analysis.] South Africa's AML/CFT regime is anchored on the Financial Intelligence Centre Act (FICA), strengthened by the General Laws (AML/CFT) Amendment Act 2022, administered by the FIC with sector supervisors (FSCA, PA and others). South Africa was grey-listed by FATF in February 2023 and removed on 24 October 2025 following reforms (beneficial-ownership transparency via the CIPC register, enhanced reporting under FIC Act ss.28-29, increased enforcement); the next full FATF mutual evaluation is expected to run 2026-2027. Grey-listing exit is expected to ease cross-border payment friction and correspondent-bank due diligence, but domestic obligations (RMCP, risk-based CDD/EDD, beneficial-ownership verification, STR reporting on goAML) remain fully in force.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "sentinel. reform measures (FIC Act ss.28-29)",
     "source": "https://www.mondaq.com/southafrica/money-laundering/1744668/south-africa-removed-from-financial-action-task-force-fatf-grey-list",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": "South Africa's AML/CFT regime rests on the FIC Act, supervised by the FIC, Prudential Authority and FSCA, with crypto-asset service providers licensed as accountable institutions since 2022 and Travel Rule obligations live since April 2025. Following a February 2023 grey-listing over 22 action-plan items, FATF removed South Africa from increased monitoring in October 2025 after an on-site verification; EU and UK high-risk-third-country listings followed suit by December 2025.",
     "instrument_type": "assessment",
     "source": "FIM (sentinel.gi) per-JID baseline profile — South Africa",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: enforcement-absence",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    },
    {
     "finding": "Gap: regulatory-failure",
     "instrument_type": "gap",
     "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)",
     "source_url": null,
     "source_tier": null,
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W12",
   "name": "Correspondent Banking, Settlement & Access",
   "confidence": "Confirmed",
   "moved_this_cycle": true,
   "url": "https://payments.gi/jurisdictions/south-africa/#w12-correspondent-banking-settlement-access",
   "standing_position": "Settlement access is bank-restricted: under the NPS Act only banks may participate in the domestic settlement system (SAMOS / Reserve Bank Settlement System), subject to PSMB authorisation, and the rand is also included in CLS. Regionally, SARB operates the SADC-RTGS for cross-border high-value settlement (ZAR-denominated). FATF grey-listing (Feb 2023 - Oct 2025) raised correspondent-bank enhanced due diligence and cross-border friction; delisting is expected to ease that pressure. Continental rails PAPSS and Buna currently restrict access to licensed banks, limiting non-bank correspondent access, while the activity-based reform and the PEM Programme aim to give non-banks direct clearing/settlement access via the National Payment Utility without bank sponsorship. SARB has also assisted other SADC central banks with cyber incidents, reflecting its regional settlement-operator role.",
   "findings": [
    {
     "finding": null,
     "instrument_type": "settlement access (SAMOS / NPS Act)",
     "source": "https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "non-bank settlement access reform (NPU)",
     "source": "https://www.resbank.co.za/en/home/what-we-do/payments-and-settlements/pem",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "correspondent-banking / de-risking pressure",
     "source": "https://www.masthead.co.za/newsletter/south-africas-fatf-greylist-exit-what-it-means-for-accountable-institutions-and-fsps/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "regional rail access constraint",
     "source": "https://www.resbank.co.za/content/dam/sarb/what-we-do/payments-and-settlements/cross-border-payments-conference/documents/paper-cost-patterns-remittance.pdf",
     "source_url": null,
     "source_tier": "1",
     "retrieved_at": null
    }
   ]
  },
  {
   "code": "W13",
   "name": "Commercial Intelligence & Fintech",
   "confidence": "Assessed",
   "moved_this_cycle": false,
   "url": "https://payments.gi/jurisdictions/south-africa/#w13-commercial-intelligence-fintech",
   "standing_position": "Trailing-12-month commercial activity (run date 2026-06-23) shows strong consolidation and a funding rebound: South African startups raised ~$335.9m across 42 deals in 2025 (a 234% surge on 2024), with fintech leading M&A (67 deals, up 72% YoY). Key payments events: SARB's 50% PayInc stake (Nov 2025); Nedbank's acquisition of iKhokha and Lesaka's acquisitions of Adumo and Bank Zero; Stitch's $55m Series B (April 2025, led by QED) plus acquisitions of Exipay/ExiPay (Jan 2025) and Efficacy Payments (an SARB-designated DCSP); Yoco's first acquisition (AI startup Dyner.AI, June 2026) and appointment of a new CEO (May 2026); Lula's R340m ($21m) raise from FMO (Feb 2026); and crypto-payments integrations (Absa/Ripple, Ozow/MoneyBadger, Binance Pay at 650,000+ merchants).",
   "findings": [
    {
     "finding": null,
     "instrument_type": "commercial_event (funding/M&A market data)",
     "source": "https://www.finasa.org.za/post/south-african-fintech-ecosystem-30-day-summary-feb-march-2026-funding-regulation-key-deals",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event (Series B funding + acquisitions)",
     "source": "https://lucidityinsights.com/news/stitch-secures-55m",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event (M&A + leadership change)",
     "source": "https://techpoint.africa/insight/techpoint-digest-1371/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event (sector consolidation)",
     "source": "https://en.wikipedia.org/wiki/Yoco",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event (debt funding)",
     "source": "https://www.finasa.org.za/post/south-african-fintech-ecosystem-30-day-summary-feb-march-2026-funding-regulation-key-deals",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    },
    {
     "finding": null,
     "instrument_type": "commercial_event (crypto-payments partnerships)",
     "source": "https://techcabal.com/2026/02/06/south-africa-digital-payments/",
     "source_url": null,
     "source_tier": "3",
     "retrieved_at": null
    }
   ]
  }
 ]
}