The South African Reserve Bank is looking at regulating South Africa’s growing Fintech sector. This as SA’s digital banks and other fintech firms continue to expand rapidly into areas served by more traditional banks.
The rapid pace of technology advancement and the ability of Blockchain technology to disrupt has not gone unnoticed.
“The SARB needs to regulate the payment ecosystem and ensure financial stability in a world of increasingly innovative and disruptive technology…”
“We must account to market participants and the South African public transparently and in a manner that upholds the credibility of the processes we follow in executing our price and financial stability mandates…”
SARB Governor Lesetja Kganyago
Regulations would still take some time to implement but legislative amendments to the National Payment System Act 78 of 1998 have already been tabled which would give the SARB greater abilities to introduce regulations.
To read the full article visit: ITWeb “SARB eyes payments ecosystem regulation in SA”.
