Business

Dave Glass, Electrum

With the Reserve Bank opening up South Africa’s national payment system to non-banks expected later this year, startups should be rubbing their hands with glee. But not all fintechs are set to benefit. Fintechs like Yoco and Stitch still have to piggyback on a local bank to settle payments their customers make with them.

But the Reserve Bank’s current payment reforms aim to allow nonbank entities such as fintechs and others, like MTN and Shoprite, direct access to the national payment system, which is expected to lower the cost of payments for the average consumer.