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BankservAfrica Announces the SARB Intention to Acquire 50% of the Company

November 11 2024

BankservAfrica Announces the SARB Intention to Acquire 50% of the Company

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BankservAfrica is pleased to announce a significant industry collaboration with the South African Reserve Bank (SARB), intended to transition the company into a national Payments Utility through a collaboration with commercial bank shareholders.

Whilst still subject to conclusion of the detailed transaction agreements and regulatory approvals, this strategic partnership seeks to bolster efforts to modernise South Africa’s national payment system, making the payment system more secure, inclusive and efficient.

BankservAfrica’s CEO commented, “our role has always been to provide essential payment services to financial institutions. This consequential partnership between the company, its commercial bank shareholders and the SARB, signifies both a continuation and expansion of that role as we focus more deliberately on financial inclusion through affordable access to modern payment capabilities.”

A foundational offering of the envisioned Payments Utility is PayShap, a service launched by BankservAfrica in March 2023 that allows South Africans to make instant payments. Growing rapidly with more than 1 million transactions per day, PayShap enables more accessible, convenient and secure payments for everyday transactions.

More details of the intended transaction will be made public once the contractual and regulatory processes have been finalised.

Companies In This Post

BankservAfrica | Fintech Finance

BankservAfrica
South African Reserve Bank

South African Reserve Bank
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