South Africa payment licensing has moved from an industry self-regulatory body to the South African Reserve Bank. Since 11 August 2026, SARB has handled the licensing, authorisation and registration of national payment system institutions, with the wider transfer of payment-system functions due to complete on 2 September.
For founders and compliance leads, the immediate decision is procedural rather than a new licence test. Existing permissions have not been cancelled, pending applications should continue with SARB, and applicants should redirect correspondence rather than restart their files. Teams considering an e-money or payments launch should treat this as a change in regulator and application route, while keeping the future activity-based framework separate because it remains a consultation proposal.
Who handles South Africa payment licensing now?
SARB began withdrawing its recognition of the Payments Association of South Africa as the payment system management body on 11 August. Regulatory and authorisation functions moved to SARB, while specified clearing functions are moving to PayInc. The formal SARB release says the remaining transfer concludes on 2 September 2026.
The live transition page is specific about continuity. Existing payment clearing house system operator and system operator authorisations remain valid unless SARB decides otherwise. Existing third-party payment provider registrations also remain valid until the future Authorisation Framework is published and its transition arrangements apply.
Applications already in progress continue at SARB. Former PASA staff involved in those assessments have moved to the Reserve Bank, and historic application information has transferred with them. Applicants should not resubmit material unless SARB requests additional or updated information.
Current criteria continue during the handover
New applications are also going to SARB, but the underlying entry criteria have not yet been replaced. PASA's existing criteria continue for new payment clearing house system operator and system operator applications until SARB publishes revised criteria. Existing PASA registration requirements likewise continue for third-party payment providers until the new framework is issued.
That distinction matters when using the e-money licensing matrix or the e-money licence comparison. The regulator and contact route have changed now, but the proposed activity-based regime has not yet taken effect.
SARB's May 2026 proposal would create a broader authorisation framework covering activities including e-money issuance, merchant acquiring, payment initiation, remittance and third-party payment provision. It is useful direction for product and entity planning, but it is not a current permission and its proposed requirements should not be treated as final.
What applicants should do before 2 September
Applicants should confirm that all future correspondence is directed to the relevant SARB channel, preserve the reference and evidence trail for any pending file, and check whether their current permission is an authorisation or registration. They should also monitor SARB for replacement criteria and the final Authorisation Framework.
The handover does not create a reason to pause a sound application. It does create a reason to verify who now owns each regulatory step and which version of the criteria applies before submitting new material.
Sources
- South African Reserve Bank payment system transition page
- South African Reserve Bank transition release, 11 August 2026
- South African Reserve Bank proposed Authorisation Framework, May 2026
This content is informational only and is not legal advice.