BankservAfrica has announced plans to transition into a national payments utility in partnership with the South African Reserve Bank (SARB) and its commercial bank shareholders. The partnership focuses on modernising South Africa’s payment systems, enhancing security, inclusivity and efficiency. A key component of this transition is PayShap which was launched by BankservAfrica in March 2023 to facilitate instant payments for everyday transactions. Since its launch, PayShap has become a foundational offering for advancing financial inclusion and simplifying payment processes in South Africa, processing over 1 million transactions daily.
