SARB’s Plans For The New Payments Industry Body (PIB) Progresses

We reported last month that SARB is pushing the Payments Association (PASA) to propose a new association that will be inclusive of all players in the financial environment. From various meetings, we had understood that PASA had been given 9 months from July to propose the structure of the new body, to be called the Payments Industry Body (PIB).  A meeting has been called on 7 Sept by PASA of the 300 associations and major businesses to give input. A ‘design group’ has also  been set up by PASA of 12 experts to set the structure of the PIB – who sits on its Board, how it will be funded, etc. Recent discussions indicate that SARB now wants PIB to be up and running in the first quarter of 2022. However, the new body must have legal approval in order to interact officially with SARB. The Conduct on Financial Institutions Bill (COFI) is moving through the legislative process and EFSA wonders if this might be the instrument to usher in the PIB.