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Work on the Introduction of the Payments Industry Body

Readers will recall that the SARB invited the total financial sector to reorganize itself in order to become inclusive. The timetable given was early 2022 in order to be taken into account in the new COFI law. SARB also wished to devest PASA of its existing licensing powers. Much discussion has been given over to the process in order to ensure the inclusivity of all players. The imagery of onion rings is being used. The Regulators sit in the centre, the acquiring banks are next, and so on extending outwards with ecommerce payment services and the fintechs at or near the periphery. Questions such as how to give the banks adequate voice but prevent their dominance, how to deal with the existing PASA roles, the role of associations as the voice piece for their sectors (there are about 25 sectors recognised as part of this financial services debate, including the retailers and ourselves), and whether this body is a lobby or simply an information centre are being debated. The whole sector has been sitting about twice a month on average for 2 days of debate. We will continue to keep you updated, but if anyone is interested we can share most of the presentations of these discussions. Contact me, [email protected]


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