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News from Africa

SA Online Payment News

The banks, represented by BankServAfrica, have informed us that they will be prepared for Black Friday on 25 November. EFSA continues to follow up on the problems some e-merchants have experienced with Instant EFTs. This has in the past resulted in some buyers’ payments being reversed after the product was delivered, leaving the merchant out of pocket. The South Africa Rapid Payment Programme (RPP) has been slightly delayed, but banks are onboarding and the official launch in March 2023 looks as if it will go ahead. BankservAfrica is also developing the Transactions Cleared on an Immediate Basis (TCIB) which is being piloted for the SADC countries. The objective is to have a system for fast, efficient payments between the SADC countries, without recourse to the global currencies, and designed specifically to deal with small payments. As we have seen in this Newsletter, TCIB along with the Pan-African Payments and Settlement System (PAPSS) address the problem of remitting money across African frontiers which at present can be a slow, costly operation. Solving the problem was one of the African Free Trade Area (AfCFTA)’s first objectives.

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