The South African Reserve Bank’s 2024/25 annual report describes an evolving payments modernisation programme focused on safety, accessibility, efficiency and financial inclusion. The report discusses work on faster payments, digital financial identity and a stronger fraud-management framework.
These are the plans and activities described in that reporting period. This article does not claim that every proposed reform or new system has since been completed.
Access has several dimensions
The report explains that the national payment system must serve banks, non-bank providers, individuals and businesses. It describes regulatory work intended to broaden participation while maintaining stability.
It also summarises the Reserve Bank’s inaugural payments study, published in September 2024. Drawing on more than 7,500 respondents, that research found cash still widely used for lower-value transactions, while cards and digital methods were preferred for higher-value payments.
Speed is only one part of trust
Analysis: Faster payments can reduce friction, but users also need clarity on cost, recipient identification and what happens when a payment goes wrong. Fraud protection and understandable support processes are therefore commercial as well as regulatory concerns.
Businesses evaluating a new payment method should ask about settlement, reconciliation, refunds and customer access. A low-friction checkout that creates expensive back-office work may not deliver the expected benefit.
The report’s broader message is that inclusion requires more than connecting systems. Useful payment services must be affordable, understandable and safe enough for people to adopt them confidently.
Source
South African Reserve Bank: Annual Report 2024/25, payments chapter.