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Over the past year, Africa has made notable strides in digitizing its payments landscape, culminating in South Africa’s recent entry into the global low-cost real-time payments network.
“From the launch of PayShap and the rapid payments platform in South Africa’s modernization drive to the progress made by the Southern African Development Community’s Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme, Africa continues its push for financial inclusion,” said Roshan Moonsamy, Interim CEO at BankservAfrica.
PayShap: Pioneering South Africa’s digital payment landscape
PayShap, a revolutionary digital payment platform based in South Africa, has played a pivotal role in reshaping the country’s financial landscape. With a steadfast commitment to modernization and accessibility, PayShap has rapidly gained ground, nearing an impressive milestone of one million transactions.
This innovative platform has simplified financial transactions, offering a user-friendly experience that empowers both individuals and businesses to manage their finances seamlessly. Its real-time capabilities ensure swift and secure payments, marking a significant contribution to South Africa’s modernization journey and the drive for financial inclusivity.
TCIB: Seamless cross-border transactions
The Southern African Development Community’s (SADC) Transactions Cleared on an Immediate Basis (TCIB) Payment Scheme represents a remarkable leap towards enhancing financial cooperation within the SADC region. This initiative is focused on clearing and settling transactions immediately, streamlining cross-border payments and curtailing associated costs.
TCIB’s impact transcends national borders, as it fosters economic integration among SADC member states. By eliminating transaction delays and uncertainties, TCIB promotes trade and economic activity within the region. It serves as a testament to the power of collaboration and innovation in bolstering financial inclusivity and regional growth.
Spotlight on Africa’s payment journey at Sibos
BankservAfrica, in collaboration with Rand Merchant Bank, is set to host the African Pavilion at Sibos, scheduled between September 18th and 21st in Toronto, Canada.
Launched at Sibos 2019, this platform shines a spotlight on Africa’s voyage towards a more inclusive payment landscape.
Visitors to the pavilion will have the opportunity to delve into the innovations driving interoperability, the collaborative connections being forged, and the technologies propelling integration.
“Intra-Africa trade and payments offer significant opportunities among different trading blocs on the continent. Secure and connected payment systems will drive increased trade and economic activity, benefiting the entire population.
Sustaining this progress requires concerted efforts, and we are proud to collaborate with other institutions in innovative ways,” said Suresh Chaytoo, Head of International Banking Networks at RMB.
Sibos delegates are also invited to participate in an African-focused discussion on day 2 of the event, Tuesday, September 19th, 2023, at 14:30 (South Building, Level 700, Room 709).
This annual session provides an opportunity for Sibos delegates to learn about Africa’s responses to real-time and cross-border payment demands, including the integration and convergence of diverse payment rails to address future use cases and ongoing commitments to enhance financial inclusion.