South Africa to modernise payment systems for greater accessibility and security

Lesetja Kganyago, Governor of the central South African bank, announced a new initiative aimed at modernising the nation’s payment systems to enhance their efficiency and accessibility. This is reported by Xinhua News Agency, a partner of TV BRICS.

Kganyago emphasised that the Payment Ecosystem Modernisation Programme is the bank’s most ambitious undertaking in this field since the launch of the South African Multiple Option Settlement (SAMOS) system more than 30 years ago. The primary aim of the programme is to establish a shared payment infrastructure that ensures a reliable and secure platform for digital transactions, with a strong focus on security measures and fraud prevention.

"As the South African Vision 2025 strategy document sets out, structural changes in payment systems are underway, and it is therefore vital for South Africa's competitiveness that we stay ahead of these trends. This is also an area where we can make real contributions to financial inclusion and growth," Kganyago noted.

He further stated that the new payment paradigm would make transactions in South Africa "more secure, faster, cheaper, and accessible to everyone."

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