The South African Reserve Bank is working with its peers in the Southern African region to drive financial inclusion by digitising cash and making instant payments across borders an everyday reality.
In this episode of the TechCentral Show (TCS), Tim Masela, head of the National Payments System department at the Reserve Bank – he has been with the Bank for the past 30 years – tells TechCentral’s Nathi Ndlovu about the efforts it is making to create a “cash smart” society not only in South Africa but across the Southern African Development Community (Sadc) region.
Masela unpacks:
- Why the introduction of non-bank fintechs into the national and regional clearance and settlements systems is important;
- The importance of designing “fit for purpose” regulations that allow fintechs to remain nimble and innovative;
- A detailed explanation of how the payments and settlements system worked historically, including how it has evolved in the digital era;
- The efforts the Reserve Bank and its regional counterparts are undertaking to standardise financial legislation and regulation across Sadc;
- The importance of the Transactions Cleared on an Immediate Basis (TCIB) platform, which facilitates PayShap-style instant payments across borders;
- The challenges that currency conversion poses in facilitating instant payments across borders;
- Findings from the National Payments Study conducted by the Reserve Bank and released in September;
- What a “cash light” and “cash smart” society are and why the Reserve Bank believes this is desirable; and
- Where the Reserve Bank stands on crypto assets and the road to their incorporation into the National Payments System.
Do not miss this insightful and informative episode of the TechCentral Show.
Listen to this episode of the TechCentral Show
Subscribe for free
To subscribe to any of TechCentral’s shows, including TCS, TCS+, Meet the CIO and TCS Legends, please use the links below:
Get breaking news from TechCentral on WhatsApp. Sign up here.
