Financial inclusion requires that non-banks be able to clear and settle payments, the Reserve Bank has told TechCentral.
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FNB now facilitates real-time cross border payments in South Africa, Namibia, Lesotho and Eswatini.
The rand has further room to strengthen if government pushes ahead with reforms: Reserve Bank’s Lesetja Kganyago.
Forthcoming regulatory changes will allow fintech companies to act more like banks, according to Lesaka Technologies.
The rand has extended its recent rally, strengthening to a fresh 20-month high against the US dollar.
The South African Reserve Bank cut its main interest rate for the first time in more than four years on Thursday.
Debit cards already handle the lion’s share of transactional value, despite cash being used in higher volumes.
Inflation fell more than expected in July, opening the way for interest rate cuts from next month.
The Reserve Bank will leave interest rates on hold this week but cut rates by 25 basis points in September, a poll suggested.
President Cyril Ramaphosa on Monday welcomed last week’s milestone of 100 days without load shedding in South Africa.