South Africa's central bank is preparing to place the country's fast-growing fintech sector on a regulatory footing comparable to that of licensed banks. Governor Lesetja Kganyago used the opening of the MTN Group Fintech's 2026 summit in Johannesburg to announce that the long-awaited National Payment System Bill will soon be released for public comment. The reform will shift oversight from an entity-based model to one that regulates payment activities themselves.
Activity-Based Regulation
Kganyago said similar payment activities should face similar regulatory expectations whether performed by a bank or a fintech. The approach is intended to open the payment system to new participants while requiring them to meet core obligations including governance, customer fund safety and anti-money laundering controls. New entrants would also be subject to ongoing supervisory oversight.
Closing the Mobile Money Licence Gap
MTN Group Fintech executive Cedric N'guessan explained that several African markets allow non-banks to hold a dedicated mobile money licence rather than a full banking licence. South Africa has no such category, which is why fintechs must partner with licensed banks to move money. The Reserve Bank is working on a local equivalent, and the authorisation framework and bill are designed to close that gap.
Authorisation Framework and PayInc
The central bank will first introduce an authorisation framework to provide clearer regulatory pathways for payment activities and participants. The National Payment System Bill will follow and offer what Kganyago called a more durable legislative foundation. Central to this architecture is PayInc, formerly BankservAfrica, which is being built into a national payment utility open to all qualifying participants.
Strategic Priority and Fintech Growth
Kganyago said modernising payments is now one of the Reserve Bank's top three strategic objectives, alongside price and financial stability. A second central bank fintech study counted about 400 fintechs operating in South Africa. These businesses are expanding access, improving customer experience and pushing established institutions to strengthen governance and resilience.
The Test for Money and Risk
Kganyago applied the "no questions asked" test for money from the Bank for International Settlements, meaning money should be accepted without complaint or hesitation. He argued neither cash nor cards fully passes that test in South Africa, citing cash withdrawal fees, security concerns and merchant resistance to card charges of two to three percent. He added that modernisation increases risk, as a disruption at one technology provider can affect several institutions.
Scale of Mobile Money
MTN Group Fintech's MoMo platform processed 13 billion transactions worth US$330-billion in the six months to end-June across 14 markets, with active users reaching 70.8 million. Globally, mobile money crossed the two-trillion-dollar mark in transaction value in 2025, with sub-Saharan Africa driving that growth. These figures reflect the expanding role of digital financial services across the continent.
Summit Themes and Collaboration
The three-day summit is hosted under the theme "Maximum Velocity, As One" and builds on the 2025 "Take Off" event. Its agenda is built around Trust, Velocity and Horizon, with day one featuring a regulatory closed dialogue for central banks and policymakers. MTN Group Fintech CEO Serigne Dioum said the continent's next chapter depends on collective action, while Chief Legal Officer Nikiwe Tanga stressed that trust must keep pace with innovation.
The announcement marks a meaningful step toward aligning fintech oversight with the reality of modern payment activity and opening the system to non-bank participants. The summit's focus on trust, partnership and shared infrastructure reinforces the view that sustainable financial inclusion requires coordinated action. If implemented as outlined, the framework could support a more inclusive, competitive and resilient digital economy in South Africa and beyond.