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BANKS: SARB PUBLISHES DRAFT NPS DIRECTIVE & EXEMPTION NOTICE
- 19 November 2025
- Financial Sector
- SA Legal Academy
The South African Reserve Bank has published a draft directive and draft exemption notice under the 1990 Banks Act affecting national payment system-related activities. At the time of writing, no official call had been made for comments and no input deadline set.
Once finalised and in force, the proposed new directive will prescribe the requirements to be met by ‘any person (bank or non-bank) … should they wish to offer/conduct specific payment activities … including those offered/conducted in a closed-loop payment system’.
The draft exemption notice seeks to deem specific payment activities as ‘not to constitute the business of a bank’, subject to certain conditions.
The overarching objective of both sets of proposals is to ‘promote competition, innovation and financial inclusion in the national payment system’.
Published by SA Legal Academy Policy Watch
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