South Africa dissolves PASA after 30 Years, transfers payment system governance to PayInc and SARB

The Payments Association of South Africa (PASA), the interbank transaction infrastructure governing body in South Africa for over 30 years, is being wound down following a formal directive from the South African Reserve Bank (SARB). 

It was South Africa’s first inter-bank settlement system. Its functions will be transferred to PayInc (formerly BankservAfrica), a national payments utility, and to SARB.

This information was made public by Rika Kruger, CEO of Paysoft, a South African fintech company, on her LinkedIn page.

The restructuring establishes PayInc as a scheme operator under a co-ownership model, with the SARB having received approval to acquire a 50% equity stake in PayInc.The transition does not affect businesses’ day-to-day operations.

PayInc was founded in 1972. It is an automated clearing house that processes billions of transactions annually on behalf of banks, businesses, and consumers. Under the leadership of CEO Ghita Erling and her team, it oversees the settlement and clearing systems that process the bulk of South Africa’s electronic transactions.

Industry voices have welcomed the direction. Kruger described the model as structurally sound. “A   commitment to building a payment system that reaches more South Africans — that is worth the disruption of getting there,” she said

PayInc’s role in South Africa is comparable to Nigeria’s NIBSS, founded in 1993 to operate the country’s central switch and settlement services.

Similarly, central banks in Kenya, Rwanda, and Ghana are tightening their grip on national payments infrastructure, particularly as real-time payment systems, open banking, and cross-border interoperability demand more coordinated oversight than industry-led bodies can typically deliver.

No official transition timeline has been made public.

Last updated: June 5, 2026