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Emigration worsens skills shortage in SA’s national payment industry

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newsBL Premium reports that according to the Payment Association of SA (Pasa), SA’s national payment system, the backbone of the country’s financial system, is grappling with a skills shortage problem, worsened by emigration of skilled personnel.

A Pasa spokesperson said the demand for knowledge, experience and an in-depth understanding of the payments industry far outweighed the supply. The skills shortage comes at a time when the country is looking at modernising the industry and building a more inclusive payments system amid a rapidly changing global payments landscape characterised by the emergence of disruptive technologies, increased cyberthreats, regulation, and consumer demands for faster, cost-effective payments. Pasa CEO Ghita Erling indicated in the organisation’s 2022 annual report: “As part of our efforts to understand and mitigate this risk, we are engaging with multiple industry players, and initiated a needs analysis study to gain insight into the industry’s different resource requirements and what is needed to build capacity in the payments system. The outcomes of the study will be used to develop a comprehensive, industry wide capacity-building strategy.” According to Pasa, more than R500bn is settled through the national payment system daily, with consumers and corporates having a choice of about 18 different payment systems, which jointly form part of the system, to complete transactions. These payment systems are governed and regulated by Pasa and range from low-value debit card transactions to high-value bond exchange payments.

  • Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)


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