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BusinessDay reports that the SA Reserve Bank (SARB) has concluded a deal to acquire half of PayInc, the company responsible for clearing payments between the country’s largest banks.
The transaction establishes PayInc, formerly known as BankservAfrica, as a national payments utility, jointly owned by the SARB and SA’s commercial banks. PayInc processes bank card, ATM and EFT transactions between SA’s banks as part of the SA National Payments System. “This unique public–private partnership provides the foundation for building a digital payments ecosystem that is more secure, efficient and inclusive – enabling greater economic participation for all South Africans,” PayInc said about the SARB acquisition.
Until now, the company had been a joint venture between the country’s banks. This latest transaction will result in the SARB holding a 50% stake, with the other 50% held by the banks. PayInc began its life in 1972 as the Automated Clearing Bureau (ACB), SA’s first payments clearing house. The name was changed to Bankserv in 1993 and then to BankservAfrica in 2010. In August, the company rebranded, changing its name to PayInc.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessDay (subscriber access only)
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