How would you say the regulatory environment is in South Africa? And how do you see it evolving as other ways of payments come in?

If you'd asked me this question three years ago, I would have said very little evolution.

But in the last three years, there's been significant change in the South African regulatory environment.

So we used to have a, there were the big banks, right? The big four banks, the bullies, and they owned an entity called BankServe.

And BankServe set the regulations and would switch transactions between the big four banks.

Then there was the Payments Association of South Africa, PASA.

There was an independent association who set some of the rules around payments.

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