Oct 16, 2026 · 12 min · 8 segments
South Africa's PayShap has processed over R403 billion since 2023—but has it reached the people who need it most?In this video, we unpack the numbers behind South Africa's rapid payments revolution…
Zimasa VabazaHost
So what is PayShap and why does it exist? Well, PayShap is a low-value, real-time digital payment platform that allows South Africans to send and receive money instantly using their cell phone number instead of bank account details.
Your cell phone number is then linked to your bank account, and transfers happen in seconds, not days anymore.
That framework sets out nine goals for modernizing the national payment system: greater financial inclusion, regional integration, interoperability, cost-effectiveness, and improved financial stability.
The platform launched in March 2023 with Absa, FNB, Nedbank, and Standard Bank participating.
The original vision was pretty clear as Bankserv Africa's Head of Real-Time Payments, Mpo Saedickie, put it at a launch.
Every South African, including small business owners and merchants to commercial businesses, they all stand to benefit from the system, one which becomes a viable alternative to cash only.
I don't know how I feel about cash being almost rendered obsolete, especially in the South African sense, because so many people still use cash.
So what is PayShap and why does it exist? Well, PayShap is a low-value, real-time digital payment platform that allows South Africans to send and receive money instantly using their cell phone number instead of bank account details.
Your cell phone number is then linked to your bank account, and transfers happen in seconds, not days anymore.
That framework sets out nine goals for modernizing the national payment system: greater financial inclusion, regional integration, interoperability, cost-effectiveness, and improved financial stability.
The platform launched in March 2023 with Absa, FNB, Nedbank, and Standard Bank participating.
The original vision was pretty clear as Bankserv Africa's Head of Real-Time Payments, Mpo Saedickie, put it at a launch.
Every South African, including small business owners and merchants to commercial businesses, they all stand to benefit from the system, one which becomes a viable alternative to cash only.
I don't know how I feel about cash being almost rendered obsolete, especially in the South African sense, because so many people still use cash.
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