SARB concludes transaction to become a 50% shareholder in PayInc

PayInc, formerly BankservAfrica, on Tuesday announced the conclusion of a landmark transaction that positions the South African Reserve Bank (SARB) as a 50% shareholder, alongside leading commercial banks.

With all transaction steps now complete, the SARB joins Absa, Access Bank, African Bank, Capitec, Citibank SA, FirstRand, Investec, Nedbank and Standard Bank as direct shareholders.

The transaction establishes PayInc as the National Payments Utility (NPU) and is designed to accelerate the modernisation of the national payments system.

The SARB’s equity subscription establishes PayInc as a national Payments Utility, jointly owned by the central bank and South Africa’s commercial banks. 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.

“This moment reflects the culmination of a shared vision between the SARB, the banking industry, and PayInc to transform South Africa’s payments infrastructure,” said Stephen Linnell, the CEO of PayInc. “With the SARB as a direct shareholder, PayInc is better positioned than ever to deliver modern, affordable, and inclusive payment services that will unlock growth across our economy.”

PayInc has long been at the heart of South Africa’s payments system. From its origins as BankservAfrica more than five decades ago, the company has played a vital role in enabling electronic, card, cash, and cheque payments. Today, PayInc’s focus is firmly on digital payment innovation and inclusivity.

“The conclusion of this transaction sets the stage for the next era of payments in South Africa,” added Linnell. “As PayInc assumes a broader role as the national payments utility, we are proud to be working with all our stakeholders in scaling digital payments and enabling a payment ecosystem that is secure, efficient, and inclusive.”

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