Ozow has welcomed Finance Minister Enoch Godongwana’s strong commitment to modernising South Africa’s national payments system, as outlined in this year’s Budget Speech.
Image: Ozow
PAYMENTS processing company Ozow has welcomed Finance Minister Enoch Godongwana’s strong commitment to modernising South Africa’s national payments system, as outlined in this year’s Budget Speech.
In his address, the Minister confirmed that the National Treasury and the SA Reserve Bank (SARB) had prioritised the modernisation of the national payments system through the Payments Ecosystem Modernisation (PEM) programme.
A key milestone has already been achieved with the establishment of a Payments Utility, PayInc, which will provide an open, shared digital payments infrastructure to support operability across payment providers.
PayInc (formerly BankservAfrica) is Africa’s largest automated clearing house and a national payments utility for South Africa, providing crucial interbank switching, clearing, and settlement services. Rebranded in late 2025, it is 50% owned by SARB.
Rachel Cowan, interim chief executive of Ozow, said the announcement reinforces the importance of collaboration between regulators, banks and fintech innovators in building a more inclusive and efficient digital economy.
“The Minister’s confirmation that Payments Ecosystem Modernisation is a national priority signals a significant step forward for South Africa’s digital payments landscape. Interoperable, real-time and accessible payment systems are fundamental to bringing consumers into the digital economy with a more equitable, efficient, secure and affordable way to transact,” Cowan said.
As the first in South Africa to integrate and enable PayShap Request for e-commerce, Ozow has already demonstrated how modern payment rails can unlock instant, secure and cost-effective transactions for both consumers and merchants.
PayShap Request enables real-time payment requests directly between bank accounts, reducing friction in e-commerce and improving cash flow for businesses.
Through Ozow’s proactive effort to drive merchant adoption of PayShap Request, they continue to establish themselves as a key payments provider, supporting the mandate that PayInc hold in South Africa.
“Modernising payments is not just about technology; it is about economic inclusion. By leveraging real-time capabilities such as PayShap Request, we can help bring more South Africans into the formal economy, support and SME growth, and strengthen trust in digital commerce,” Cowan said.