Crypto asset policy.
The Intergovernmental Fintech Working Group conducted research to introduce Stablecoins in 2024. The Financial Intelligence Centre (FIC) and Financial Services Conduct Authority (FSCA) are working to improve enforcement of unlicensed providers. Government is considering requiring crypto assets transactions exceeding R49,999 be reported to the FIC.
read more >>Tokenisation (aka Blockchain)
Tokenisation could enhance access to funds, improve transparency and accountability, and increase foreign direct investment. Other African countries like Nigeria, Ghana and Kenya are exploring tokenisation for debt management, which is why South Africa is also evaluating the platform. The MTBPS only briefly addressed digital asset regulation, despite recent steps in licensing some crypto asset…
read more >>Supporting SMEs through payments innovation
Financial inclusion for SMEs through payments innovations in South Africa involves leveraging technology and new payment methods to provide these businesses with access to financial services that were previously inaccessible or difficult to obtain. This would help SMEs grow, manage their finances more efficiently and integrate more fully into the formal economy. The SME sector…
read more >>Two-pot system/early access to retirement funds
The two-pot system is operational, having been effected on 1 September 2024 following the signing of the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill into law. The two-pot system allows retirement fund members to make withdrawals from their funds while they are still active members by providing more frequent access to a…
read more >>Unclaimed assets – existing unclaimed retirement fund benefit provisions
Discussions and initiatives concerning unclaimed assets have been ongoing for several years, with increased attention placed on this issue in recent times to ensure proper management and safeguarding of unclaimed funds. In 2022, the FSCA published a discussion paper which made 13 recommendations, including mitigating the accumulation of unclaimed assets, establishing a shared understanding of…
read more >>Deepening financial inclusion for individuals – NT to implement strategy
The objective of financial inclusion for individuals in a country like South Africa is to ensure that all individuals and businesses have access to useful and affordable financial products and services that meet their needs. This includes transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way. In 2024, an intra-government financial…
read more >>Improved access for SMEs, diversification, innovation, competitiveness
In South Africa, financial inclusion is centred around ensuring that all individuals and businesses have access to useful and affordable financial products and services that meet their needs. This includes transactions, payments, savings, credit and insurance, delivered in a responsible and sustainable way. Assessing the state of financial inclusion in SA and providing principles to…
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