Upgrade and rollout of digital identity verification system
The reform includes a national smart ID rollout, biometric verification, digital onboarding and integration with banks and government services.
read more >>New requirements for cybersecurity resilience, eg, all financial institutions to adopt robust cybersecurity, risk management and incident response frameworks
The Joint Standard on Cybersecurity and Cyber Resilience (effective June 2025) sets minimum requirements for governance, incident response, employee training, and third-party risk.
read more >>Comprehensive review and overhaul of the regulatory framework for the distribution of funeral insurance
Funeral insurance is the most widely held insurance product in SA, making this reform socially and economically important. The review is a comprehensive overhaul, with stakeholder workshops, regulatory gap analysis and a draft framework focused on compliance and consumer empowerment. The focus is on protecting vulnerable consumers, supporting small businesses and ensuring fair market practices.
read more >>New reporting requirements and supervision.
The reform introduces new prudential standards, CODI contributions and updated reporting, with ongoing review of the Mutual Banks Act. This enhances monitoring and guidance for mutual banks.
read more >>SARB empowered to manage systematically important financial institutions (SIFIs) failures.
The Corporation for Deposit Insurance (CODI) is operational, with premium collection commencing from April 2024 and resolution protocols in place, aligning South Africa with global best practices.
read more >>Mandatory task force on climate-rated financial disclosures (TCFD) reporting
South Africa’s climate-resilient investment framework provides policy guidance, incentives for green finance and a taxonomy for sustainable investment, with pilots under way and integration into fiscal planning. Banks are required to comply by 2026 and insurers by 2027. A pilot programme with 12 institutions was completed in November 2024.
read more >>Modernise forex system for trade and investment to align with OECD code of liberalisation
Modernising South Africa’s foreign exchange controls involves phased liberalisation of forex regulations, regulatory updates and alignment with the OECD code and AfCFTA requirements.
read more >>New standards for exchanges and market infrastructures.
The reform introduces new standards for exchanges, clearinghouses and market infrastructures, with a focus on interoperability and risk management. Finalisation is expected in 2025.
read more >>Real-time, low-cost payment platform (SARB project Khokha) with the potential to boost financial inclusion.
The reform involves amendments to the NPS Act, expanding non-bank access, supporting digital payments and enhancing security and competition. For the reform to succeed requires partnerships with telecommunication companies. Technical specs were published in December 2024. Eight banks are currently participating in a digital pilot programme.
read more >>Improving credit information and reporting through national credit bureau and data-sharing reforms.
The reform includes developing a public credit registry, new data-sharing protocols and a business credit reporting ecosystem for MSMEs. It may require regulatory changes over the short term and legislative changes over the long term to accommodate credit data for micro, small and medium enterprises (MSMEs).
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