A Seat At The Table

A seat at the table with Riaan Hanekom

Representation matters. It’s something that the fintech sector has lacked up until now. Historically, most industry bodies were largely overseen and governed by traditional banking institutions. ?

The main platform for these discussions has been the various Payments Association of South Africa (PASA) forums, with PASA being recognised by the South African Reserve Bank (SARB) to oversee the payment ecosystem in the country. ?

Heralded as the next evolution of PASA, the introduction of the new Payments Industry Body (PIB) will allow payment service providers and fintechs direct access to important payments industry conversations and decisions, through an extended and more inclusive membership regime. ?

Currently, only banks and designated clearing participants have had a formal seat at the PASA table. This has meant that any other players in the payment ecosystem have had very little influence or input over how things can work in the industry. ?

The new PIB promises to be an inclusive community of payment system stakeholders, levelling the playing field by allowing fintechs to participate on the same level as their banking partners. Introducing transparency and allowing more participants in the financial system to have a voice will foster innovation, expedite regulatory changes, and assist greatly in Ozow’s goal of digital inclusion.? ?

It will take a bit of time before we see any major changes with the PIB, but it shows tremendous promise for the fintech industry. ?