The South African Reserve Bank (SARB) has subscribed to a 50% shareholding in PayInc, previously known as BankservAfrica.
Concurrently, Capitec and Investec have subscribed as direct shareholders of PayInc. In a related transaction, Access Bank, African Bank, Capitec, Citibank SA and Investec will also subscribe for direct holdings in PayInc, through the unbundling of the Dandyshelf shareholding.
At the conclusion of both transactions, Capitec will be an equal shareholder to the existing shareholder banks (Absa, FirstRand, Nedbank and Standard Bank), while the remaining banks will hold minority shares.
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,” says Stephen Linnell, 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.
“The conclusion of this transaction sets the stage for the next era of payments in South Africa,” adds 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.”