When Finance Minister Enoch Godongwana tabled the 2026 Budget today (25 February), the message was clear: fiscal credibility and structural reform remain central to South Africa’s growth strategy.
For businesses operating across borders, three announcements stand out, the regulation of crypto assets in capital flows, modernisation of the national payments system, and further easing of cross-border investment restrictions.
National Treasury confirmed that draft regulations will soon bring crypto assets formally into South Africa’s capital flow management framework . This move complements existing anti-money laundering safeguards and provides greater clarity for market participants.
“For cross-border businesses, regulatory certainty is critical,” says James Booth, head of revenue at cross border payments provider Verto.
“Bringing crypto assets into the formal capital flow regime strengthens transparency and reduces risk, while ensuring innovation can develop within a clear and credible framework.”
Equally significant is progress on the Payments Ecosystem Modernisation (PEM) programme. The establishment of PayInc as a shared digital payments utility marks a major milestone in modernising South Africa’s payments infrastructure.
By enabling interoperability across payment providers and supporting both high-value and retail transactions, the platform lays the groundwork for faster and more inclusive digital settlement.
“As trade grows, payment efficiency becomes a competitiveness issue,” says Booth.
“Modern, interoperable payments infrastructure reduces friction, improves settlement times and strengthens liquidity management for businesses operating across African and global markets.”
The Budget also signals continued easing of restrictions on cross-border capital flows, including enabling domestic asset managers to manage portfolios of foreign assets . This positions South Africa more firmly as a regional financial hub aligned with the African Continental Free Trade Area.
Together, these reforms reflect an understanding that physical infrastructure and financial infrastructure must evolve in tandem. Rail corridors, ports and energy reform move goods; payments systems and capital frameworks move value.
“For exporters and SMEs expanding beyond South Africa’s borders, the efficiency of money movement is as important as the efficiency of goods movement,” Booth concludes. “Budget 2026 demonstrates meaningful progress toward a more modern, integrated and globally competitive cross-border ecosystem.”