In a landmark move set to redefine the nation’s financial landscape, the South African Reserve Bank (SARB) has officially become a 50% shareholder in PayInc, the company formerly known as BankservAfrica.
This strategic investment, finalised on 11 November 2025, transforms PayInc into a national payments utility and marks a pivotal step in the country’s payments modernization journey.
The transaction establishes a unique public-private partnership, jointly owned by the central bank and South Africa’s major commercial banks. This new structure is designed to build a more secure, efficient, and inclusive digital payments ecosystem, aiming to enable greater economic participation for all citizens.
The deal also triggers a significant reshuffling of ownership among other financial institutions.
With all transaction steps now complete, the SARB joins Absa, Access Bank, African Bank, Capitec, Citibank SA, FirstRand, Investec, Nedbank and Standard Bank as direct shareholders.
Stephen Linnell, CEO of PayInc, hailed the transaction as a transformative achievement. “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 Linnell. “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.”
PayInc, a systemically important financial market infrastructure, has been at the core of South Africa’s payment systems for over five decades. The company’s evolution from its origins as BankservAfrica to its current focus on digital payment innovation and inclusivity culminates in this new chapter.
“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.”
