Do e-wallet providers need a banking license now?

No, not in every case. If the provider complies with the Exemption Notice terms, they can legally operate without a banking license, but they’ll still need to meet SARB’s new operational rules.

What if my business only processes small-value payments?

Even low-volume or low-value transactions count if they’re instant, frequent, or handled on behalf of others. You’ll need to review the directive and check if your service qualifies as a regulated activity.

When do these changes officially start?

The comment window for the public closed in April 2025, and SARB is expected to finalize the rules by the end of the year. Businesses should begin assessing and adjusting their compliance plans now.

What do these changes mean for consumers?

Consumers can expect better security, stricter fraud prevention, and more reliable digital services. These reforms ensure that even non-bank providers handle your funds responsibly.

What happens if a company ignores the rules?

Non-compliant services could face penalties, license suspension, or even be forced to shut down operations. SARB wants to ensure all players are held to the same high standards.

SARB’s New Payment Rules 2025! What e-Wallet Users Must Know?

With growing technology and digitalization, lots of new things are on their way. Among these changes, the e-Wallets and Digital Transfers is playing crucial role in nation development. South Africa is also going updating its payments rules. Well, the SARB’s New Payment Rules 2025 for e-Wallets and Digital Transfers Under Scrutiny are now live. If you are curious about what’s staying, what’s changing, and how it impacts you? read the complete post below.

WhatsApp Channel Join Button

Table of Contents

SARB’s New Payment Rules 2025

Big changes are coming to the way South Africans send and receive money and it could affect the digital wallet or app you use every day. The South African Reserve Bank (SARB) has just reveal bold new payment rules for 2025, putting e-wallets, mobile transfers, and non-bank money apps under the spotlight. Whether you run a business or simply pay with your phone, these updates could change how your money moves, and how it’s protected. Check out all about it from below.

Current Update

As South Africa embraces the digital age, the South African Reserve Bank (SARB) introduces two important draft policies in early 2025 to update and control how money moves electronically. These proposals aim to bring non-bank financial services, such as e-wallet providers and fintech platforms, under a clearer set of rules. The two key documents are –

Draft Payment Activities Exemption Notice (under the Banks Act)
Draft Directive on Specified Payment Activities (under the National Payment System Act)

These serve as temporary guidelines until formal legislation is finalized. Together, they represent a big step toward reshaping the digital payment ecosystem in the country.

What Are These Drafts About?

Draft Policy	Purpose
Exemption Notice	Allows non-banks like fintech apps to offer services such as mobile wallets without being full-fledged banks, provided they meet certain safety and reporting requirements.
Directive on Payment Activities	Sets out rules and obligations for all businesses handling digital payments—including capital limits, security, proper governance, and data management.

These drafts aim to close gaps in oversight, ensuring that both banks and fintech startups follow similar standards for user protection and financial integrity.

Who Will These Changes Impact?

If you are part of any digital financial service, these new proposals likely affect you. This includes –

Mobile money platforms
Peer-to-peer (P2P) money transfer apps
Digital wallets and e-wallets
Online checkout/payment tools
Money-sending/remittance providers
Store-based payment accounts (like gift cards or app wallets)

Whether you are offering a full-service digital bank or just a simple payment app, your operations may soon require new forms of licensing or compliance.

What Counts as a “Payment Activity” Now?

Even holding money temporarily in a customer wallet might now require regulatory clearance. According to the draft rules, the following services are now seen as regulated “payment activities” –

Accepting merchant payments (e.g., enabling card or QR payments for shops).
Issuing digital money (stored funds in a wallet or app).
Managing customer accounts for payments.
Executing electronic transfers and debit orders.
Providing real-time or 24/7 instant payments.
Creating or offering payment tools (cards, payment apps).
Acting as an agent for someone else’s payments.
Sending money across borders or within SA.
Clearing and settling transactions.
Managing or being part of digital payment networks.

Why These Rules Matter: Key Benefits

The rules help to build trust in digital financial services, encourage innovation while protecting users. The new framework promises multiple benefits for both users and service providers –

Safer transactions – Customers get better protection for their money
Level competition – Banks and non-banks follow similar expectations
Global compatibility – Aligns SA’s systems with worldwide financial practices
Transparency – Less risk of misuse or unclear fund handling

Tips for Businesses Offering Payment Services

This is particularly important for small or emerging fintech platforms, which may not have previously been under SARB’s radar. If you’re part of the financial tech or payments space, consider these steps –

Check if you’re covered – Review your service model to see if it qualifies as a “payment activity”
Start preparing – Licensing, capital thresholds, and compliance systems might soon be required
Engage early – Although full enforcement isn’t here yet, SARB plans to finalize the legal framework by late 2025. Preparing now can save you from last-minute stress.

Frequently Asked Questions

Do e-wallet providers need a banking license now?

No, not in every case. If the provider complies with the Exemption Notice terms, they can legally operate without a banking license, but they’ll still need to meet SARB’s new operational rules.
What if my business only processes small-value payments?

Even low-volume or low-value transactions count if they’re instant, frequent, or handled on behalf of others. You’ll need to review the directive and check if your service qualifies as a regulated activity.
When do these changes officially start?

The comment window for the public closed in April 2025, and SARB is expected to finalize the rules by the end of the year. Businesses should begin assessing and adjusting their compliance plans now.
What do these changes mean for consumers?

Consumers can expect better security, stricter fraud prevention, and more reliable digital services. These reforms ensure that even non-bank providers handle your funds responsibly.
What happens if a company ignores the rules?

Non-compliant services could face penalties, license suspension, or even be forced to shut down operations. SARB wants to ensure all players are held to the same high standards.

Final Thoughts

The digital money world is changing quickly, and SARB’s new draft rules are design to modernize the system, ensure safety, and build trust across the financial sector. These policies aim to –

Create fair competition between banks and fintechs.
Safeguard consumers from misuse and fraud.
Ensure that South Africa’s payment system is ready for a cashless, global economy.

If you operate a platform that moves or holds digital money, now is the time to review your status, upgrade your systems, and prepare for the new rules. These changes are about shaping a stronger, safer, and smarter digital payment future for South Africa.