The South African Reserve Bank (SARB) is prioritizing the development of its real-time payments platform, Payshap, over a central bank digital currency (CBDC) for the rand, according to deputy governor Rashad Cassim. In a statement, Cassim indicated that the bank's immediate focus is on enhancing instant payment systems rather than pursuing a digital rand, a project that remains under study.
Cassim stated that the SARB's primary objective is to improve the efficiency of the country's payment ecosystem. "We are targeting real-time payments," he said, emphasizing the role of Payshap in this strategy. The platform, launched to facilitate faster and cheaper transactions, represents a cornerstone of the central bank's current digital finance agenda. The exploration of a digital rand, while ongoing, is not being treated as an urgent priority.
This public prioritization of a conventional instant payment system over a CBDC coincides with private sector concerns about South Africa's regulatory approach to newer digital assets. Marcus Swanepoel, CEO of cryptocurrency exchange Luno, has warned that restrictive regulations could cause the country to miss out on the economic potential of stablecoins. Swanepoel cited estimates that the global stablecoin economy could reach $33 trillion, suggesting that South Africa risks being left behind if it does not create a conducive environment.
The divergent views highlight a broader tension in African financial policy between modernizing existing payment infrastructures and embracing more radical digital innovations. South Africa's approach, favoring a gradual upgrade via Payshap, contrasts with some other African nations that are actively piloting CBDCs or, conversely, imposing stricter controls on crypto-linked finance.
In West Africa, for instance, Ghana's central bank recently took a firm stance against digital asset mixing with traditional banking. The Bank of Ghana issued a directive in June 2026 prohibiting financial institutions from offering services that support cryptocurrency trading, specifically banning banks from maintaining foreign currency accounts for crypto exchanges. This move aims to separate the regulated banking sector from the volatile crypto market.
The SARB's current strategy suggests a middle path: advancing digital payments through a supervised, bank-led system like Payshap while maintaining a cautious, research-based posture on a digital rand and the wider crypto sector. This leaves the private sector, represented by voices like Swanepoel, advocating for more open frameworks to capture emerging opportunities. The outcome of this policy balancing act will shape South Africa's position in the evolving landscape of digital finance.