Tag: openbanking

South Africa’s next wave of credit growth will come from a generation that is digitally fluent, economically active, and increasingly reliant on credit to navigate rising living costs. Yet, this generation remains largely invisible to traditional credit systems. According to TransUnion, only 28% of South African Gen Z consumers over the age of 18 are credit active. This highlights the challenge lenders face when assessing first-time borrowers.

The South African Reserve Bank (SARB) has published the third version of its proposed amendment to the payments regulatory framework. The amendments focus on two key instruments. These include a draft exemption notice that excludes certain payment activities from constituting “the business of a bank”, and a revised draft Authorisation Framework set out in a draft directive.