The South African Reserve Bank (SARB) has unveiled an ambitious roadmap that seeks to usher in a cashless era, prioritizing financial inclusion and economic growth.

Through the partnership, the two entities will provide small businesses in South Africa, Nigeria, Kenya, and Egypt with an online platform, powered by SAVA’s Payment Transaction System, that includes digital bank accounts and accounting integration tools.

The National Treasury yesterday published the Financial Inclusion Policy Framework for South Africa, titled “An Inclusive Financial Sector for All” following the endorsement and approval of the policy framework by Cabinet on 8 August 2023.

This ZAR 60 billion (≈ USD 3.3 billion) investment is expected to contribute significantly to enhancing network resilience, further accelerating Vodacom’s deep rural coverage program to help bridge the digital divide and deepening financial inclusion.

The FINNIX mobile app, which is regulated by the Bank of Thailand, was developed by MONIX and offers microfinance loans through a completely digital process from loan application to approval and disbursement.

The company aims to solve the problem of informal areas not having access to payments systems in the digital age.

The investment aims to support a resilient recovery by promoting business growth, creating jobs, and fostering financial inclusion.

Ongoing shifts toward e-commerce, digital payments (including contactless), and instant payments have all been significantly boosted during the pandemic with real-time payments surging by 104 percent.

The Bank of Thailand has been asked to review the ceiling of interest rates and supervise credit cards, personal loans and car loans, as the Thai government has vowed to tackle high household debt, incurred by credit card and personal loans.

New offering combines electronic cross-border payments and associated documentation on same platform, cutting days off execution of cross-border payments in South Africa.