The South African Reserve Bank has declared goals for 2025 that it needs to pick up speed on.
The South African Reserve Bank has released a digital payments roadmap toward the goals of its Vision 2025, published six years ago.
Adoption of digital payment technologies in the country has been “sluggish,” the report said. It looked at ways to catch up to the vision, including plans for cryptocurrency and central bank digital currency (CBDC).
South Africa’s financial services sector, especially banking, is well-developed. Despite advances in digital payment technology, South Africans with lower and middle living standards remain disproportionately dependent on cash, the report found. User costs, low financial literacy, limited accessibility and lack of trust hinder progress, however.
