The update directly addresses regulatory requirements for cross-border payment facilitators acquiring transactions on behalf of offshore merchants, establishing a coordinated framework for their oversight and compliance.
The framework explicitly addresses cross-border settlement, foreign exchange considerations, and the movement of funds between South Africa and offshore merchants, making cross-border payments a significant secondary dimension.
Specialism
The SARB is developing a coordinated regulatory framework to establish supervisory requirements and oversight of cross-border payment facilitators, representing ongoing regulatory supervision and monitoring of payment service providers.
The framework addresses regulatory reporting requirements for PFs including cross-border settlement and reporting obligations to both the NPSD and FinSurv, which constitutes regulatory reporting obligations.
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2026-06-24 08:18:49·rghosh@vixio.com
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Payment facilitators will be required to comply with the NPSD’s regulatory requirements.
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TITLE: South African Reserve Bank Develops Regulatory Framework for Cross-Border Payment Facilitators
BODY:
On June 23, 2026, the South African Reserve Bank (SARB) announced it is developing a coordinated regulatory approach to address the increasing activity of cross-border payment facilitators (PFs) operating in South Africa. PFs aggregate and acquire payment transactions in South Africa on behalf of offshore merchants selling goods or services, including digital products. Although PFs operate under sponsorship arrangements with authorised domestic acquirers, they currently remain unregulated in South Africa.
The SARB's National Payment System Department (NPSD) and Financial Surveillance Department (FinSurv) are jointly developing this coordinated approach to ensure consistent regulatory requirements and reduce regulatory arbitrage risks. PFs will be required to comply with the NPSD's regulatory requirements relating to their sponsorship arrangements for domestic acquiring, as well as FinSurv's application, operational, and compliance requirements. This coordinated framework addresses both domestic payment system oversight and cross-border foreign exchange considerations.
In December 2025, FinSurv issued a draft circular for public consultation on Authorised Dealer and PF responsibilities, cross-border settlement, and reporting requirements. The NPSD has published a draft directive titled "Directive for conduct within the national payment system in respect of issuing and acquiring payments for goods and services provided by offshore merchants - Directive No. X of 2026." Stakeholders must submit comments only on the NPSD draft directive, not the FinSurv circular. Upon finalisation, both the NPSD directive and FinSurv circular will be published simultaneously. The comment period closes on July 17, 2026, with responses to be submitted via the SARB's official channels.
Regulatory approach to cross-border payment facilitators SARB POLICY RATE CPI PPI PRIME R2030 R209 SABOR ZARONIA ZAR/USD ZAR/GBP ZAR/EUR ZAR/JPY × Browser Update Recommended. Our website has detected that you are using an outdated browser that will prevent you from accessing certain features. An upgrade is recommended to improve you browsing experience. Chrome Firefox Edge 3 Safari New Project Home Publications Regulatory approach to cross-border payment facilitators Regulatory approach to cross-border payment facilitators The South African Reserve Bank has noted an increase in cross-border payment facilitator (payment facilitator) activities. 23 June 2026 Under these models, payment transactions are aggregated and acquired in South Africa for offshore merchants that sell goods or services, including digital products. Although payment facilitators are not acquirers, they operate under sponsorship arrangements with authorised domestic acquirers. They are, however, currently not regulated in South Africa. Through its National Payment System Department (NPSD) and Financial Surveillance Department (FinSurv), the SARB is developing a coordinated regulatory approach to address these developments. Payment facilitators will be required to comply with the NPSD’s regulatory requirements as a consequence of their sponsorship arrangements for domestic acquiring. They will also be expected to comply with FinSurv’s application, operational and compliance requirements. A coordinated approach is necessary to ensure that regulatory requirements are applied consistently and to reduce the risk of regulatory arbitrage. This approach supports effective oversight of payment models that span both the domestic payment system and cross‑border foreign exchange considerations. In December 2025, FinSurv issued a draft circular for public consultation, focusing on Authorised Dealer and payment facilitator responsibilities, cross‑border settlement and reporting requirements. FinSurv is currently reviewing the comments received from stakeholders. The NPSD has published a draft directive titled ‘Directive for conduct within the national payment system in respect of issuing and acquiring payments for goods and services provided by offshore merchants - Directive No. X of 2026’. In its consultation on the draft directive, the NPSD made reference to the FinSurv cross-border retail e-commerce regulatory framework (circular) for contextual completeness. Stakeholders are required to submit comments only on the draft NPSD directive and not on the FinSurv circular. Upon finalisation, the NPSD directive and the FinSurv circular will be published simultaneously. The draft directive and FinSurv circular can be accessed at the following links: 1. Directive for conduct within the national payment system in respect of issuing and acquiring payments for goods and services provided by offshore merchants . 2. Draft Exchange Control Circular: Cross-border retail e-commerce regulatory framework The closing date for the comments is 17 July 2026 . Attachments: Joint Industry Communication | Regulatory approach to cross-border payment facilitators