The founding members of the Association of South African Payment Providers.
The Association of South African Payment Providers (ASAPP) has expanded its membership from eight to 15 companies.
Launched by SA’s fintech industry players, ASAPP aims to help ensure fair access to payment infrastructure, reduce the wholesale cost of digital payments, and enhance transparency and customer mobility in SA’s payment ecosystem for individuals and businesses.
The fintech body’s founding members include Altron, Hello Group, iKhokha, Lesaka, Network International/Payfast by Network, Peach Payments, Shop2Shop and Yoco.
In a statement, the association notes KPMG, African Resonance, OTT, Flash Group, Rapyd (formerly PayU), SASAI and Paycorp as part of the new membership.
“ASAPP was launched with the ambition of giving fintech payment providers a clear and united voice within the broader ecosystem,” says ASAPP president Lincoln Mali.
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“This year has been a remarkable first chapter in our story. The foundations we have laid through dedication, collaboration and professionalism have positioned ASAPP as a trusted industry association and an essential partner in South Africa’s payments future.”
Since making its debut last year, the association says it has provided input and feedback on industry and regulatory matters, such as the Banks Act Exemption that allows certain non-bank fintech payment providers to offer specific services without a full banking licence, subject to regulatory conditions.
Another is the Authorisation Framework that sets out the regulatory requirements for payment providers to be legally authorised to operate in South Africa, it notes.
It has also contributed to key industry frameworks, including the National Payment System Bill, PCC118A regulatory standards, cloud computing guidelines for secure payment processing, and has submitted an Interchange Paper on transaction fees and policies.
Looking ahead, ASAPP explains that important industry priorities remain, including finalising the framework for fintech participation, implementing interchange reforms to lower costs, and establishing a reconstructed Public Industry Body.
“Going forward, our work will continue to drive fair access to payment systems, support digital innovation, reduce costs, and enhance transparency and mobility for all users,” Mali concludes.
