Rachel Cowan, interim CEO at Ozow.
South African fintech firm Ozow says it has achieved a first in the country’s digital payments space by implementing the real-time payment feature, PayShap Request, in a live environment.
The company claims the functionality represents the country’s first South African Reserve Bank (SARB)-endorsed interoperable account-to-account payment rail (the infrastructure enabling direct fund transfers between bank accounts).
Developed by BankservAfrica and backed by South African banks under SARB’s Rapid Payments Programme, PayShap aims to accelerate digital payments and improve financial inclusion nationwide.
The system allows users to make and receive payments in real-time using a mobile number or e-mail address, referred to as a ShapID. Ozow describes ShapID as a proxy identifier linked to a user’s bank account, simplifying the payment process.
With PayShap Request, the ShapID enables users to send or receive payment requests without needing to input full bank account numbers. On receiving a request, recipients are notified – typically via their banking app – and can approve the transaction instantly. Funds are then transferred in real-time.
Ozow says the service eliminates the need for card details, app downloads or banking credentials.
Rachel Cowan, interim CEO at Ozow, says PayShap has registered approximately 4.5 million ShapIDs – around 8% of SA’s adult population – signalling growing momentum and a significant opportunity for accelerated adoption.
Merchants including Zulzi On Demand and Karri App are among the first to go live with the feature.
Cowan says there is a growing demand for real-time payment platforms and the company expects to scale its merchant base rapidly in the coming months.
“Access to financial solutions remains a challenge in South Africa, especially within underserved communities. Ozow believes that inclusive, low-cost and real-time payment solutions are critical to closing this gap. South Africa’s payments landscape is undergoing a major transformation through the South African Reserve Bank’s Payments Ecosystem Modernisation programme and Vision 2030, which aim to create a more inclusive, interoperable and digitally enabled financial system. PayShap plays a foundational role in this future.”
