The Association of South African Payment Providers (ASAPP) has expanded its membership from eight to 15 companies within its first year of operations, strengthening its role as a collective voice for fintech payment providers. Since launching last January, ASAPP has been actively contributing to industry and regulatory dialogues focusing on lowering the cost of payments and aligning with national initiatives to make financial services more affordable, accessible and inclusive.
“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. “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 January of last year, ASAPP has actively provided input and feedback on key industry and regulatory matters, ensuring that the perspectives of non-bank fintech payment providers are appropriately represented. Notable areas of engagement include 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; and the Authorisation Framework that sets out the regulatory requirements for payment providers to be legally authorised to operate in South Africa.
These submissions are widely seen as contributing to subsequent regulatory drafts, reflecting the association’s growing role in shaping practical, inclusive regulatory outcomes.
ASAPP has also contributed to key industry frameworks, including the National Payment System (NPS) Bill, PCC118A regulatory standards, cloud computing guidelines for secure payment processing, and has submitted an Interchange Paper on transaction fees and policies.
Other outcomes include developing and presenting a proposal for a Multi-Sectoral Public Industry Body to enhance collaboration and representation across the payments industry, as well as supporting market transparency and fair competition.
Expanding its engagement, ASAPP has established itself as an active participant in several key industry and regulatory initiatives. A significant achievement was earning a seat on National Treasury’s Financial Inclusion Forum, enabling ASAPP to work alongside government, regulators and industry to shape policies that broaden access to safe, affordable financial services
ASAPP has also provided strategic input to strengthen the long-term development, resilience, and competitiveness of South Africa’s national payment system under SARB Vision 2025/2030. Notably, they have collaborated with industry stakeholders in the Faster Payments Hit Squad, a South African Reserve Bank initiative under the Payments Ecosystem Modernisation (PEM) Industry Dialogue. Through this engagement, ASAPP is helping to advance faster, interoperable, and more accessible real-time payment solutions, including providing recommendations on the evolution of the PayShap rapid payment service.
In addition, this industry association has made a significant contribution to the Payments Ecosystem Modernisation Programme to support industry modernisation initiatives and ensure that fintech perspectives are represented in payment infrastructure transformation.
Looked ahead, important industry priorities remain, including finalising the framework for fintech participation, implementing interchange reforms to lower costs, and establishing a reconstructed Public Industry Body.
“We are immensely proud of ASAPP’s achievements in establishing itself as a key voice with financial regulators, legislators, and industry stakeholders,” Mali says. “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”.
ASAPP’s members include Altron, Hello Group, iKhokha, Lesaka, Network International, Peach Payments, Shop2Shop, Yoco, KPMG, African Resonance, OTT, Flash (PayU now Rapyd), SASAI and Paycorp.