--- title: If it quacks like a duck: Kganyago on regulating fintechs description: South Africa's Reserve Bank governor Lesetja Kganyago announced at MTN Group Fintech's 2026 summit that the National Payment System Bill will soon go out for... canonical: https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch twitter:card: summary_large_image twitter:site: @dailydotdev og:type: website og:site_name: daily.dev og:title: If it quacks like a duck: Kganyago on regulating fintechs | daily.dev og:description: South Africa's Reserve Bank governor Lesetja Kganyago announced at MTN Group Fintech's 2026 summit that the National Payment System Bill will soon go out for... og:url: https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch og:image: https://api.daily.dev/og/posts/0aWWaOxcH.png og:image:alt: If it quacks like a duck: Kganyago on regulating fintechs og:image:width: 1200 og:image:height: 630 og:locale: en --- > ## Documentation Index > Fetch the complete documentation index at: https://daily.dev/llms.txt > Use this file to discover all available pages before exploring further. # If it quacks like a duck: Kganyago on regulating fintechs **[TechCentral](https://daily.dev/sources/techcentral)** · 4 min read · 0 upvotes · 0 comments ## Summary South Africa's Reserve Bank governor Lesetja Kganyago announced at MTN Group Fintech's 2026 summit that the National Payment System Bill will soon go out for public comment, shifting the country's payment regulation from an entity-based model to an activity-based one where fintechs face the same rules as banks for equivalent activities. The bank is also building an authorisation framework and PayInc (formerly BankservAfrica) into a national payment utility open to all qualifying participants. A Reserve Bank scoping study counted roughly 400 fintechs now operating in the country, and Kganyago flagged rising cyber and operational risk as payments move across cloud infrastructure and multiple providers. ## Full article daily.dev links to this article rather than hosting it. Read it at the original source: ## Questions this post answers ### What is South Africa's National Payment System Bill and how will it affect fintechs? The National Payment System Bill is upcoming legislation from the South African Reserve Bank that will move payment regulation from an entity-based model to an activity-based one, meaning fintechs performing the same payment activities as banks face similar regulatory expectations, including governance, safeguarding customer funds, anti-money laundering controls, and supervisory oversight. It is expected to go out for public comment soon. _Track how activity-based payment rules reshape fintech compliance obligations with daily.dev._ ### How many fintech companies operate in South Africa? A second Reserve Bank fintech scoping study counted about 400 fintechs operating in South Africa, according to governor Lesetja Kganyago. These companies are helping expand financial access, improve customer experience, and push established banks to raise governance and resilience standards. _Developers building payments products can follow African fintech market data on daily.dev._ ### What is PayInc and what role does it play in South Africa's payment system? PayInc, formerly known as BankservAfrica, is being built into a national payment utility accessible to all participants who meet South Africa's payment ecosystem rules, with the Reserve Bank taking a shareholding in the entity. It sits at the center of the central bank's new regulatory architecture alongside an authorisation framework and the upcoming National Payment System Bill. _Engineers integrating with national payment rails can follow infrastructure shifts like this on daily.dev._ ## Similar posts on daily.dev - [Fintech takes ATM fight to competition regulator](https://daily.dev/posts/fintech-takes-atm-fight-to-competition-regulator-svy9n2usm) · TechCentral · 1 upvotes · 0 comments - [Fintechs and crypto shake Africa’s banking foundations](https://daily.dev/posts/fintechs-and-crypto-shake-africa-s-banking-foundations-wzl56fm9k) · TechCentral · 1 upvotes · 0 comments - [The open banking divide in South Africa](https://daily.dev/posts/the-open-banking-divide-in-south-africa-o5ydtb6fe) · TechCentral · 0 upvotes · 0 comments - [Fintechs outpacing banks in South Africa’s informal economy](https://daily.dev/posts/fintechs-outpacing-banks-in-south-africa-s-informal-economy-gncjr5xpn) · TechCentral · 0 upvotes · 0 comments --- Tags: [#fintech](https://daily.dev/tags/fintech), [#regulation](https://daily.dev/tags/regulation) [View this post on daily.dev](https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch) ```json {"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://daily.dev/#organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180},"sameAs":["https://twitter.com/dailydotdev","https://github.com/dailydotdev","https://www.linkedin.com/company/daily-dev-ltd"]},{"@type":"WebSite","@id":"https://daily.dev/#website","url":"https://daily.dev","name":"daily.dev","publisher":{"@id":"https://daily.dev/#organization"},"potentialAction":{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https://daily.dev/search?q={search_term_string}"},"query-input":"required name=search_term_string"}}]} {"@context":"https://schema.org","@type":"TechArticle","headline":"If it quacks like a duck: Kganyago on regulating fintechs","url":"https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch","mainEntityOfPage":{"@type":"WebPage","@id":"https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch"},"datePublished":"2026-09-01T10:27:12.429Z","dateModified":"2026-09-01T10:27:58.149Z","description":"South Africa's Reserve Bank governor Lesetja Kganyago announced at MTN Group Fintech's 2026 summit that the National Payment System Bill will soon go out for...","image":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/327708aba04144482c8eebd4582802dc?_a=AQAEuop","thumbnailUrl":"https://media.daily.dev/image/upload/f_auto,q_auto/v1/posts/327708aba04144482c8eebd4582802dc?_a=AQAEuop","isAccessibleForFree":true,"articleSection":"TechCentral","inLanguage":"en","publisher":{"@type":"Organization","name":"daily.dev","url":"https://daily.dev","logo":{"@type":"ImageObject","url":"https://daily.dev/apple-touch-icon.png","width":180,"height":180}},"author":{"@type":"Organization","name":"TechCentral","logo":"https://media.daily.dev/image/upload/s--RsqLDZrL--/f_auto/v1717745297/logos/techcentral","url":"https://daily.dev/sources/techcentral"},"commentCount":0,"discussionUrl":"https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch","interactionStatistic":[{"@type":"InteractionCounter","interactionType":{"@type":"LikeAction"},"userInteractionCount":0},{"@type":"InteractionCounter","interactionType":{"@type":"CommentAction"},"userInteractionCount":0}],"keywords":"fintech,regulation","timeRequired":"PT4M"} {"@context":"https://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https://daily.dev"},{"@type":"ListItem","position":2,"name":"TechCentral","item":"https://daily.dev/sources/techcentral"},{"@type":"ListItem","position":3,"name":"If it quacks like a duck: Kganyago on regulating fintechs"}]} {"@context":"https://schema.org","@type":"FAQPage","@id":"https://daily.dev/posts/if-it-quacks-like-a-duck-kganyago-on-regulating-fintechs-0awwaoxch#faq","mainEntity":[{"@type":"Question","name":"What is South Africa's National Payment System Bill and how will it affect fintechs?","acceptedAnswer":{"@type":"Answer","text":"The National Payment System Bill is upcoming legislation from the South African Reserve Bank that will move payment regulation from an entity-based model to an activity-based one, meaning fintechs performing the same payment activities as banks face similar regulatory expectations, including governance, safeguarding customer funds, anti-money laundering controls, and supervisory oversight. 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