Online payment leader Payfast by Network, a subsidiary of Network International, has been designated a clearing system participant (DCSP) by the South African Reserve Bank (SARB). As one of the few payment providers in the country to have this designation, Payfast by Network can now facilitate payment transactions directly into the national payments system as an acquirer. This achievement further elevates the brand’s status as a trusted partner and provider of payment services in South Africa
“Acquiring this licence marks a major milestone in Network’s efforts to support fintech and financial institutions contributing to the growth of the South African economy. As a licenced acquirer, Network will enable local partners and customers with the latest infrastructure and tools to support their businesses,” said David Adams, Southern Africa Regional Managing Director at Network International, which supports Payfast by Network, the ecommerce solution in the region.
Last year, Network International invested R500 million in South Africa to enhance processing and technology capabilities. Combined with the opportunities afforded as an acquirer, Payfast by Network merchants can expect to see a host of direct benefits – including faster and more efficient payment services.
“We are grateful to the South African Reserve Bank for its confidence in our capabilities to add value to the South African economy. Our objective is to be the fastest-growing and leading enabler of digital payments in the Middle East and Africa. This move is part of our strategy to empower South Africa with world-class solutions and innovations and contribute to the growth of the local economy as well as drive success for our merchants,” says Mpho Sadiki, Group Managing Director for Merchant Services in Africa at Network International.
Payfast by Network is an online payment solution offered by Network International. Earlier this year, Payfast, the company, rebranded to become Network International – laying the groundwork for strategic international partnerships that aim to introduce innovative payment products and drive financial inclusion.
About Network International
Network International is the Middle East and Africa’s largest and leading digital payments company. Our purpose is to help businesses and economies grow by simplifying payments and commerce. We operate in over 50 countries, serving governments, banks, fintechs, merchants, and public sector companies. We have over 2 000 digital payments experts based in our markets serving over 200 financial institutions and more than 120 000 merchants. In Africa, we operate in over 40 countries with offices in South Africa, Nigeria, Kenya, Ghana and Egypt. In South Africa, Network offers ecommerce and instant EFT solutions under its Payfast, Instant EFT, and SiD product lines.
