Who can issue e-money in South Africa?

South Africa has no standalone non-bank e-money licence category today: e-money issuance has required a registered bank (SARB Position Paper on Electronic Money, NPS 01/2009), and the SARB PEM Authorisation Framework that would open non-bank issuance is still in draft (final expected ~Q3 2026). Revisit when PEM finalizes.

Source: SARB Position Paper on Electronic Money (NPS 01/2009) · SARB Payments Ecosystem Modernisation (PEM) programme

“E-money issuance” here is the normalized activity: Issue stored-value / electronic money redeemable at par and hold the customer float. The category of licence that lets a provider keep customers' money.

Activity id (as used by the Afriset MCP): fintech:EMONEY_ISSUE