Who can issue e-money in South Africa?

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

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