This scheme could provide more latitude in deciding whether to close an ailing bank, without the concern that depositors in financially healthy banks may lose confidence in the banking system as a whole. Sound financial supervision is a prerequisite for financial stability and warranted the debate during the past year on the feasibility of establishing a single financial regulatory authority in South Africa.
On the other hand, the payment system, as already described in the video, is fast becoming very digital. For instance, our goals of 70 percent of adults having their own transaction accounts and 50 percent of transactions being digital are very, very achievable. Of course, the pandemic helped that happen.