In line with this, one of the recommendations in the policy paper on the Review of the National Payments System (Act 78 of 1998) also advocates for the enablement of nonbank institutions to provide payment services that involve the pooling of funds (e.g. emoney, remittances, transactional accounts and others) independently and without the need to partner with banks.
This is with a view to establish a level playing field for both banks and companies that offer money transfer services and/or transactional services while also establishing a regulatory framework that will address the pooling of funds by non-banks when they provide such payment services.