As a result of the new international and domestic regulatory requirements, as mentioned above, it has become necessary to re-evaluate the National Payment System Act 78 of 1998 (NPS Act).
The factors that will have to be taken into account include access and participation criteria, licensing criteria in line with international standards for FMIs, the governance arrangements in the payment system, as well as the role of the payment system management body, including that of a self-regulatory organisation (SRO).