End of an era for a 53 year old finance giant in South Africa
BankservAfrica has launched a new identity and rebrand, now calling itself PayInc.
The rebrand marks a shift in the group’s identity from being the country’s largest clearing house to becoming a prominent centrepiece in the shifting payment landscape in South Africa.
The new identity is rooted in the group becoming a payment provider, having developed and launched the PayShap instant payment system in 2023.
It has continued developing the product, with major banks in South Africa on board and buy-in from the South African Reserve Bank.
Notably, the group is soon to be 50% owned by the Reserve Bank following the Competition Commission approval for the acquisition.
The central bank announced its intention to acquire 50% of BankservAfrica in November 2024.
According to PayInc CEO, Stephen Linnell, ‘Pay’ highlights what the group does, while ‘Inc’ speaks to its goal of economic inclusivity.
“This change is not cosmetic. It highlights an organisation building on a strong foundation while embracing a greater role in shaping the future of payments in South Africa,” he said.
“We are intentionally focused on unlocking economic growth and enabling financial inclusion through secure and efficient digital payments.”
BankservAfrica had been a vital player in the South African financial system for 53 years, facilitating electronic, card, and cash payments and supporting cheques until they were discontinued in 2020.
The group was formed in 1972 as the Automated Clearing Bureau (Pty) Limited.
Before its launch, various industry-owned companies operated independently in different payment channels. This changed and became streamlined through the ACB, before it rebranded as BankservAfrica in 2010.
The group also runs several indices, such as the BankservAfrica Take-home Pay Index (BTPI), the BankservAfrica Economic Transactions Index (BETI), and the BankservAfrica Private Pensions Index (BPPI).
These will also follow the rebrand and now be known as the PayInc Net Salary Index (PNSI), the PayInc Economic Index (PEI) and PayInc Private Pensions Index (PPPI), respectively.
Linnell said that PayInc’s rebrand reinforces its drive for digital innovation, with continued development of the PayShap platform.
Since its launch, PayShap has facilitated over R285 billion in transactions and is supported and facilitated by 11 of the country’s major banks.
The system also feeds into the SARB’s broader ambition of steering South Africa into a cashless society.
PayInc will also enable regional integration through Transactions Cleared on an Immediate Basis (TCIB), a service for instant cross-border payments.
“Its growing adoption highlights how interconnected Southern Africa’s economies are, and how payments infrastructure can accelerate regional economic growth,” it said.
“Our new brand reflects our long-term commitment to building a digital payments ecosystem that empowers generations of South Africans to participate fully in the economy.”
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