Game-Changer in SA Payments: ASAPP Launches to Drive Financial Inclusion

The future of digital payments in South Africa has taken a bold step forward with the launch of the Association of South African Payment Providers (ASAPP). This new industry body, formed by eight of the country’s leading non-bank digital payment providers, aims to modernize South Africa’s payment ecosystem and drive greater financial inclusion.

In a country where cash remains king—especially among micro-businesses and underbanked communities—ASAPP’s mission is to expand access to digital payments, lower transaction costs, and ensure fair participation for non-bank payment providers.

Who Is Behind ASAPP?

The founding members of ASAPP are Altron, Hello Group, iKhokha, Lesaka, Network International/Payfast by Network, Peach Payments, Shop2Shop, and Yoco. These companies represent a significant share of South Africa’s non-bank digital payment ecosystem and bring extensive experience in fintech and payment solutions.

Speaking at the launch event, ASAPP President Lincoln Mali, who is also the CEO of Lesaka Technologies, highlighted the urgency of reducing cash dependency in the South African economy:

“Cash remains the most dominant form of payment for many consumers, micro merchants, and small businesses in townships, villages, and city centers across the country. This is not sustainable. We need to digitize our economy and make our payment system modern and inclusive.”

Why ASAPP Matters for South Africa

ASAPP’s launch is a major milestone for the South African financial sector, as it:

Advocates for fair access to payment infrastructure for non-bank providers
Aims to lower the cost of digital transactions, making them more affordable for businesses and consumers
Encourages financial inclusion, ensuring that more merchants, SMEs, and consumers can transition to digital payments
Supports innovation in the fintech space by fostering collaboration between payment providers and regulators

A Step Toward a Cashless Economy

Despite the rise of digital banking and fintech, millions of South Africans still rely on cash-only transactions, particularly in informal markets. This creates barriers to financial inclusion, business growth, and economic development.

By working closely with regulators and industry stakeholders, ASAPP seeks to bridge the gap between traditional banking and modern digital financial services.

As ASAPP embarks on its mission, its success will depend on collaboration with banks, policymakers, and businesses to create a more accessible and cost-effective digital payment environment.

With the support of key industry players, the association is poised to accelerate South Africa’s transition toward a more inclusive and digitally-driven financial ecosystem.

What do you think about ASAPP’s impact on the future of payments in South Africa?

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