BankservAfrica, the automated clearing house and settlements hub for South Africa, has undergone a significant brand refresh, changing its name to PayInc. This change is more than a simple rebranding; it represents a major strategic shift to align the company with the rapidly evolving digital payments landscape in South Africa. The company hopes this move will help transform the country’s economy.
For decades, BankservAfrica has operated as a foundational “quiet, stable utility” in the background, processing billions of rand in transactions. However, with the rise of new payment platforms like PayShap and the increasing entry of non-bank players such as fintechs and mobile operators, its traditional role is expanding.
According to Stephen Linnell, CEO of PayInc, the name change is a deliberate signal of intent. The new name, PayInc, better reflects the company’s future vision of fostering inclusive economic growth through digital payments. He emphasized that payments are not a mere by-product of a successful economy but a prerequisite for it.
The rebranding also follows the recent recommendation by the Competition Commission to approve the sale of a 50% stake in the company to the South African Reserve Bank. This move is part of the Reserve Bank’s broader plan to develop a national payments utility aimed at making low-cost, rapid payments more widely accessible across the economy. This initiative is a response to the observation that, despite robust private sector efforts, the adoption of digital payment systems in South Africa lags behind other emerging markets like India and Brazil, primarily due to cost barriers.
Israel Skosana, PayInc’s chief product and scheme officer, explained that the brand change is about reimagining the company’s role within South Africa’s financial ecosystem. The new brand signifies a shift in how the company thinks, speaks, and engages with its partners, moving toward a central position at the epicenter of the economy. It’s a commitment to a future where PayInc actively facilitates innovation and growth in the financial sector.
