South African Reserve Bank Position Paper on Electronic Money

South Africa

(enacted in 2006)

This position paper outlines the position of the South African Reserve Bank (SARB) with regards to electronic money.

In this position paper, SARB stipulates that only participants of the South African Multiple Option Settlement (SAMOS) system are allowed to issue electronic money.

The paper is organized as follows:

  1. Executive Summary;
  2. Introduction;
  3. Position on Electronic Money;
    • Definition of electronic money;
    • The role of the SARB;
    • Criteria for consideration of proposals;
    • Restrictions;
    • Submission of proposals for electronic money products;
  4. The Bank’s Intent with Regard to Electronic Money; and
  5. Conclusion.