The need for speed: South Africa should lead - not follow - on Instant Payments

GoTyme Bank challenges the banking industry to stop charging South Africans to move their own money

Johannesburg, 7 September 2026: GoTyme Bank, formerly TymeBank, has launched a nationwide campaign calling on South Africa’s banking industry to make instant payments free for everyday amounts – and part of the standard payment experience rather than a premium service.

Since introducing PayShap to its customers in 2023, GoTyme Bank has deliberately kept instant payments of up to R5,000 free. Now, three years later, it is challenging the rest of the industry to do the same.

"Many argue that South Africa has one of the most advanced banking systems in emerging markets," says Cheslyn Jacobs, CEO at GoTyme Bank. "Yet we're charging our citizens extra to move their own money instantly. That's a choice, not a necessity. And it's a choice that's holding back our economy."

The global shift towards everyday instant payments

Around the world, fast-payment systems are becoming part of everyday economic infrastructure.

Brazil’s Pix processes billions of transactions every month and is generally free. India’s Unified Payments Interface (UPI) has similarly made real-time digital payments widely accessible to consumers at enormous scale. These systems demonstrate what becomes possible when instant payments are designed for widespread, everyday use—not reserved for customers willing to pay extra for speed.

South Africa has built the technology. PayShap is peer-to-peer instant payment infrastructure that can work seamlessly. Yet most South African banks still charge R1 to R7.50 per instant transfer – a tax on everyday financial life.

"When your economy can't move money freely, you're leaving growth on the table," says Jacobs. "Instant payments should be the default. Waiting two business days for an EFT should be the exception people actively choose, not the norm."

The real cost to South Africa's economy

For individuals, even occasional fees add up. Someone making just five lower-value instant payments a month – to split household costs, pay a service provider or send money to family – could pay up to R420 a year in bank charges, based on fees ranging from R2 to R7 per payment.

And the effect extends beyond individual consumers. Small businesses relying on same-day settlement, gig economy workers needing instant access to earnings, and informal traders managing thin margins – all face friction that slows economic circulation.

The South African Reserve Bank has itself identified high costs, fragmented systems and sluggish adoption as barriers to greater use of digital payments.

"Free instant payments can unlock the broader economy," says Jacobs. "When money moves faster, businesses get paid faster, working capital flows more efficiently. Countries that have embraced this have seen measurable economic benefits."

What South Africans deserve

GoTyme Bank directly calls for the industry to adopt free instant payments as standard.

"Imagine a world where you don't even need to send a proof of payment because the money has already landed," says Jacobs. "That's not futuristic. That's possible now. And the banking industry should be leading that conversation, not defending transaction fees."

"We're not the only bank that can afford to offer free instant payments for everyday amounts ," says Jacobs. "We're the bank choosing to. The question for others is: why not?"

South Africa's banking leadership at stake

South Africa’s banking system is internationally recognised for its sophistication, resilience and strong regulatory framework. But leadership should be measured not only by the strength of our technology and governance, but by how effectively they serve people and the economy.

Making instant payments free for everyday amounts would strengthen South Africa’s position as a global fintech leader. It would turn advanced payments infrastructure into an everyday utility, allowing consumers and small businesses to move money in real time without paying a premium for speed.

“The question is whether the benefits of modern banking are reaching everyone,” says Jacobs. “South Africa has the infrastructure and expertise to lead. Now we need to ensure that moving money instantly is not treated as a premium service, but as a basic part of modern banking.”