Forecast: Number of Payment Transactions by Non-banks in South Africa

The number of payment transactions by non-banks in South Africa has shown notable growth over the years. Starting from 3.08 billion units in 2013, this figure surged to 5.37 billion units in 2023, indicating a robust upward trend despite fluctuations. The year-on-year variation over the last two years was -1.76% in 2022 and 2.99% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years stands at 3.34%. The forecast for 2028 predicts a 5-year CAGR of 2.21%, leading to a total of 6.2 billion units, marking an 11.53% growth from 2023.

Future trends to watch for include the ongoing digital transformation driven by fintech innovations, regulatory adjustments to enhance financial inclusion, and consumer behavior shifts towards more digital payment solutions. These factors are expected to influence the transaction volumes by non-banks moving forward.