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SOUTH AFRICA Cross-Border Payments: South Africa- NOVEMBER 2024 Prepared By Kaustab Roy, Ke Chen, Hue Ting Chong, and Heena Gupta (IMF); Oya Ardic, YasminAlmeida, and Andrea Monteleone (WB) Authoring Departments Monetary and Capital Markets and LegalDepartments (IMF) and DONORS/PARTNERS/SPONSORS The contents of this report constitute technical advice provided by the staff of the International MonetaryFund (IMF) and the World Bank to the authorities of South Africa and Zimbabwe in response to theirrequest for technical assistance. This report (inwhole or in part) or summaries thereof may be disclosedby the IMF and the World Bank to IMF Executive Directors, World Bank Executive Directors and membersof their staff, as well as to other agencies or instrumentalities of the TA recipient, and upon their request,to other technical assistance providers and donors with legitimate interest, unless the TA recipient Nexus Reference: 15993345Project ID: ZAF21NPS1Mission ID: 25MMH14 DONORS/PARTNERS/SPONSORS International Monetary Fund, IMF PublicationsP.O. Box 92780, Washington, DC 20090, U.S.A.T. +(1) 202.623.7430 • F. +(1) 202.623.7201publications@IMF.org Contents Abbreviations and Acronynms ________________________________________________________4Preface ____________________________________________________________________________5Executive Summary _________________________________________________________________6Recommendations __________________________________________________________________8I. Introduction _____________________________________________________________________10 II. Framework for the Diagnostic ______________________________________________________13A. High Costs ______________________________________________________________________13B. Speed __________________________________________________________________________14C. Access _________________________________________________________________________14D. Transparency ____________________________________________________________________15 A. High Costs ______________________________________________________________________16B. Speed __________________________________________________________________________18C. Access _________________________________________________________________________19D. Transparency ____________________________________________________________________19 IV. Recommendations_______________________________________________________________20A. Reduce Cash Dependency__________________________________________________________20B. Enable Proper Application of Risk-Based Approach to AML/CFT ____________________________20C. Grow Transaction Volume __________________________________________________________21D. Shift from Informal to Formal Channels ________________________________________________21E. Enhance Payment Infrastructure _____________________________________________________21 V. Next Steps ______________________________________________________________________23References ________________________________________________________________________ 36 Figures 1. Remittances to Zimbabwe __________________________________________________________ 112. Remittance Costs _________________________________________________________________ 11 Annexes I. G20 Roadmap for Enhancing Cross-Border Payments_____________________________________ 24II. An Overview of the Data on the South Africa-Zimbabwe Corridor ____________________________ 26III. Overview of Cross-Border Payment Services in South Africa _______________________________ 28IV. Legal Assessment ________________________________________________________________ 30 Preface At the request of the South African Reserve Bank (SARB), a joint mission from International MonetaryFund (Monetary and Capital Markets Department and Legal Department) and World Bank (Finance,Competitiveness, and Innovation Global Practice) visited Pretoria, South Africa from August 5 to 13, 2024 The mission met with representatives from public, private, and non-profit institutions in South Africa andZimbabwe (see Annex VI for the detailed list). The mission wishes to thank SARB and Reserve Bank of This diagnostic report presents the mission’s assessment and main conclusions as of September 10,2024. An aide memoire including the recommendations of the mission was shared with the South African Executive Summary The G20's initiative to enhance cross-border payments by 2027 aims to make transactions faster,cheaper, more transparent, and more accessible globally.Despite these efforts, significantchallenges remain, particularly in regions like sub-Saharan Africa where remittance costs are among thehighest globally. The South Africa-Zimbabwe corridor, a critical remittance channel within the SouthernAfrican Development Community (SADC) region, exemplifies these challenges. Zimbabwe, heavily relianton remittances, received nearly half of all remittances from South Africa within the SADC region in 2023,contribut