Govt to upgrade national payment system

The Assistant Minister of Finance, Keletso Rakhudu, told delegates at the just- ended Southern Africa Banking Conference that the review of the payment system is part of the government's pursuit of ensuring financial stability and development in the wake of the global financial crisis.

He said the introduction of the National Clearance and Settlement System Act of 2003 was meant to establish a legislative framework for the regulation and control of entities involved in the clearing and settlement of payments between financial institutions.