Governor Lesetja Kganyago of the South African Reserve Bank addressed the 2024 Payments Conference, focusing on the evolution and future of payment systems. In his opening remarks, Governor Kganyago highlighted the journey of modernizing payments, noting both past achievements and current challenges.
He emphasized that despite advancements in digital payments globally, "much of society still relies heavily on central bank money – or cash." This reliance persists even as other countries have increasingly adopted digital payment methods.
Looking to the future, Governor Kganyago expressed a commitment to further modernizing the payments ecosystem. He stated, "our strong preference, as the custodian of the national payment system, is to reduce reliance on cash."
The conference will continue over two days, providing a platform for discussions on enhancing and adapting payment systems in South Africa.