Knowledgebase
Does PayFast report to any oversight entity or confirm to FAIS etc.?
Posted by Greg S on 21 Sep 2012 10:45
We are subject to the regulation of the Reserve Bank of South Africa and their directives, position papers and policies as well as to the laws and acts of the Republic of South Africa.

We have consulted directly with the National Payment System Department (NPSD) of the Reserve Bank as to the nature of our business.

According to the NPSD and current legislation, PayFast provides services relating to “payments to third persons” and the primary requirement of such an operation is that we register with the Payments Association of South Africa through our chosen banker, which we have done.

There are other more technical requirements of the legislation (e.g.. maintenance of records for a period of 5 years), all of which we do currently or will conform to shortly.

While this is the main oversight and regulation of PayFast's services, trust in our service is extremely important to us, and we will do whatever we can and must to gain and enhance that trust and will continually seek to comply with applicable legislation.

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