A world beyond SWIFT.
Why Africa could lead the way

Why South Africa must prepare for a new era in payments

Around the world, new payment networks are being built from China’s CIPS and India’s RTGS-Global Link to Europe’s SEPA and Africa’s own cross-border innovation efforts. These reflect a broader trend. The desire among nations to strengthen financial autonomy and reduce single-network dependency.

For South Africa, the point isn’t whether access to SWIFT might ever be restricted, that remains highly unlikely given its global reach. The real story is that the world is building alternatives and when financial flows begin to move through new corridors, those with flexible, interoperable systems will be the ones still standing at the centre of global trade.

In Africa, the scale of what’s at stake is significant. The continent’s cross-border payments market is projected to grow from around US$329 billion in 2025 to approximately US$1 trillion by 2035, implying a compound annual growth rate (CAGR) of roughly 12 %. Meanwhile, in South Africa alone the digital remittance and cross-border payments market is estimated at around US$2.5 billion in recent years.

Innovation is already underway. Across the continent, blockchain-based settlement systems are being piloted for business-to-business transactions.

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The point isn’t to predict exclusion, it’s to plan for diversification.

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These aren’t crypto speculations, they’re infrastructure experiments. For example, business surveys show that digital transactions now account for around 75 % of cross-border sales and 81 % of purchases in a sample of 10 African economies between May 2023 and August 2024.

And despite legacy challenges (more than 40 currencies, cash still dominant), the number of payment systems in development is high. One study identifies 28 live payment-systems across Africa and around 31 more under development.

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Resilience comes from choice, not dependence.

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That’s why South Africa’s regulatory openness to exploring blockchain driven payments and tokenised settlements is so significant. It’s not about replacing SWIFT but about building complementary infrastructure. Positioning the country to stay connected, competitive and in control as global payment ecosystems evolve.

By building optionality into its financial plumbing now, South Africa positions itself not just to manage disruption, but to help shape the architecture of the next financial era.

How to be prepared

• Map your payment dependencies
- Audit where and how your cross-border payments flow. Identify which corridors, banks and counterparties depend exclusively on SWIFT.
• Understanding exposure is the first step toward resilience - Build multi-rail capability. Explore alternative payment networks including regional systems, fintech-led rails, or blockchain-based solutions. Even if they remain secondary channels for now, having them ready ensures continuity if access to one network falters.
• Engage early with regulators and partners - Stay close to developments in digital settlement frameworks and tokenisation pilots. Collaborating with regulators, banking partners and fintechs allows you to shape compliant, future-ready solutions instead of reacting to change later.

Will the next great financial divide be between those who control the payment rails and those who simply ride on them? The real question isn’t whether a world beyond SWIFT will arrive it’s how ready we’ll be when it does.