A world beyond SWIFT. Why Africa could lead the way.

Why South Africa must prepare for a new era in payments.
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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.
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In Africa, the scale of what’s at stake is significant.
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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.