Quick answer

SAMOS participation is restricted to settlement banks that meet SARB criteria and hold settlement accounts at the central bank. The list is small and stable — major commercial banks and a handful of specialist institutions. Other payment providers reach SAMOS indirectly through sponsoring participants under PASA's sponsored clearing arrangements.

Who can be a SAMOS participant?

Direct participation in SAMOS is reserved for entities that meet the SARB's settlement participant criteria. In practice, that has historically meant fully licensed banks subject to the Banks Act and to ongoing prudential supervision. The full list is published by SARB and updated as the participant pool evolves.

Designated settlement-only institutions and certain market infrastructures (for example, STRATE for securities settlement) also interact with SAMOS in defined ways, though their participation profile differs from a settlement bank's.

Participation requirements

To become a SAMOS participant, an institution typically needs to: hold a banking licence under South African law; meet operational and risk-management requirements set by SARB; demonstrate the technical capability to connect via SAMEX or SWIFT; provide acceptable settlement collateral; and abide by the SAMOS rule book and PASA's clearing-side rules.

How non-banks access SAMOS

Fintechs, mobile-money providers, and many smaller payment service providers do not hold direct SAMOS membership. Instead, they access clearing through a sponsoring settlement participant — typically one of the large commercial banks — under PASA's sponsored clearing arrangements. The sponsoring bank carries the settlement obligation in SAMOS on the sponsored party's behalf. See our Sponsored vs Direct Settlement guide for detail.

SARB has signalled, under Vision 2030+ and the PEM Programme, an intention to broaden direct access to settlement infrastructure beyond traditional banks, subject to robust risk controls. The exact criteria are still being worked out across the industry, and any change will be reflected in updated participation rules.

TL;DR

  • Direct SAMOS participation is restricted to licensed settlement banks meeting SARB criteria.
  • Non-banks reach SAMOS via sponsoring participants under PASA's rules.
  • Vision 2030+ contemplates broader direct access in future, subject to safeguards.
  • The participant list is published and updated by SARB.

Frequently asked questions

Who operates SAMOS?

The South African Reserve Bank's National Payment System Department.

Can a fintech join SAMOS directly today?

Generally no — non-banks access settlement through a sponsoring participant under PASA's sponsored clearing rules.

How many banks are on SAMOS?

A small, stable list of major and specialist banks. The exact count is published by SARB and changes as the participant pool evolves.

Will non-banks get direct access in future?

Vision 2030+ contemplates broader access subject to safeguards; specific criteria are still under industry consultation.

See also from our Comparison silo: Gross vs Net Settlement: Concepts Behind SAMOS. For the foundations, return to the SAMOS homepage or browse the full Knowledge Hub.