Quick answer

A direct settlement participant holds its own SAMOS settlement account at SARB. A sponsored participant — typically a non-bank payment service provider — accesses settlement through a sponsoring direct participant that carries the settlement risk on its behalf. The sponsor bank guarantees the sponsored party's obligations into SAMOS.

Direct settlement participants

Direct participants meet SARB's settlement-participation criteria, hold a settlement account, post collateral, and connect to SAMOS via SAMEX and/or SWIFT. The list is small — primarily major commercial banks plus a handful of specialist institutions.

Sponsored participants are typically payment service providers, fintechs, or smaller banks that do not (yet) meet direct-participation criteria or that prefer to delegate settlement-side complexity to a sponsor. They participate in clearing under PASA rules but rely on a sponsoring direct participant to fulfil settlement obligations in SAMOS.

Trade-offs of each model

  • Direct: Lower per-transaction costs, more operational control, independent risk profile — but high fixed setup cost, ongoing prudential burden.
  • Sponsored: Faster time-to-market, lower fixed costs — but commercial dependency on a sponsor bank and concentration of risk.

How Vision 2030+ changes the picture

Vision 2030+ contemplates a tiered access model in which qualifying non-banks can hold limited direct access to settlement, reducing reliance on sponsorship. Concrete criteria will follow industry consultation and rule changes.

TL;DR

  • Direct participants hold their own SAMOS settlement accounts at SARB.
  • Sponsored participants access settlement via a sponsoring direct participant.
  • Trade-offs: control and cost versus speed and dependency.
  • Vision 2030+ contemplates limited direct access for qualifying non-banks.

Frequently asked questions

Can a fintech become a sponsored participant?

Yes, subject to PASA rules and a sponsoring bank's willingness to take on the settlement obligation.

Does the sponsor bank see the sponsored party's transactions?

Operationally yes, at least at the volume and obligation level required to manage settlement risk.

Will non-banks get direct SAMOS access?

Vision 2030+ contemplates this for qualifying non-banks; specific rules are still under consultation.

Who decides who can be a sponsor?

PASA rules and SARB oversight determine which direct participants can act as sponsors.

See also from our Modernization silo: The Future of Bank Payments in South Africa (2026 & Beyond) and SARB's Payments Ecosystem Modernisation (PEM) Programme. For the foundations, return to the SAMOS homepage or browse the full Knowledge Hub.