As South Africa’s payments landscape evolves, integrating informal and Co-operative Banking Institutions into the formal financial system remains a critical barrier to inclusive economic growth. MoData, a payments technology enabler with deep roots in cash and digital payments infrastructure, offers scalable solutions, strategic consulting, and ecosystem engagement which can help bring key stakeholders like Co-operative Banking Institutions into the fold.

As South Africa’s payments landscape evolves, integrating informal and Co-operative Banking Institutions into the formal financial system remains a critical barrier to inclusive economic growth. MoData, a payments technology enabler with deep roots in cash and digital payments infrastructure, offers scalable solutions, strategic consulting, and ecosystem engagement which can help bring key stakeholders like Co-operative Banking Institutions into the fold.

South Africa’s payments ecosystem is undergoing a profound transformation. At the heart of this shift is the South African Reserve Bank (SARB) and its Payments Ecosystem Modernisation (PEM) Programme – a strategic initiative aimed at modernising infrastructure, promoting financial inclusion and reducing systemic risk. “This modernisation is not just about updating systems or technology. It’s about building a payments infrastructure that truly serves the people of South Africa,” says Lesetja Kganyago, Governor of the South African Reserve Bank (SARB).

South Africa is poised for a digital currency shift, and technology innovator MoData states that it is positioned to play a key role in underpinning the next generation of money. As South Africa accelerates its digital currency ambitions, the South African Reserve Bank (SARB) is laying the groundwork for a financial revolution – one that could redefine how money moves, who gets access and what the future of payments looks like. At the heart of this transformation is a bold vision: to eliminate the inefficiencies in the payments ecosystem, reduce dependency on cash, expand financial inclusion and build a modern, interoperable payments ecosystem.

As digital transformation accelerates across South Africa’s financial landscape, so does the need for intelligent, scalable fraud prevention. That’s why MoData is proud to partner with DataVisor, a global leader in AI-powered fraud and risk management.

Innovative payment solution TANGO is set to revolutionise the modern payment environment in the South African retail space, reports MoData. Darren Turnbull, CEO of MoData, says: “At major industry events we attend, such as the 2025 Absa Commercial Payments Summit and BankservAfrica Payments Conference 2025, we see a growing focus on financial inclusion and the need for cheaper transaction fees.

Legacy technology is the biggest roadblock hampering innovation in payments, according to MoData CEO Darren Turnbull. He says that unless institutions modernise their infrastructure, move to cloud-based systems, real-time processing and API-driven platforms, they will fall behind in the race to offer the efficient, next-generation payments solutions that modern customers want.

Cash preference by South Africans persists, and the ‘Cash 4.0’ ecosystem predicted pre-Covid has started to emerge and brings with it a number of pain points for banks and fintechs to address.

ITWeb sat down with Darren Turnbull, founder and CEO of MoData, to discuss what organisations need in a transaction processing system, what they should avoid, and how TANGO provides a single solution that meets all their needs.

CFOs need to be able to reconcile data faster, to produce monthly, quarterly or annual reports with confidence that the data is correct, to reduce write-offs and potential fraud, to ensure timeous financial closures, while at the same time continuously innovating and creating efficiencies that help ensure their team’s success.” So says Darren Turnbull, Chief Executive Officer of financial services solutions specialist MoData. In increasingly complex environments, manual financial reconciliations have become more time-consuming and labour-intensive. Machine learning-enabled automated account reconciliation overcomes these challenges, saving CFOs time, increasing efficiency and improving accuracy for faster reporting.