ZAKHAA, a pioneering South African fintech start-up focused on enabling digital access within the informal economy, has been recognised as the “Most Disruptive Fintech in Shaping the Informal Economy” at the Absa Commercial Payments Awards in association with Visa.
Building on this recognition, ZAKHAA has announced the launch of ZAKHAA PAY, a next- generation payment wallet utilising PayShap for instant payments, designed to make digital financial services more accessible, inclusive and secure for South Africans who remain underserved by traditional banking systems.
Driving financial inclusion through innovation
ZAKHAA PAY provides an easy, secure way for users to send, receive and manage money digitally – removing many of the barriers that keep cash dominant in the informal economy. According to the Payments Association of South Africa (PASA), South Africa’s GDP loses more than R30 billion annually due to the costs of cash usage.
The new wallet enables users to:
- Receive funds from any South African bank account via PayShap using their ZAKHAA ID.
- Transfer money in real-time between wallets or to any bank account.
- Create CashSend vouchers redeemable at Absa ATMs, Pick n Pay and Boxer stores.
- Purchase or redeem 1Voucher, buy airtime, data, electricity and betting credits.
- Pay at participating merchants through ZAKHAA QR Code, enabling real-time digital payments that settle instantly.
Each wallet includes a virtual card for online payments and contactless tap-and-pay at physical points of sale, offering the convenience of a traditional debit card in a purely digital format.
Partnerships that support the national payments vision
ZAKHAA’s innovation aligns with the South African Reserve Bank and PayInc’s broader vision of advancing a modern, inclusive and interoperable digital payments ecosystem.
In collaboration with ecosystem partners such as Absa Bank and Visa, initiatives like the Absa Commercial Payments Awards celebrate fintechs that drive meaningful impact through innovation and inclusion.
“ZAKHAA PAY represents our commitment to enabling real change in the lives of South Africans who rely on cash. We believe financial inclusion is a right, not a privilege,” said Teboho Twala, CEO of ZAKHAA. “By leveraging real-time payment infrastructure like PayShap, we are helping create an economy that is faster, safer and more accessible for everyone.”
“We’re proud to see the PayShap rails driving innovations like ZAKHAA PAY coming to the fore, helping to bring safe, accessible digital payments to more South Africans,” says Israel Skosana, Chief Product and Scheme Offer at PayInc. “Partnerships like these allow us to co-create ecosystem solutions that empower people, enable businesses and strengthen South Africa’s digital economy for the future.”
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ZAKHAA
ZAKHAA is a Johannesburg-based fintech company dedicated to bridging the gap between cash-based and digital economies. Its innovative products empower informal traders and consumers with simple, affordable, and compliant digital financial solutions.