eZAR is a Digital Equivalent Legal Tender Asset of the rand, designed to work just like money but in tokenised form. Every eZAR is fully backed 1:1 by real rand investments in NinetyOne’s Rand Money Market Fund. All pay-in and pay-out processes associated with buying or selling eZAR are always made through PASA-authorised payment providers, ensuring compliance, safety, and reliability. Whether you have a bank account or not, you can use eZAR to pay for goods and services online and at most major retailers, send it instantly to friends or family for free, earn yield for holding it, or cash it out for full value at any partner ATM (or any South African bank account if you have one, with same-day settlement) with minimal fees once verification checks are complete.
Anyone can register with any eZAR Neobank to buy or sell eZAR by verifying their identity, which creates their own smart wallet they can use to hold, send, spend, or earn with eZAR. eZAR NeoBanks are Authorised Limited Partners of the eZAR Partnership, and operate as Fintechs that offer Financial Services to customers with a license to provide Crypto Asset Services by the FSCA. As Licensed FSPs, they are required to enforce a range of compliance requirements as defined in theeZAR Partnership's reference Risk Management Compliance Program (RMCP).
eZAR NeoBanks provide users easy to use mobile or web apps that enable them to use their smart wallet to transact with eZAR for a range of day to day services, from receiving tips or wages, free and instant person to person transfers, earning yield on their balances, real-time payments online and in store at informal merchants and retailers, tradingeZAR for other tokens and investments, sending remittances to mobile money wallets, and more. You get all the convenience you would expect from a next generation NeoBank, including peace of mind, just without the hassle old world hassle.
Businesses can partner with eZAR NeoBanks (Licensed CASPs) so their customers can use eZAR and related financial services as embedded finance to transact with them under a co-branded arrangement. NeoBanks help to extend the value offering to a brand’s customers and integrates seamlessly into the business existing self-service applications through Enterprise API integration, or through a co-branded mobile/web app solution.
The eZAR Network is an OpenFMI NeoBanking Network operating as a BIS “Unified Ledger” using a Public Permissioned Proof of Stake DLT that is exclusively operated by (and for) licensed FSPs that enable their customers to transact directly with each other. It extends the concepts developed during the SARB's Project Khokha 2 and 2.x into a live production DLT based Financial Market Infrastructure that provide direct market access to Crypto Asset Service Providers.
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