The South African Reserve Bank (SARB) has published a Position Paper and Background Note on the necessity of a retail central bank digital currency (CBDC) in South Africa. Drawing on years of research, technical experimentation, and stakeholder engagement, the SARB finds that while a retail CBDC is technically feasible and could support innovation and ensure continued public access to central bank money, there is no compelling immediate need for its implementation. The current priority remains the modernisation of South Africa’s payment ecosystem and expanding participation in the national payment system. Looking ahead, the SARB will continue to monitor developments and pivot its focus toward exploring wholesale CBDC applications, ensuring readiness should future needs arise. Together, these publications offer a holistic view of the SARB’s policy stance and the evolving landscape of payments in South Africa.