RMB is a division of First National Bank of Namibia Ltd, Reg. No. 2002/0180. A subsidiary of FirstRand Namibia Limited.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
RMB is a division of First National Bank of Namibia Ltd, Reg. No. 2002/0180. A subsidiary of FirstRand Namibia Limited.
RC 1031371 Copyright © FirstRand 2026. All rights reserved.
The Johannesburg Interbank Average Rate (JIBAR) – one of the most widely used interest rate benchmarks by banks in South Africa – as well as some other nominated benchmarks, will be replaced by an Alternative risk-free Reference Rate (ARR) by the end of 2026. The South African Reserve Bank (SARB) is yet to announce the cessation date for JIBAR and the other benchmarks. It will have far-reaching impacts for financial services in South Africa, including the FirstRand Group, and some global participants.
As regulators expect financial services firms to take timely, appropriate, and transparent steps to the transition away from JIBAR and the other nominated benchmarks, the onus is now on financial institutions to make the necessary operational changes and implement the most appropriate alternative benchmark rate(s). RMB is actively involved in the industry transition with the regulator, the central bank, industry bodies and forums. RMB supports the transition to ARRs and has launched a South African Rates Reform Programme to help clients navigate the many challenges resulting from the transition.
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