Africa-Press – Eswatini. The Nedbank Eswatini has welcomed the changes introduced by the Common Monetary Area (CMA) with regard to cross border payments.
Last week, the CMA announced that that cross border payments and collections will no longer be made through domestic services and the internal electronic funds transfer (EFT) channels provided by banks. The initial change will be between South Africa and Namibia, with Eswatini and Lesotho planned for change on September 30, 2024.
These changes are being implemented to enhance the efficiency and security of cross border financial transactions and will affect all banks that make cross border payments and collections.
Payments
During the press conference, Nedbank Eswatini officials said they were quite aware of these changes and were prepared to take them positively. They said these changes will come with good features such as immediate cross border payments which were something that they had always been looking for as banks. The bank also noted that these changes would neutralise the competitiveness in the payment space.
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