Africa-Press – Eswatini. In its efforts to ensure that payments are settled and switched among the banks locally, the Central Bank of Eswatini (CBE) has set aside at least over E80 million for the implementation of the national switch system (NPS).
This was revealed by the CBE Governor, Dr Phil Mnisi, during his engagement with the media themed ‘Coffee with the Governor’ held at the Mugg & Bean in Ezulwini yesterday morning. Dr Mnisi stated that the national switch system will come with a lot of benefits for emaSwati, as it would see banking costs reduced significantly. Dr Mnisi stated that a domestic/national switch would achieve various benefits. He noted that currently, banks were settling or switching payments outside the country. He said the South African banks, in particular would now be compelled to switch locally. “That has got massive benefits as it reduces the costs of banking to the general populace,” said the governor.
Switch
He highlighted that even during the recently held Sibaya – People’s Parliament, emaSwati were heard complaining about banking services, and, hence the CBE was responding to those complaints. He added that the NPS would also provide open banking as many banking financial service providers would be able to connect directly to this system. He said it would open opportunities for issuing and acquiring bank cards in the country, as such was currently not happening.
Frameworks
NPS encompasses all payment-related activities, processes, mechanisms/infrastructure, institutions and users in the economy. This includes clearing, switching and settlement architecture and services, the operations of bank and non-bank payment system participants (including payment service providers, system operators and switches), as well as the legal frameworks and regulatory oversight governing such systems and operators. He added that the CBE was open to more banking service providers.
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