Africa-Press – Eswatini. Payments to Eswatini and other Countries within Common Monetary Area to be Processed as Global Payments. South African banks including the First National Bank(FNB) have introduced Regulatory changes in the payment system for transactions between eSwatini, Lesotho,Namibia and South Africa.
“Due to regulatory requirements from 10 September 2024, Electronic Funds Transfer(EFT) payments between Eswatini, Lesotho, Namibia and South Africa(the Common Monetary Area) must be processed as Forex transactions using Global Payments and Receipts on the FNB App and Online Banking”, reads a notice in part, released by FNB informing customers about the changes.
The new Regulatory changes mean more information about the receiver or beneficiaries of the funds will be required and this include Proof of Address and other details.
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