SWITCH SYSTEM TO INCREASE VELOCITY OF MONEY WITHIN ECONOMY

MBABANE – The National Switch System that is set to go live by the end of this month is set to increase velocity of money in the economy.

This is was a reaction of the Economist Sanele Sibiya with regard to the National Switch System as announced by the Governor of the Central Bank of Eswatini Dr Phil Mnisi. The economist says through this developments, payments would be in relation time. He said emaSwati would nolonger be forced to open accounts in one bank used by their employers in order to get paid in real time. He said another beauty with this system was that the bank was also looking into linking the non-banking sector to the payment systems. He said this was a good thing because it would mean if one gets a loan from any institution in the non-banking institutions, the clients would get their loans instantly other than waiting for the 48 hours or more to get the loans.

“All this efforts will go very well towards balancing things out to make sure we are a complying nation,” said the economist. The national payments switch system will facilitate system interconnectedness and interoperability among and between banks and non-bank financial service providers; enhance customer experience through heightened digitalisation and to extend financial inclusion to the underserved sectors. Dr Mnisi said this module will allow for near real-time payments amongst banks, banks and non-banks at all times of the day and week.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: