INSTACASH JOINS EPS’ FAST PAYMENT MODULE

MBABANE – In a historic move set to transform Eswatini’s digital financial landscape, Instacash has officially been onboarded onto the Eswatini Payment Switch (EPS) Fast Payment Module. This milestone follows the Central Bank of Eswatini’s decision to extend the deadline for institutions, including Instacash, to integrate with the system.

Transfers

With this development, Instacash users can now enjoy near-instant transfers between their platform and three major mobile wallets—e-Mali (Eswatini Mobile), Sharesha (EswatiniBank) and ePocket (Building Society)—as well as two leading banks, EswatiniBank and Swaziland Building Society. Transactions within the Fast Payment Module take a maximum of 10 seconds to reflect in the recipient’s account, significantly improving efficiency for both consumers and businesses. The Eswatini Payment Switch serves as a bridge, ensuring interoperability between different financial service providers.

Payment

This integration is a significant step toward financial inclusion, eliminating the long-standing issue of fragmented digital payment systems. Previously, moving money across wallets and banks was cumbersome, often requiring multiple steps and incurring high transactional fees. With Instacash now fully onboard, users can transfer funds seamlessly between different platforms without delays.

For instance, a vendor using Instacash can receive payments from customers banking with EswatiniBank or using e-Mali within minutes, making digital transactions more accessible and efficient. Instacash joins three other financial institutions—EswatiniBank, Swaziland Building Society and Eswatini Mobile’s e-Mali—which have already been operating within the Fast Payment Module.

Integration

The system is rapidly expanding, with FNB Eswatini also finalising its integration and expected to join soon. This growing network is a testament to the Central Bank’s commitment to fostering a robust, inclusive and innovative digital economy. Instacash Managing Director, Mandla Cheeks Nxumalo, hailed this achievement as a game-changer. “This marks a new era for Instacash and Eswatini’s fintech ecosystem.

Our customers can now send and receive money across different platforms with unprecedented speed and convenience. This is just the beginning, and we are committed to driving even more innovation in digital payments,” he said. With the Fast Payment Module now live, Instacash is gearing up to introduce additional features aimed at enhancing user experience.

Technology

The company is also in talks with other financial institutions and technology partners to expand its capabilities. As Eswatini continues its journey toward digital transformation, the successful onboarding of Instacash onto the Eswatini Payment Switch underscores the potential of fintech in driving financial inclusion and economic growth. For consumers and businesses alike, the future of mobile money in Eswatini has never been more promising.

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