In today’s world, moving money needs to be fast, safe and convenient.
To meet these requirements, the Central Bank of Eswatini working with the financial services industry has embarked on a domestic payment switch project – the Eswatini Payment Switch (EPS).
The EPS brings together banks, non-banks and any other payment service providers into one platform.
This connectivity broadens the types of payment channels available to the public, businesses and government to enable convenient digital transactions.
The current focus of the EPS is on domestic payments or transactions within Eswatini.
What Features will the Payment Switch introduce?
The EPS is being introduced in three main stages:
Fast payments – You can send and receive money instantly between and amongst licensed banks and mobile money service providers.
Open banking – Soon, approved third-party providers will be able to offer payment initiation services to enable the digital merchant and government payments, giving the public more choices and convenience.
Card, POS and ATM Switching – All card payments, point-of-sale (POS) transactions and ATM transactions will be localised and processed in Eswatini, resulting in efficiency.
FAST PAYMENTS – What are they and what are the benefits?
Fast payments, also known as instant payments, refers to the electronic transfer of money within seconds between two people, a sender and receiver. This ensures convenience and ease of payments for everyone involved, providing the following benefits:
- 24/7 availability: Domestic payments can be made and processed at all times of the day, and all days of the week, including weekends and holidays.
- Bank and mobile money payments: Payments can be processed between and among different banks as well as mobile money service providers.
- Real time transfers: Money is sent and received in seconds.
- Convenience and efficiency: Ease of access from mobile device or any other device.
- Security: A trusted service for secure transactions.
- Limits: Transactions are limited to a maximum of E50 000 to manage the risks associated with the instant transactions.
Is the EPS safe as I transact anywhere?
The EPS platform is built on leading industry standards for safety and security. There are additional measures that are in place to ensure that transactions are executed in a safe manner.
All institutions participating in the EPS are licensed by the Central Bank of Eswatini and are expected to comply with digital transacting safety regulations, relevant EPS rules and procedures and are monitored based on service level agreements that have been put in place.
Protection of your banking and personal information: Users should not share their personal or banking information with those claiming to be from their financial institution. If a person or institution calls you claiming to be from your financial institution or mobile money service provider, follow these 3 steps:
You should note the number that called you.
Call your financial institution or mobile money service provider and indicate that a certain number called you indicating a range of problems with your account/wallet.
Your financial institution will then confirm the status of your account and assist you with any further processes.
If you suspect an anomaly on your account or wallet, you are encouraged to contact your financial institution or mobile money service provider.
The public should not transact with any institution that has not been licensed to be on the EPS.
The Central Bank of Eswatini has already licensed the following entities that are already live on the EPS’s Fast Payments platform:
- e-Mali Limited
- Eswatini Development and Savings Bank
- First National Bank of Eswatini
- InstaCash
- MTN Fintech
- Standard Bank Eswatini Limited
- Swaziland Building Society
How does the EPS contribute to the economy?
The EPS has a big impact on the economy. By making payments faster, cheaper and easier to process, it helps the entire financial system work more efficiently. Key benefits include:
Helping small businesses: Faster payments mean better cash flow, easier access to loans and less dependence on cash.
Boosting trade: Quick and easy payments make it simpler for people and businesses to buy and sell goods and services.
Growing the economy: Modern payment systems encourage more digital transactions, which supports overall economic growth
The future of the EPS
The EPS is more than just a payment tool, it is part of building a modern, digital payment system and supporting the economy for Eswatini. It connects people in rural and urban areas to formal financial services, supports businesses and makes payments simpler and safer for everyone.
As the system grows, more services will be added, more people will be reached and even cross-border payments will be made simpler as the domestic switch connects to the region and beyond, ensuring Eswatini makes the necessary strides in the digital financial revolution.
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