The Central Bank of Eswatini issued a directive requiring payment service providers to regularize the execution of low-value cross-border electronic funds transfers within the Common Monetary Area by moving these transactions out of the Southern African Development Community real-time gross settlement system and into an appropriate retail payment system. The directive applies to all payment service providers licensed under the National Payments System Act, 2023. It defines low-value cross-border electronic funds transfers as transactions not exceeding E5 million and targets providers currently routing such off-us transfers within the Common Monetary Area, which includes Eswatini, Lesotho, Namibia and South Africa, through SADC-RTGS. By 31 March 2027, affected providers must have migrated all such transfers to the Transactions Cleared on an Immediate Basis payment scheme and must cease executing them through SADC-RTGS, with the stated aim of avoiding negative impacts on transparency, efficiency and cost effectiveness for consumers and businesses. The directive took effect on 31 March 2025 and notes it may be supplemented or amended by the Central Bank of Eswatini.
Central Bank of Eswatini 2025-04-02
Central Bank of Eswatini directs payment service providers to migrate low-value CMA cross-border transfers from SADC-RTGS to the TCIB retail scheme by 31 March 2027
The Central Bank of Eswatini mandates payment service providers to shift low-value cross-border electronic funds transfers, under E5 million, from the Southern African Development Community real-time gross settlement system to a retail payment system by 31 March 2027. Effective 31 March 2025, this directive aims to enhance transparency, efficiency, and cost-effectiveness within the Common Monetary Area, comprising Eswatini, Lesotho, Namibia, and South Africa.