By Sizwe Dlamini
The Eswatini Payment Switch (EPS), a game-changing development in the kingdom’s financial sector, has received resounding support from leaders of major banks and fintech companies.
Launched by the Central Bank of Eswatini (CBE) at its complex in Ezulwini this week, the switch is set to transform local payment systems, enabling faster, more efficient transactions.
Currently, Eswatini Bank, the Swaziland Building Society (SBS), and E-mali are live on the EPS platform. The remaining banks and fintech companies are working toward integrating into the system by January 2025, as mandated by the CBE.
Eswatini Bank Managing Director (MD), Nozizwe Mulela, lauded the initiative as a significant milestone for the financial sector. She noted that the switch would eliminate delays and queues in processing payments, marking a new era of convenience for customers.
“During the piloting stage, we saw firsthand how effective this system is,” Mulela said. “A lot of effort has gone into reaching this stage, where the fast payment module is live.
Customers will no longer have to endure long waits for transactions to process. This is a proud moment for the kingdom, as we now have our payment switch rather than relying on neighboring countries.”
Mulela assured stakeholders that banks are addressing any initial challenges with the system and expressed optimism that operations would be seamless by the first quarter of 2025.
Nedbank Eswatini MD, Fikile Nkosi, echoed Mulela’s sentiments, describing the switch as a long-overdue development.
“This initiative will benefit all emaSwati,” Nkosi said. “The switch reduces reliance on neighboring countries for such services, allowing money to circulate within Eswatini. Payments between banks will now happen instantly. However, as technology advances, so do the associated risks. EmaSwati must remain vigilant against cyber threats, not just with this new platform, but across all digital platforms.”
FNB Eswatini’s Head of Payments, Zilindile Friedman, highlighted that they are among the eight participants working to integrate with the switch. Friedman assured the public of their commitment to meeting the CBE’s January 2025 deadline.
Fintech companies have also thrown their weight behind the EPS. Instacash MD, Mandla “Cheeks” Nxumalo, emphasized the benefits of the switch for collaboration and consumer satisfaction.
“A payment switch enables fintechs to collaborate with banks and other players in the financial ecosystem, regardless of differing systems. It allows us to expand our reach, connect to a wider customer base, and deliver instant payments. This significantly improves customer satisfaction by reducing delays and enhancing convenience,” Nxumalo explained.
Similarly, MTN Fintech CEO, Sam Shongwe, commended the switch’s potential to enhance customer satisfaction through faster processing times.
“MTN Eswatini is committed to ensuring customer satisfaction. This switch aligns with that goal by reducing transaction times, offering a better experience for our clients,” Shongwe said.