CBE Resolves Cross-Border Transactions Debacle

By Phiwa Sikhondze

The Central Bank of Eswatini (CBE) has announced the successful resolution of issues affecting cross-border payments between Eswatini and South Africa, promising seamless transactions within the Common Monetary Area (CMA).

This follows concerns raised over delays and additional fees on payments, especially between Eswatini and South Africa, over the past two weeks.

CBE Governor, Dr. Phil Mnisi, engaged South African Reserve Bank (SARB) Governor, Lesetja Kganyago, to address these challenges. In response, SARB issued a directive to South African banks, effective October 4, 2024, aimed at restoring the normal flow of transactions between the two countries.

The directive will ensure that transactions proceed with the usual speed and cost, a move aimed at alleviating the frustrations that have been felt by individuals and businesses alike.

“For individuals, payments below R1 million (E1 million) flowing into South Africa will no longer experience delays, provided that all transaction details, including the purpose, are disclosed,” the CBE statement read. “For corporates, the limit is set at R5 million (E5 million) for seamless transactions.”

The CMA region, which includes South Africa, Namibia, Lesotho, and Eswatini, had recently experienced disruptions, leading to complaints about extended transaction times and higher fees. The CBE assured the public and business community that these issues have been swiftly resolved following discussions with SARB.

The CBE reiterated its commitment to ensuring a smooth and efficient banking environment, urging businesses and individuals to properly disclose necessary payment details to avoid further delays.

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