By Sizwe Dlamini
To increase financial convenience, the Central Bank of Eswatini (CBE) has granted Instacash a license to offer Eswatini Payment Switch Services.
The Eswatini Payment Switch is a system that facilitates the seamless transfer of funds between different financial platforms, such as mobile money wallets and banks, within Eswatini.
It acts as an intermediary that enables interoperability, meaning users can move money easily between various financial services, even if they are using different platforms or institutions.
This approval by the Central Bank will allow Instacash to be a trailblazer in the mobile money space, enabling seamless money transfers between its platform and three major wallets namely e-Mali (Eswatini Mobile), Sharesha (Eswatini Bank), and ePocket (Swaziland Building Society).
Speaking to this publication, Majaha Nkonyane, the Public Relations and Communications Team Leader at Instacash, said that this breakthrough addresses a long-standing pain point for consumers and businesses alike.
“The cumbersome and often frustrating process of moving money across different platforms has been solved by Instacash. With this new capability, Instacash is set to transform the way Eswatini handles digital transactions, offering unparalleled convenience and efficiency. This move promises to redefine the financial technology landscape in the kingdom. This interoperability aids financial inclusion, as it eliminates barriers that previously hindered the seamless flow of money. For instance, a small business owner using Instacash can now pay suppliers who bank with Eswatini Bank or receive payments from customers using e-Mali, all without the hassle of switching platforms or incurring excessive fees,” he explained.
Nkonyane added that the Central Bank’s decision to grant Instacash this license underscores the regulator’s commitment to fostering a robust and inclusive digital economy.
“By enabling interoperability between different financial platforms, the Central Bank is paving the way for greater financial integration and innovation, which is a win for Eswatini’s digital economy. With the addition of this license, Instacash is already working on rolling out new features and services designed to further enhance the customer experience. We have plans to collaborate with other financial institutions and technology providers to expand our reach and the company’s capabilities,” he added.
Also speaking to this publication, the Managing Director (MD) of Instacash, Mandla Nxumalo, expressed his excitement about the milestone, stating, that this is a monumental achievement for Instacash and the entire fintech ecosystem in Eswatini.
“We have always promised our customers convenience, and today, we are delivering on that promise. With this license, we are putting the power of seamless transactions right at their fingertips. The license not only enhances the functionality of the Instacash platform but also sets the stage for further innovation in the mobile money space,” he said.
Nxumalo emphasized that this development is just the beginning. “We are committed to bringing more innovative solutions to the market. This license allows us to explore new possibilities and create even more value for our customers,” he added.
Nxumalo further explained that the move is expected to significantly boost the usage of the Instacash platform, which has been steadily gaining traction as a reliable and user-friendly mobile money solution.
“By simplifying the money-moving process, Instacash is poised to attract a broader user base, including individuals and businesses that have previously been hesitant to adopt digital financial services. Our achievement of getting this license serves as a testament to the power of innovation and collaboration in driving financial inclusion and economic growth. For the people of Eswatini, the future of mobile money platforms has never looked brighter,” Nxumalo concluded.