SA Reserve Bank Stops EFTs to Namibia, eSwatini, and Lesotho Starting September 2024

Starting September 4, 2024, Standard Bank in South Africa will cease Electronic Fund Transfers (EFTs) to Namibia, eSwatini, and Lesotho due to new regulations from the South African Reserve Bank. Personal customers must visit Forex branches for payments, while business clients must complete a Balance of Payments form to process their transactions.

Beginning on September 4, 2024, customers of Standard Bank in South Africa will be unable to conduct Electronic Fund Transfers (EFTs) to the countries of Namibia, eSwatini, and Lesotho. This policy change has been instituted by the South African Reserve Bank, as part of new regulatory measures. Personal banking clients will still have the option of making these cross-border payments by visiting specialized Forex branches. They will need to process their transactions at the Foreign Exchange Teller/Desk. On the other hand, business customers are required to follow a different protocol; they must complete a Balance of Payments (BOP) form and submit a payment request to Standard Bank before their transactions can be executed with these Common Monetary Area (CMA) countries.

The South African Reserve Bank (SARB) regularly enacts changes to regulatory frameworks that govern monetary transactions in the region. The upcoming halt to Electronic Fund Transfers (EFTs) to Namibia, eSwatini, and Lesotho is part of a comprehensive review of cross-border payment practices within the Common Monetary Area (CMA), which includes these three nations. This regulatory change underscores the importance of compliance with evolving monetary policies and the need for customers to adapt to new payment methods for international transactions.

In conclusion, the South African Reserve Bank’s decision to halt EFTs to Namibia, eSwatini, and Lesotho will impact both personal and business banking customers of Standard Bank. While personal clients can still utilize Forex branch services, business clients must submit a BOP form to process their transactions. It is crucial for customers to familiarize themselves with these changes in order to ensure the continuity of their cross-border payment capabilities.

Original Source: techafricanews.com