SA to discontinue EFT payments within countries in common monetary area

VAAL TRIANGLE - South Africa will implement significant changes to electronic funds transfers next week. With effect from September 9, EFT payments and collections within the Common Monetary Area will be discontinued, impacting transactions between South Africa, Namibia, Lesotho, and Eswatini. This shift was prompted by compliance with international anti-money laundering standards and means cross-border payments will now use the regional payment system and SWIFT. South African banks will no longer process EFT payments to or from countries within the common monetary area, a step which will affect many businesses and individuals.