BY MBONGENI NDLELA
EZULWINI — The Central Bank of Eswatini (CBE) has marked a significant milestone in the nation’s financial ecosystem with the official launch of the Eswatini Payment Switch Fast Payments module.
This inaugural phase of a three-part initiative promises to deliver real-time transactions, enhancing convenience, financial inclusion, and interconnectedness across the payment service industry.
At the launch ceremony held at the CBE Complex at Ezulwini, CBE Governor Dr Phil Mnisi lauded the collective efforts of financial service providers and stakeholders for their collaboration in achieving this technological breakthrough.
He said the project forms a core component of the National Payment Systems Strategy 2022-2025 and aligns Eswatini with global trends in modernised, real-time payment infrastructure.
Mnisi stated that the Fast Payments module enables real-time processing of payments within seconds, eliminating the delays associated with traditional payment systems.
He disclosed that consumers across Eswatini can now enjoy 24/7 availability of payment services, including weekends and public holidays.
He said the system is designed to create a cash-lite economy, reducing dependency on physical cash while ensuring faster, safer, and more efficient transactions.
“This is a revolutionary step for payments processing in the country. It brings real-time payments to both banks and non-banks, fostering interoperability and financial inclusivity,” the Governor stated during the launch.
Mnisi disclosed that three financial institutions, namely Eswatini Bank, Swaziland Building Society, and E-mali Limited are the first participants to offer Fast Payment services.
He said other payment service providers are expected to join by January 2025, ensuring full integration across the nation’s payment platforms.
The Governor stated that consumers can access the new service through digital channels such as mobile banking, mobile apps, and online banking.
Transaction limits have been set to E50,000 for bank accounts and E10,000 for digital wallets, with a daily cap of E50,000 for senders.
CBE TO HOST A CAMPAIGN TO ENSURE WIDESPREAD ADOPTION
EZULWINI – CBE Governor Dr Phil Mnisi has announced an extensive consumer education campaign beginning in February 2025 to ensure widespread adoption.
He said the initiative will target urban, peri-urban, and rural communities, providing Emaswati with the necessary knowledge to use the Fast Payments feature.
“The campaign will educate the public on this new offering and emphasise its benefits. Collaboration between the Bank and service providers will ensure the message reaches all corners of Eswatini,” the Governor said.
He said the Fast Payments module marks the completion of the first phase of the broader Eswatini Payment Switch Project.
Upcoming phases include the introduction of Open Banking and enhanced, Point of Sale (POS) and ATM Switching features. The project is supported by PayLogic as the implementation service provider, with technical assistance from the World Bank.
The Governor praised the resilience and commitment of all stakeholders, noting the challenges inherent in large-scale technology projects. He said the lessons learned and collaborative spirit will drive the successful completion of future phases.
With the introduction of the Eswatini Payment Switch (EPS) and its Fast Payments module, the CBE has taken a bold step towards a unified, interoperable payment ecosystem.
Mnisi stated that the launch signals a brighter future for Eswatini’s financial sector, where consumers and businesses can transact seamlessly in real-time.
As part of the launch, the new EPS logo was unveiled and will feature prominently across platforms and infrastructure where Fast Payments are offered.
“We encourage all Emaswati to embrace this innovative service and experience a new era of convenience and reliability in payments,” concluded the Governor.
The Fast Payments system is now live and available for use. Consumers can enquire with their service providers for access to the feature.
