BY MBONO MDLULI
MBABANE – Instacash customers can now pay and receive payments from three major wallets, as well as two banks.
According to a statement issued by Instacash, the major wallets include e-Mali (Eswatini Mobile), Sharesha (Eswatini Bank), and ePocket (Building Society)—alongside two banks, Eswatini Bank and Swaziland Building Society.
This development follows the Central Bank of Eswatini (CBE) granting Instacash a licence to streamline money movement across wallets and banks, marking a new era of financial convenience. Customers can utilise this new function and enjoy its benefits, according to Instacash Public Relations and Communications Team Leader Majaha Nkonyane.
Nkonyane stated that registered Instacash users access this service by dialling *365#. Nkonyane also clarified that the licence granted by CBE was for the company to be able to move funds across the mentioned different platforms. Otherwise, the company had already been granted a licence to provide the service it had already been rendering to the public, according to Nkonyane.
This move, described as historic, promises to redefine the financial technology landscape in Eswatini. Instacash receives a licence from the Central Bank of Eswatini to offer Eswatini Payment Switch Services. This landmark approval positions Instacash as a trailblazer in the mobile money space, enabling seamless money transfers between its platform and three major wallets—e-Mali (Eswatini Mobile), Sharesha (Eswatini Bank), and ePocket (Building Society)—as well as two leading banks, Eswatini Bank and Swaziland Building Society.
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. With this new capability, Instacash transforms the way Eswatini handles digital transactions, offering unparalleled convenience and efficiency.
A Game-Changer for Financial Inclusion
The Eswatini Payment Switch Services essentially act as a bridge, allowing users to transfer funds effortlessly between Instacash and other popular wallets and banks. This interoperability represents a significant step towards 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.Instacash Managing Director, Mandla Cheeks Nxumalo, expresses his excitement about the milestone, stating, “This is a monumental achievement for Instacash and the entire fintech ecosystem in Eswatini. We always promise our customers convenience, and today, we deliver on that promise. With this licence, we put the power of seamless transactions right at their fingertips.”
Driving Innovation and Customer Engagement
The licence not only enhances the functionality of the Instacash platform but also sets the stage for further innovation in the mobile money space. Nxumalo emphasises that this development is just the beginning. “We are committed to bringing more innovative solutions to the market. This licence allows us to explore new possibilities and create even more value for our customers,” he adds.
This move is expected to significantly boost the usage of the Instacash platform, which steadily gains traction as a reliable and user-friendly mobile money solution. By simplifying the money-moving process, Instacash attracts a broader user base, including individuals and businesses that previously hesitate to adopt digital financial services.
A Win for Eswatini’s Digital Economy
The Central Bank of Eswatini’s decision to grant Instacash this licence underscores the regulator’s commitment to fostering a robust and inclusive digital economy. By enabling interoperability between different financial platforms, the Central Bank paves the way for greater financial integration and innovation.
What’s Next for Instacash?
With the licence in hand, Instacash already works on rolling out new features and services designed to further enhance the customer experience. The company also announces plans to collaborate with other financial institutions and technology providers to expand its reach and capabilities.As Eswatini continues to embrace digital transformation, Instacash’s groundbreaking achievement 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 looks brighter than ever.
