OVER E800 million worth of transactions have been successfully processed through the Eswatini Payment System (EPS) since its launch in December 2024.
CBE’s Phumlani Fakudze said since the EPS launch, about 194 000 transactions were successfully processed between and among banks, as well as mobile money service providers since December 11, 2024. Fakudze explained that all these transactions were worth over E800 million.
| Eswatini Observer WhatsApp Channel
He said the multi-million transactions reflected an extraordinary testament to the power of digital transformation in the country’s financial ecosystem.
“EPS has ushered in a new era of instant, secure and inclusive payments, enabling seamless transactions between banks, mobile money service providers and non-bank financial institutions.
Whether it’s person-to-person transfers, business payments or merchant transactions, EPS has become the backbone of modern financial interaction in the kingdom,” he said during the State of Inclusive Instant Payment Systems (SIIPS) in Africa media training on Tuesday.
On that note, CBE Deputy Head of IT Brian Sihlongonyane said the EPS brought together banks, non-banks and any other payment service providers into one platform.
He said the EPS was aligned to the National Payment System (NPS) Vision 2021-2025 which would ensure modernisation and digitisation through transitioning to a more digital, efficient and inclusive payment infrastructure. It enabled seamless transactions across banks, mobile money providers and fintech platforms.
“The system’s Vision 2025 objectives also ensured financial inclusion by expanding access to undeserved populations, especially in rural areas. It also stipulated that legal frameworks be updated so as to support innovation while ensuring consumer protection,” Sihlongonyane said.
According to the Central Bank, the EPS platform was built on leading industry standards for safety and security.
There were additional measures in place so as to ensure that transactions were executed in a safe manner. All institutions participating in the EPS are licensed by the Central Bank of Eswatini and were expected to comply with digital transacting safety regulations, relevant EPS rules and procedures and are monitored based on service level agreements that have been put in place.
Adding, Fakudze said the extraordinary achievement by the EPS reflected: consumer trust in fast, reliable payments, strong collaboration across public and private sectors, technological innovation that meets global standards and regulatory foresight that ensures safety and inclusivity
“As we move forward, the Central Bank of Eswatini remains committed to expanding EPS capabilities including QR code payments, direct debit, open banking and ATM/POS switching so as to ensure every citizen and business can participate in a thriving digital economy. Together, we are building a payment system that is resilient, interoperable and future-ready; one transaction at a time.”
CBE has already licensed the following entities that are already live on the EPS’ fast payments platform: Eswatini Mobile’s e-Mali Limited, Eswatini Development and Savings Bank (EswatiniBank), First National Bank of Eswatini, InstaCash, MTN Fintech, Standard Bank Eswatini Limited and Swaziland Building Society.
According to the Central Bank, EPS is more than just a payment tool, it is part of building a modern, digital payment system and supporting the economy for Eswatini. It connects people in rural and urban areas to formal financial services, supports businesses and makes payments simpler and safer for everyone.
CBE said as the system grows, more services would be added, more people would be reached and even cross-border payments would be made simpler as the domestic switch connects to the region and beyond, ensuring Eswatini made the necessary strides in the digital financial revolution.
Eswatini Observer Press Reader | View Here
