Payments up to R25,000 between South Africa, Namibia, Lesotho and eSwatini will be received immediately after they have been made.
People and businesses in Africa often have to wait days for money sent from one country to another to reflect. However, FNB and BankservAfrica have partnered to put an end to this struggle.
Previously, most of FNB’s cross-border payments were done via electronic fund transfer , however, there have been changes in compliance regulations that needed a more compliant system.
“The bank’s immediate services were designed to simplify cross-border digital P2P payments, reduce remittance costs and support activity for the benefit of economies.”Tebogo Diphoko, Africa Strategic Business Development at BankservAfrica is of a view that the real-time cross-border payments will foster greater economic participation between Southern African Development Community countries for activities such as remittances or similar day-to-day transactions.
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