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Important information regarding the discontinuation of electronic funds transfers (EFT) payments to Common Monetary Areas (CMA)

 

Change in implementation date

We recently communicated the important regulatory changes to the processing of EFTs and collections between all the CMA countries – that is South Africa, Namibia, Lesotho and Eswatini – from April 2024.

 

On 3 April 2024, the Bank of Namibia decided to extend the effective date to 30 September 2024. After careful consideration, the regulators have decided to extend this deadline.

 

The Common Monetary Area (CMA) regulators recently decided to discontinue processing electronic funds transfer (EFT) payments and collections within the CMA from April 2024. The Payments Association of South Africa is responsible for coordinating South Africa’s efforts to meeting this deadline. The CMA consists of South Africa, Namibia, Lesotho and Eswatini.

 

Decommissioning of EFTs and the impact thereof

Processing of CMA EFTs will be discontinued according to the following time frames:

  • 9 September 2024 – the final day of processing domestic EFT credit payments and EFT debit collections to and from Lesotho, Eswatini and Namibia.

 

Due to these changes, and aligned with the effective dates for payments and collections to the relevant CMA country, you will no longer be able to:

  • make EFTs to accountholders in other CMA countries; using NetBank Business on the Nedbank Business Hub or the corporate payment system;
  • receive EFTs from other CMA countries unless they are initiated on a global banking channel; or
  • receive EFT collections from CMA countries.

 

What must you do?

If you want to continue making and receiving payments or collections to beneficiaries in a CMA country after September 2024, you can use our global payment platform, Global transactions on the Nedbank Business Hub or our global host-to-host solution to make and receive these payments.

 

In future, debit order collection processing will only be supported in-country and debit orders that are collected from accounts within the CMA will have to be initiated from an account domiciled in Namibia, Lesotho or Eswatini. This will require access to an in-country banking service to submit debit order collections and the receivables and billing processing accounts. Alternatively, these debtors can initiate payments from the respective CMA countries to you using a cross-border service.

 

Contact us

If you want to continue making payments to or collections from beneficiaries in the CMA countries, or have any questions, please contact your banker to discuss the solutions that we can offer in more detail and start the set-up process.