Important Update: Sending Money to Lesotho, Eswatini, and Namibia via EFT to End in September
South Africans who regularly send or receive money from Lesotho, Eswatini, and Namibia will need to find alternative methods as Electronic Funds Transfers (EFT) between these countries will be discontinued from September 9th, 2024. This change, originally planned for April, was extended due to intervention by the Bank of Namibia. The Backstory: The Common Monetary Area (CMA) Decision The Common Monetary Area (CMA), comprising South Africa, Lesotho, Eswatini, and Namibia, has decided to stop processing EFT payments within the region. This means: Alternatives for Sending and Receiving Money South African banks are advising customers to utilize alternative methods for cross-border transactions after September: Potential Impact This change is likely to disrupt businesses and families in the region due to: A Look at the Numbers Engelsman Magabane Incorporated: Here to Help Engelsman Magabane Incorporated understands the potential challenges these changes may bring. We can assist you with: Stay Informed, Stay Connected While this change presents hurdles, new solutions are emerging. We encourage you to stay informed and explore alternative options to ensure your cross-border financial needs are met.