SA Reserve Bank to Halt EFTs to Namibia, eSwatini, Lesotho
Starting September 4, 2024, Standard Bank customers in South Africa will no longer be able to make Electronic Fund Transfers (EFT) to Namibia, eSwatini, and Lesotho due to new regulatory changes implemented by the South African Reserve Bank.
For personal banking customers, cross-border payments to these Common Monetary Area (CMA) countries can still be made by visiting Forex branches. Customers need to go to the Foreign Exchange Teller/Desk within the branch to process their payments.
Business customers have a different procedure. They will need to complete the Balance of Payments (BOP) form and submit a payment request to Standard Bank to process transactions to Namibia, eSwatini, and Lesotho.
