New Cross-Border Payment Rules for Common Monetary Area

Starting April 15, 2024, the banking sector is implementing changes to cross-border payments within the Common Monetary Area, encompassing Namibia, Eswatini, Lesotho, and South Africa. Cross-border Electronic Fund Transfer payments within the CMA will no longer be allowed through domestic channels. Instead, clients must use the FNB App or FNB Online Banking to initiate Global Payments. Albert Matongela, FNB Namibia Payments Manager, explains further.