Regulatory Alerts2024-01-01
Fast Payments Directive 2 of 2024 – Amendment to Fast Payments Directive 1
The Central Bank of Eswatini issued Fast Payments Directive 2 of 2024 to amend domestic transaction routing requirements for payment service providers. Effective November 15, 2024, all domestic Off-Us transactions up to E50,000 must route through the Eswatini Payment Switch, while amounts exceeding this threshold continue via existing clearing channels. Participants must fully comply with all network, operational, and procedural participation requirements by January 31, 2025.
Fast Payments Directive 2 of 2024- Amendment to the Fast Payments Directive 1 of 2024
- Having regard to the underlying policy objectives of Fast Payments Directive 1 of 2024, which amongst others; seek to ensure compliance by participants and/or payment service providers with the routing of domestic Off-Us transactions on the Eswatini Payment Switch;
- Further having regard to the Central Bank′s decision to defer the Go-live date for fast payments to the 15th November 2024, along with the stabilization period ending 31st January 2025 and;
- Having taken cognizance of industry concerns on the treatment of Person-to-Person payments in excess of E50 000.00 The Central Bank of Eswatini accordingly issues the following Directive to amend Fast Payments Directive 1 of 2024. Amendments to Fast Payments Directive 1 of 2024
- The Fast Payments Directive 1 of 2024 is amended as follows; i. Paragraph 4.1 is replaced by the following; 4.1.1 With effect from the 15th November 2024, all Participants and Payment Service Providers shall route outgoing and incoming domestic Off-Us Transactions with a monetary value of not more than E50 000.00 through the EPS. 4.1.2 All outgoing and incoming domestic Off-Us Transactions with a monetary value of in excess of E50 000.00 shall continue to be routed through existing payment channels such as the Electronic Clearing House.
ii. Paragraph 4.2 is replaced by the following; All Participants and Payment Service Providers are expected to have fully complied with the network, operational and general participation requirements, as well as the procedural requirements outlined in the application form for joining or participating in the Eswatini Payment Switch, which are prescribed in the EPS Fast Payments Procedural Manual on or before the 31st January 2025 2. This amendment is to be read together with Interpretation Note 1 for the Fast Payments Directive 1 of 2024. 3. This amendment becomes effective from the 8th November 2024.
The Governor Central bank of Eswatini