Common Monetary Area transactions
Common Monetary Area transactions: What's changing and how it affects you
From 9 September 2024, the processing of Common Monetary Area (CMA) transactions within the South African domestic EFT system will be discontinued.
Clients within the CMA region, namely those in South Africa, Namibia, Lesotho and Eswatini, can expect the following changes:
- All credits and payments will now be cross-border transactions that are reportable to the South African Reserve Bank, and a BOP code will be required.
- An enhancement of payment data file with relevant information will be required for cross-border transactions.
- All debit and collection orders must originate in the countries, i.e. Namibia, Lesotho and Eswatini, and proceeds will be deposited into a local account.
- All clients using BOL AR that is enabled in country shall continue with payments and collections in country as normal.
This will ensure that clients within the CMA region can enjoy increased security and efficiency while transacting.
Our relationship managers and customer service teams are available to assist clients with any questions they may have regarding this process.