The Monetary Union in Southern Africa- the Common Monetary Area has decided to discontinue the processing of electronic funds transfer (EFT) and collections between South Africa, Lesotho, Eswatini, and Namibia.

The CMA further warned that debit order collection processing will only be supported in-country and not between countries.

The banking sector in South Africa says this change will be disruptive for many businesses and families in the Southern African region.

Thami Ngubeni spoke to the CEO of the Payments Association of South Africa (PASA), Ghita Erling.