MBABANE:Phil Mnisi, the Governor of the Central Bank of Eswatini(CBE) has warned against emerging illegal Cross Border Payment agents, advertising on social media claiming to be in the business of transferring/sending money from Eswatini to South Africa(and vice versa) at a fee.
These emerging illegal agents come after South Africa announced that, payments to Eswatini and other countries within the Common Monetary Area(CMA) will now be transferred as a Forex payment, this became technical for some ordinary citizens as Eswatini also implemented the same decisionfor South African transactions.
“The Bank would like to inform the public that such an activity is a criminal offense, as such individuals or entities are not licensed by the Central Bank to conduct those activities. The public is informed that in terms of the law, activities involving cross-border payments, remittances or money transfer services must be carried out only by institutions licensed by the Central Bank of Eswatini”, reads the statement in part, released on Wednesday.
Central Bank Governor Phil Mnisi(pic: Central Bank).