Common Monetary Area countries move to regulate EFT payments

Starting 30 September 2024, low-value EFT payments, debit and credit payments between Common Monetary Area (CMA) countries (Eswatini, Lesotho, Namibia, and South Africa) will be treated as cross-border transactions. Here is what South African AltCoinTraders have to know about the latest move.

Changes to CMA domestic payment system

The South African Reserve Bank (SARB) announced that CMA domestic payments will now undergo stricter due diligence to meet international anti-money laundering standards. This shift aligns with South Africa's efforts to comply with recommendations from the Financial Action Task Force (FATF), aiming to exit its greylist by January 2025.

CMA countries will be required to use the Southern African Development Community real-time gross settlement (SADC-RTGS) system for these payments. The changes also affect debit orders, which must now be initiated from an account within the same CMA country, offering greater consumer protection. While these updates may increase processing times and costs, the SARB and the CMA Cross-border Payments Oversight Committee (CPOC) are working to mitigate negative impacts on consumers and businesses.

How will this move affect AltCoinTraders?

AltCoinTrader, a registered FSP can no longer facilitate the transfer of funds via ETFs to and from the affected CMA countries. Your deposits must now be conducted through your bank’s SWIFT and Forex banking services and not the simple EFTs that have been used in the past. 

Here are a few important changes to take note of:

• Crypto withdrawals remain unaffected.
• Fiat withdrawals require updated banking details to one of the supported banks.
• Please note that Namibian account holders do not have to make SWIFT payments and can refer to the AltCoinTrader Deposits page for the Namibian banking details.
• For deposits into your AltCoinTrader account, please use the following Standard Bank SWIFT code: 

Address: Roodepoort