Interoperability between banks and non-banking financial service providers makes financial services more accessible to unbanked and underbanked populations. As many Africans remain unbanked, integrating digital payment solutions into everyday transactions can help bridge the gap between the banked and unbanked.

The Kingdom of Eswatini has launched the Eswatini Payment Switch (EPS), a platform enabling real-time, interoperable transactions across banks and non-banks. Paylogic, the provider behind its development, announced the rollout on January 7.

Commenting on the development, Mohamed Mekouar, Executive Chairman of PayLogic said, "We are honored to partner with the Central Bank of Eswatini in this transformative project. The Eswatini Payment Switch is a testament to our commitment to advancing digital payments and financial inclusion across Africa."

The EPS marks a significant step toward creating a cash-lite economy by reducing dependency on cash transactions. The system allows payments to be processed within seconds, ensuring seamless, 24/7 service availability, including weekends and holidays.

The EPS enhances interoperability among financial institutions, fostering a more inclusive and interconnected financial ecosystem. This innovation is expected to drive financial inclusion and digital transformation, enabling individuals and businesses to access faster and more secure payment services.

This initiative aligns with Eswatini's broader push to modernize its payment infrastructure, drive economic growth, and expand financial access for its citizens. The country has made notable progress in embracing digital payments, led by the Central Bank of Eswatini (CBE) through its National Payment System (NPS) Vision 2025, which focuses on achieving interoperable, real-time, and 24/7 payment capabilities.

By ensuring interoperability and real-time processing, the platform positions Eswatini as a leader in embracing digital financial solutions in the region.

Hikmatu Bilali