Eswatini’s payment system has entered a new phase following the full activation of the Eswatini Payment Switch (EPS) fast-payments platform.

The system, overseen by the Central Bank of Eswatini, connects participating banks and mobile-money providers, allowing customers to transfer money between different financial service providers in real time.

Unlike traditional payment processes that can be restricted by banking hours, the new platform operates 24 hours a day, seven days a week, including weekends and public holidays. This could help businesses receive customer payments and settle transactions with suppliers more quickly.

The Central Bank says the initiative is intended to improve interoperability between banks and non-bank payment providers while supporting digitalisation and financial inclusion.

Further developments are expected to include QR-code payments, open banking and domestic card switching. QR payments could particularly benefit small businesses by allowing merchants to accept digital payments without necessarily requiring conventional point-of-sale equipment.

For Eswatini’s SMEs, retailers and tourism businesses, the new infrastructure creates additional options for faster digital transactions as the country expands its cashless economy.