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DON’T USE POS GADGETS LINKED TO EXTERNAL BANKS - CENTRAL BANK

By Nomfanelo Maziya | 2023-09-19

The Central Bank of Eswatini (CBE) has cautioned the public on the use of point of sale (PoS) gadgets linked to bank accounts held in other countries.

The CBE said the use of payment gadgets connected to foreign bank accounts was not permitted within Eswatini.

“This measure is intended to safeguard our financial system, prevent potential risks of money laundering, illicit financial flows and to ensure the traceability of financial transactions for the benefit of our citizens,” the CBE said in a statement.

Objective
This was in line with the bank’s strategic objective to bolster domestic economic growth and maintain financial stability. “In our commitment to promote financial stability and to regulate electronic transactions within the Kingdom of Eswatini, the CBE hereby announces that all gadgets used for payment purposes must be directly linked to local bank accounts only,” said CBE.

The bank, therefore, encouraged all residents and businesses to comply with this requirement.
“Furthermore, we urge the public to approach local financial institutions for similar services and product offerings,” said the CBE.

The CBE advised that adherence to this requirement contributed to the growth and resilience of the local economy while enjoying existing security and convenience provided bythe banking system.  “Failure to adhere to this requirement may lead to penalties stipulated in relevant financial services laws and regulations,” the CBE said.

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