Tag: National Payment System

By Tokiso TKay Nthebe The financial services industry is rapidly changing, introducing innovative and secure solutions to making payments and receiving money. We have witnessed the evolution from signing bank cheques, to making electronic funds transfer (EFT) and digital payments at a click of button, which continue to make it seamless and convenient for customers to transact from the comfort of their devices. We have also seen legislative changes over the last few years, where regulators globally continue to work tirelessly to protect the banking industry by making it more secure and ‘bullet’ proof to curve money laundering and financial risks such cyberattacks among many. Picture by MSU Clout In our context, one such change is the Central Bank of Lesotho’s Cross-Border Payments regulation where payments to or money received from Common Monetary Area (CMA) countries that include the Republic of South Africa (RSA), Namibia and the Kingdom of Eswatini will no longer be sent via EFT effective 16th September 2024. As consumers of financial services, this is going to impact how you make payments, receive money or how your debit orders will be collected from CMA countries. With all these changes, how does it affect you as FNB Lesotho customer? Ahead of the Cross-Border Payment Switch, FNB Lesotho recently launched its FX on App functionality that allows you to make payments or receive money from CMA countries and globally using your FNB App. This functionality is secure, seamless and easy to use, which is what we have come to appreciate and expect from FNB’s digital solutions. With FX on App, you can access a range of solutions that include global payments, global receipts, global transfers and access to forex rates. Below is a step-by-step guide to access FX on App and start transacting with ease. Download the FNB Lesotho App from Google Play Store or Apple App Store, set it up and verify. You need to have an account with FNB Lesotho to use FX on App. On the FNB App, click on + sign to add Forex and login. After logging in, select Forex to start transacting. To make payments from Lesotho to CMA countries or globally select and use the Global Payments tab. You can make Once-off payments or add and save beneficiaries. To receive money from CMA countries and globally, you will use the Global Receipts tab that allows you to check how much money is received, confirm and accept it before it can reflect in your FNB Lesotho account. You can also check the daily forex rates for currencies such as the US Dollar, Pound Sterling and Euro among many. Picture Source: FNB Lesotho, 2024 Change is not always easy, but we live in a constantly changing world that forces us to keep, adapt or die. Like Joanne Harris wrote, ‘Change isn’t always comfortable, but it is a fact of life.’ In a similar fashion, how we transact and do our banking is guaranteed to continuously keep changing and evolving. If we do not keep and embrace it, we will be left behind. With the FNB Lesotho FX on App, you can do that and more, conveniently and securely. It is Eaaazy!

Tag: National Payment System

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