EFT payments no longer accepted from Namibia - Alternatives?

J

JPDEL

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So the SARB in all its wisdom is blocking EFT payments from CMA regions such as Namibia from April 2024, and all future payments to and from SA in ZAR must be done via SWIFT. I believe there will be a reduced rate of R15 for FNB NA -> ZA payments, but coupled with all the additional steps and delays, this is a real blow to anyone who trades with customers in Namibia, especially on low margin items. So what alternatives are there? I believe setting up a bank account in Namibia requires registering a company there which is just too much hassle. I don't believe there's any other low cost payment options other than crypto, with crypto not being easily obtainable in NA? Open to suggestions and thoughts. The idea is that it would be cheaper than accepting card payments but still accessible. Thanks!
 
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Im just throwing ideas out there you will need to check costs and legalaties but you can maybe try "visa direct" or one of those cross border money transfer apps?
 
B-1 said:
Im just throwing ideas out there you will need to check costs and legalaties but you can maybe try "visa direct" or one of those cross border money transfer apps?
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Thanks - looks interesting based on initial searching. I guess it will depend how well it's supported for customers in Namibia and merchants in SA, but will research it further.
 
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The blocking of EFTs to and from CMA regions was on instruction from FATF. The free flowing of funds between the CMA countries was one of the reasons ZA was greylisted.
 
duckgray said:
The blocking of EFTs to and from CMA regions was on instruction from FATF. The free flowing of funds between the CMA countries was one of the reasons ZA was greylisted.
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I've heard so. Unfortunately the only real impact is adding fees, paper work and delays to legitimate transactions, while illegal transactions will continue. All other countries manage to meet FATF requirements without exchange control, so shoving that in here is clearly not the solution (just a pretend band-aid). Exchange control is such a burden on South Africa's economy.
 
Might be easier to get hold of a furniture removal company and ask them to move your couch.
 
If the FATF comes across as maybe putting a boot on smaller economies I think that would be seen by the G7 as a feature, not a bug.
 
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