BY DELISA THWALA
MBABANE – 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.
In a statement released hours ago, CBE through its management shared that, their commitment to promote financial stability and to regulate electronic transactions within the Kingdom of Eswatini.
The CBE announced that all gadgets used for payment purposes must be directly linked to local bank accounts only.
“As such, the use of payment gadgets connected to foreign bank accounts are not permitted within the Kingdom of 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,” read the statement in part.
In addition the statement read that this was in line with their strategic objective to bolster domestic economic growth and to maintain financial stability.
They , therefore, encouraged all residents and businesses to comply with this requirement.
Furthermore, they urged the public to approach local financial institutions for similar services and product offerings.
“Adherence to this requirement contributes to the growth and resilience of our local economy while enjoying existing security and convenience provided by our banking system. Failure to adhere to this requirement may lead to penalties stipulated in relevant financial services laws and regulations,” read the statement.
