BankservAfrica
Africa’s largest automated payments clearing house BankservAfrica announced on Wednesday that it has cleared 89-million electric funds transfers (EFTs) in March at a value of R847-billion – the highest monthly volume of EFTs ever recorded by the company.
Most of these were for EFT credits (payments) that represent 51-million of the total EFTs, valued at R778-billion.
BankservAfrica chief payments officer Martin Grunewald attributed the significant activity to the South African Social Security Agency’s grant payouts that were processed by National Treasury through BankservAfrica in March.