BankservAfrica, Africa’s largest automated payments clearing house, cleared the highest volume of electronic funds transfers (EFTs) on record in March of 89 million and at a value of R847 billion.
Most of these were for EFT credits – payments – that represent 51 million in volume and a value of R778 billion, according to Shergeran Naidoo, Head of Stakeholder Engagements at BankservAfrica.
“The volume of EFTs in March is the highest that BankservAfrica has on record for single a month. The significant activity can be attributed to the South African Social Security Agency’s grant pay-outs that were processed by the South African National Treasury through BankservAfrica,” says Martin Grunewald, Chief Payments Officer at BankservAfrica.
