BankservAfrica Processes Record Volume of Electronic Transactions in March

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.