07
Jan
Ester Mbathera The process of doing cross-border payments across the Common Monetary Area (CMA) of South Africa, Namibia, Lesotho, and Eswatini has been described as cumbersome. The new cross-border payments came into effect in September last year, and all payment flows between these countries will be done via foreign exchange and will no longer be processed via electronic funds transfer rails. This is despite these countries’ currencies being pegged to the South African rand. Financial sector expert Adrianus Vugs argued sending money to the CMA has proven to be almost impossible since. “If we have a CMA, why are we…