In an effort to simplify cross-border payments for peer-to-peer transactions and drive deeper financial inclusion, First Capital Bank Botswana is partnering with PayInc, a South African national payments company, for digital cross-border payments.
The collaboration is driven by the integration of the Transactions Cleared on an Immediate Basis (TCIB) multi-currency, cross-border platform operated by PayInc into FCB Botswana’s systems.
In a statement, the companies said by leveraging PayInc's interoperable payments infrastructure, the initiative enables fast, secure, and cost-effective digital transactions between users in both markets, while broadening access to the growing digital payments ecosystems of both economies.
The parties went on to say beyond trade, remittances from South Africa to Botswana provide a key financial lifeline for households and contribute to the country's economic stability. According to the joint statement, cross-border transfers are critical for assisting families and driving economic growth.
“As economic integration accelerates and remittances continue to play a vital role, there is a growing need for efficient, affordable payment systems across the SADC region, meant for driving inclusion and shifting users toward trusted, formal financial channels,” said Meera Sunker, head of TCIB at PayInc.
She added: “By collaborating with FCB Botswana and broadening our network with other local and SADC-based participants, this initiative represents a significant step toward fostering a more inclusive and efficient payments ecosystem.
"As the TCIB Scheme manager and operator, we aim to deepen our strategic partnerships to drive meaningful impact, enhance financial accessibility, and empower businesses and communities across the region.”
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