BankservAfrica cleared the highest volume of electronic funds transfers (EFTs) on record in March – 89-million of them, with 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,” says Martin Grunewald, chief payments officer at BankservAfrica.

“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.”