The Transactions Cleared on an Immediate Basis (TCIB) Cross-border Payments Scheme, operated by PayInc, has achieved a new milestone through its collaboration withThe Transactions Cleared on an Immediate Basis (TCIB) Cross-border Payments Scheme, operated by PayInc, has achieved a new milestone through its collaboration with
First Capital Bank And SA’s PayInc Partner for 24/7 Cross-Border Payments
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The Transactions Cleared on an Immediate Basis (TCIB) Cross-border Payments Scheme, operated by PayInc, has achieved a new milestone through its collaboration with First Capital Bank (FCB) Botswana, for activating payments into Botswana.
With the Botswana corridor now live, this partnership is driven by the seamless integration of the TCIB multi-currency, cross-border digital platform into FCB Botswana’s systems. By leveraging the interoperable payments infrastructure, fast, secure, and cost-effective digital transactions between users in both markets are made possible. This initiative not only simplifies cross-border payments for peer-to-peer transactions but also empowers communities and drives deeper financial inclusion – broadening access to the growing digital payments ecosystems of both economies.
As key trading partners with established regional agreements to promote economic integration, South Africa and Botswana took a significant step in late 2024 to reinforce their commitment to deeper economic cooperation with a renewed focus on reducing barriers that hinder the free flow of goods, fostering stronger cross-border trade. Beyond trade, remittances from South Africa to Botswana serve as a critical financial lifeline, sustaining households and contributing to the nation’s economic stability. These cross-border transfers play an essential role in supporting families and driving economic resilience.
“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,” says Meera Sunker, Head of TCIB at PayInc.
Advancements in technology and growing competition among service providers have made cross-border payments more affordable and accessible. However, challenges persist, including limited interoperability, restricted access to cost-effective digital options, and high transaction fees – factors that continue to drive many toward cash-based or informal transfer channels.
As the SADC Regional and Settlement System Operator (RSCO) for cross-border payments, PayInc has played a pivotal role in developing the TCIB Cross-Border Payment Scheme for the Southern African Development Community (SADC) region. Launched in 2021, TCIB’s growing network spans several countries in the region, such as South Africa, Zambia, Zimbabwe, Eswatini and Namibia, with further expansion plans on the horizon.
“We are pleased to be introducing this 24/7 cross-border payments innovation. By collaborating with First Capital Bank 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,” says Sunker. “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.”
First Capital Bank customers can now receive money instantly from South Africa through SendHome and from Zimbabwe via ZB Bank. The service will expand to additional SADC markets as go-live dates are confirmed.
Customers may contact their respective banks and service providers to find out more about this cross-border payment service.
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