STANDARD Bank Eswatini is shifting investment towards integrated digital banking as it prepares to close Unayo, citing major changes in the country’s payments landscape.
The bank announced last week that it would decommission the Unayo platform by December 31, 2026, but its latest response shows that the move is part of a broader shift towards integrated digital banking and payments.
Head of Brand and Marketing at Standard Bank Eswatini Sanele Khumalo, said Unayo had played an important role in advancing financial inclusion when it was introduced four years ago.
“Unayo played an important role in advancing digital financial inclusion in Eswatini and addressing gaps that existed in the payments ecosystem at the time,” Khumalo said.
She highlighted that Unayo had been among the first wallet platforms to allow customers to send money to bank accounts and receive money from bank accounts, helping to bridge gaps between different payment systems.
However, the bank also noted the market had since evolved significantly, particularly following the introduction of the Eswatini Payment Switch (EPS). She said the new payment infrastructure had reduced many of the barriers that digital wallets such as Unayo were originally designed to address.
“Today, Standard Bank customers can send and receive payments in real time between participating bank accounts and wallets, 24 hours a day, 365 days a year, through our enhanced digital banking channels,” she said.
The changing market has also altered what customers expect from their financial institutions. Khumalo said customers increasingly wanted integrated banking experiences that brought payments, savings, lending and self-service capabilities together on a single platform.
Consequently, Standard Bank was focusing its investment on scalable digital banking solutions while leveraging technology and innovation investments across the wider Standard Bank Group.
The scale of the transition is significant. Standard Bank said Unayo currently had more than 200 000 registered retail customers and about 5 000 business clients, although only approximately 30% were regularly transacting.
The bank said customers and merchants would be supported through a structured, phased migration programme ahead of the closure date.
Alternative services will include mobile banking, online banking, transactional and savings products and point-of-sale merchant solutions, with customers and merchants able to choose the solutions that best suit their needs.
Khumalo mentioned that the retirement of Unayo should not be interpreted as a retreat from digital payments.
“While the Unayo platform will be retired, Standard Bank’s commitment to financial inclusion, innovation and digital payments remained unchanged,” she added.
The bank is also looking beyond traditional payment terminals, with Khumalo saying it is exploring solutions that could allow businesses to accept payments through secure payment links.
The development comes as Eswatini’s payment infrastructure becomes more connected. The Central Bank of Eswatini (CBE) says the national payment system is intended to provide secure, reliable and cost-effective payment services, while the EPS is addressing the previous lack of connections between banks and non-bank payment providers.
The CBE’s Fast Payments system has also enabled transactions across different types of accounts and wallets, supporting the broader move towards faster digital payments in the country.
For Standard Bank, the end of Unayo marks a strategic shift towards a financial-services environment where banking, payments and commerce are increasingly integrated.
DIGITAL PUSH TARGETS MSME GROWTH
STANDARD Bank Eswatini is looking to expand digital payment opportunities for micro, small and medium enterprises (MSMEs) as part of a broader strategy to increase participation in the formal economy.
The bank says its digital transformation strategy is focused on making banking and payments more accessible, convenient and relevant to different customer segments, particularly MSMEs and financially underserved communities.
Head of Brand and Marketing at Standard Bank Eswatini, Sanele Khumalo, said small businesses increasingly needed affordable and simple ways to accept electronic payments, manage collections and serve customers beyond traditional cash transactions.
She said the bank was exploring payment-acceptance solutions beyond traditional physical point-of-sale devices, including secure payment links that could enable merchants and entrepreneurs to accept digital payments.
“For MSMEs, the future lies in reducing barriers to participating in the digital economy,” Khumalo stated.
She mentioned that digital innovation could also help financially underserved customers access formal financial services by reducing some of the barriers associated with distance and reliance on physical banking infrastructure.
“By leveraging mobile and digital capabilities, we can help expand access to formal financial services and support broader financial inclusion across the country,” she said.
Standard Bank’s digital transformation strategy extends beyond digital banking to a wider range of consumer-to-business, business-to-person and business-to-business payment capabilities.
The strategy comes as Eswatini’s payment ecosystem continues to evolve, with the Eswatini Payment Switch (EPS) supporting greater connectivity between banks and non-bank payment providers.
The Central Bank of Eswatini has said the EPS is intended to facilitate faster and more convenient payments while strengthening the country’s payment infrastructure and supporting innovation in digital financial services.
Khumalo said Standard Bank’s digital transformation was ultimately about more than technology.
“It is about creating opportunities, expanding access to financial services and building a modern, inclusive financial ecosystem that supports individuals, businesses and communities across Eswatini,” she added.
