Standard Bank Eswatini has urged customers who still have money in Unayo accounts to withdraw their funds as the bank prepares to discontinue the service.
The announcement follows the bank’s decision to decommission Unayo as it moves towards more integrated digital banking services.
Speaking on the Eswatini Broadcasting Information Services (EBIS) yesterday, Standard Bank Eswatini Head of Brand and Marketing Sanele Khumalo said the decision to end Unayo was not easy, but necessary as the bank works on improving its digital services.
Unayo was introduced in 2021 as a mobile-based financial service. The platform allows customers to store money, send and receive funds, pay for goods and services and access value-added services using their mobile phones.
“If you have money in Unayo, please withdraw it. We are trying to ensure that by December everything will be in place, hence we advise our customers to withdraw their monies,” Khumalo said.
She acknowledged that many customers had become comfortable using Unayo because it had been operating successfully for years.
“We want to improve our products and services. Yes, Unayo was working efficiently, with a lot of citizens using it, and they were now used to it,” she said.
Khumalo said the bank would continue informing customers about the exact date when Unayo will close. Further updates will be shared through EBIS and the bank’s social media platforms.
Customers who have questions about the changes have been encouraged to contact Standard Bank through its social media pages or visit any of its service centres for assistance.
The bank also apologised for any inconvenience caused by the change and asked customers to be patient as it introduces new digital banking solutions. Standard Bank said it was focusing its investment on scalable digital banking solutions while making use of technology and innovation across the wider Standard Bank Group.
The transition affects a large customer base. The bank said Unayo has more than 200 000 registered retail customers and about 5 000 business clients.
Transactions
However, only about 30% of registered customers regularly use the service for transactions.
Standard Bank said customers and merchants would be supported through a phased migration programme before Unayo closes.
Alternative services will include mobile banking, online banking, transactional and savings products, as well as point-of-sale solutions for merchants.
Customers and businesses will be able to choose services that meet their needs.
The change comes as Eswatini’s payment system becomes more connected. The Central Bank of Eswatini said the national payment system aims to provide secure, reliable and affordable payment services.
The Eswatini Payment Switch is also helping to connect banks and non-bank payment providers.
Meanwhile, the Central Bank’s Fast Payments system allows transactions between different types of accounts and wallets.
