PayInc and First Capital Bank Botswana introduce instant cross-border payments

The Transactions Cleared on an Immediate Basis (TCIB) cross-border payment system, operated by PayInc, has reached a new milestone thanks to its cooperation with First Capital Bank (FCB) Botswana, enabling the activation of payments to Botswana.

With the launch of the Botswana corridor, this partnership builds on the seamless integration of TCIB's multi-currency, cross-border digital platform with FCB Botswana's systems. Leveraging interoperable payment infrastructure, it is possible to conduct fast, secure, and cost-effective digital transactions between users in both markets. This initiative not only simplifies cross-border payments in peer-to-peer transactions, but also strengthens communities and promotes deeper financial integration by expanding access to the growing digital payment ecosystems of both economies.

As key trading partners that have entered into regional agreements to promote economic integration, South Africa and Botswana took a significant step at the end of 2024 towards strengthening their commitment to deepening economic cooperation, refocusing on reducing barriers to the free movement of goods and promoting more intensive cross-border trade. In addition to trade, remittances from South Africa to Botswana are a key source of finance, supporting households and contributing to the country's economic stability. These cross-border transfers play an important role in supporting families and increasing economic resilience.

"With accelerating economic integration and the continuing importance of remittances, there is a growing need for efficient and affordable payment systems across the SADC region to increase social inclusion and encourage users to use trusted, formal financial channels." – Meera Sunker, Director, TCIB, PayInc

"With accelerating economic integration and the continuing importance of remittances, there is a growing need for efficient and affordable payment systems across the SADC region to increase social inclusion and encourage users to use trusted, formal financial channels."

– Meera Sunker, Director of TCIB, PayInc

Technological advances and growing competition among service providers have made cross-border payments more affordable and accessible. However, challenges remain, such as limited interoperability, restricted access to viable digital options, and high transaction fees—factors that continue to drive many people to use cash-based or informal transfer channels.

As the SADC Regional Settlement System Operator (RSCO) for cross-border payments, PayInc played a key role in developing the TCIB cross-border payment system for the Southern African Development Community (SADC) region. Launched in 2021, the TCIB network covers several countries in the region, such as South Africa, Zambia, Zimbabwe, Eswatini, and Namibia, with further expansion planned for the future.

“We are delighted to introduce this innovation in cross-border payments available 24 hours a day, 7 days a week. Through our collaboration with First Capital Bank Botswana and the expansion of our network to include other local and regional participants from SADC countries, this initiative represents a significant step towards creating a more inclusive and efficient payments ecosystem. As the manager and operator of the TCIB system, we strive to deepen our strategic partnerships to make a meaningful impact, increase access to financial services, and empower businesses and communities across the region." – Meera Sunker, Director of TCIB, PayInc

“We are delighted to introduce this innovation in cross-border payments, available 24 hours a day, seven days a week. Through our collaboration with First Capital Bank Botswana and the expansion of our network to include other local and regional participants from SADC countries, this initiative represents a significant step toward creating a more inclusive and efficient payments ecosystem. As the manager and operator of the TCIB system, we are committed to deepening our strategic partnerships to make a meaningful impact, increase access to financial services, and empower businesses and communities across the region."

– Meera Sunker, Director of TCIB, PayInc

First Capital Bank customers can now receive money instantly from South Africa via SendHome and from Zimbabwe via ZB Bank. The service will be extended to other SADC markets once the launch date has been confirmed.

Customers can contact their banks and service providers for more information about this cross-border payment service.