Electronic Funds Transfer (EFT)

A payment system that enable you to transfer funds from one account to another between financial institutions within a faster period of time.

Key features

Credit transfers: Upon customer’s request, his/her account is debited with funds which are then transferred to another account in another financial institution.

Debit transfers: Upon the customer’s request, his/her account is credited with funds that are received from the customers’ debtors following an agreement independently arranged between the customer and his debtors. For example payment of utilities and school fees.

Why Electronic Fund Transfer (EFT)?

• It facilitates secure transfers of funds between banks;
• It a faster payment system than the cheque payment system (within 8 working hours);
• It is the cheapest payment system;
• It is the most appropriate payment system for salary payments and standing instructions.