Standard Bank Eswatini has advised its customers to withdraw funds from their Unayo accounts as the bank prepares to discontinue the service. The decision to decommission Unayo is part of the bank's plan to move towards more integrated digital banking services. Unayo, introduced in 2021, allows customers to store money, send and receive funds, pay for goods and services, and access value-added services using their mobile phones.
According to Sanele Khumalo, Standard Bank Eswatini's Head of Brand and Marketing, the decision to end Unayo was not easy but necessary to improve digital services. Khumalo stated that customers should withdraw their funds by December, when the service will be fully decommissioned. She acknowledged that many customers had become comfortable using Unayo, which had been operating successfully for years.
Unayo has over 200,000 registered retail customers and around 5,000 business clients, although only about 30% of registered customers regularly use the service for transactions. The bank will support customers and merchants through a phased migration programme before Unayo closes, offering alternative services such as mobile banking, online banking, and point-of-sale solutions.
Standard Bank Eswatini is focusing its investment on scalable digital banking solutions, leveraging technology and innovation across the wider Standard Bank Group. The bank apologized for any inconvenience caused by the change and asked customers to be patient as it introduces new digital banking solutions.
Customers with questions about the changes can contact Standard Bank through its social media pages or visit any of its service centres for assistance. The bank will continue to inform customers about the exact date when Unayo will close, sharing updates through EBIS and its social media platforms.
The transition comes as Eswatini's payment system becomes more connected, with the Central Bank of Eswatini aiming to provide secure, reliable, and affordable payment services. The Eswatini Payment Switch is helping to connect banks and non-bank payment providers, while the Central Bank's Fast Payments system allows transactions between different types of accounts and wallets.
The change affects a large customer base, but Standard Bank Eswatini assured that customers and businesses will be able to choose services that meet their needs. The bank is committed to supporting its customers through the transition, ensuring a smooth migration to its new digital banking solutions.
Key points
- Standard Bank Eswatini to decommission Unayo mobile platform by December.
- Over 200,000 registered Unayo users advised to withdraw funds.
- Bank to offer alternative digital banking services, including mobile banking and point-of-sale solutions.
