First Capital launches instant cross-border payments
New addition to First Capital Bank’s range of corporate, commercial, and retail banking services is the Transactions Cleared on Immediate Basis (TCIB). According to the bank, the product is a revolutionary cross-border payment solution that enables customers to receive money from across the Southern African Development Community (SADC) region in real time.
The development makes First Capital the first bank to receive cross-border payments through the innovative TCIB platform. TCIB allows customers to receive funds instantly, securely, and affordably, eliminating delays traditionally associated with cross-border transfers. In addition, the service supports multiple SADC currencies and offers a seamless way for customers to access funds when they need them most from participating countries and partners.
“The service is a cost-effective payment solution designed to support high-volume, low-value cross-border transactions in real time. It aligns with SADC governments' objectives to strengthen regional payments integration and promote financial inclusion,” said First Capital Bank Country Head of Retail Banking, Thatayaone Nicholas Matlapeng. Some of the countries and partners already onboard, include South Africa to Botswana through SendHome and the Zimbabwe to Botswana through the ZB Bank. First Capital Bank Botswana is a part of FMBcapital Holdings PLC, which has banking operations in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe.