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JOHANNESBURG - BankservAfrica said on Wednesday it had processed a record 89 million electronic funds transfers (EFTs)  amounting to R847 billion in March.

BankservAfrica, Africa’s largest automated payments clearing house, said most of these were for EFT credit payments, representing 51 million in volume and a value of R778 billion.

"The significant activity can be attributed to the South African Social Security Agency’s grant pay-outs that were processed by the South African National Treasury through BankservAfrica,” said Martin Grunewald, chief payments officer at the company.

BankservAfrica is based in Johannesburg and processes transactions for clients including banks, the retail sector and government.

In 2017, BankservAfrica embarked on a project to modernise payments.

- African News Agency (ANA)