MBABANE – Tensions are rising between Eswatini’s largest medical aid fund and the country’s financial regulator after the Financial Services Regulatory Authority (FSRA) moved to place Eswatini Medical Aid Fund (EswatiniMed) under curatorship — a decision the Fund says is both illegal and suspicious.
EswatiniMed’s board has come out strongly against the FSRA’s actions, accusing the regulator of overreaching its legal powers and acting without any evidence of wrongdoing.
“This move has no legal basis,” the board said in a press statement. “We have not committed fraud or financial misconduct, and no proof has been presented to support FSRA’s claims.”
The FSRA has cited governance issues, financial health, and reputational risk as reasons for the intervention. But the Fund insists these are not valid grounds for curatorship, arguing that its operations are sound and transparent. It currently manages assets worth over E500 million and holds more than E200 million in reserves — enough, it says, to pay all member claims and invoices on time.
EswatiniMed also claims its solvency level stands at 27 percent, exceeding regional requirements. It further pointed out that the Fund has consistently passed independent audits and remains financially stable.
But the row goes deeper. The Fund is questioning the appointment of Dudu Dlamini-Nyembe as the proposed curator, alleging that she has links to individuals who have tried to destabilise the Fund in the past.
Her selection, they argue, raises questions about fairness and motive — especially as it coincides with what the Fund describes as an attempted undervalued acquisition of Ezulwini Private Hospital, one of EswatiniMed’s biggest assets. The hospital is reportedly valued at over E400 million, but there’s talk of a bid to acquire it for just E200 million.
“We exist to serve our members — not to be taken over under the guise of regulation,” said the board. “This feels more like a hostile move than a regulatory one.”
EswatiniMed assured its members and health service providers that operations remain uninterrupted and that members can continue accessing hospitals, clinics, and pharmacies as normal.
While the Fund said it is open to dialogue with the FSRA on matters of financial compliance, it warned that it would not back down if the regulator acts outside the law.
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