MBABANE – The Central Bank of Eswatini has raised concerns about growing irregularities in the country’s financial services and payments ecosystem, warning that no entity is above regulatory oversight.
The statement, issued by Governor Dr. Phil Mnisi, comes in response to recent media reports suggesting that certain players within the sector may be operating outside the bounds of the law and constitutional framework. These alleged actions, the Bank noted, pose a direct threat to the integrity and stability of Eswatini’s financial system.
The Central Bank, headquartered in Mbabane, reiterated that it holds the constitutional responsibility for maintaining financial stability and overseeing payment systems across the Kingdom. This includes ensuring that all payment instructions are secure and final, and that all participants operate within approved regulatory structures.
Concerns were also raised about behaviour that appears to undermine the role of established regulatory authorities, including the Financial Services Regulatory Authority (FSRA), which has recently intervened in matters affecting the sector. The Bank expressed full support for the FSRA’s actions and stated its readiness to step in if necessary.
“No institution, entity or individual is exempt from the laws of Eswatini,” the Bank said, cautioning both financial and non-financial entities that mobilize funds without adhering to regulation.
Dr. Mnisi made it clear that the Bank would not hesitate to invoke legal measures to protect the nation’s financial integrity. He described ongoing monitoring efforts as part of a broader strategy to safeguard the resilience of the local financial landscape.
The Central Bank’s warning targets not only licensed financial service providers but also informal players who engage in activities resembling financial services without proper authorization.
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