Ezulwini – Eswatini’s rapid digital transformation has propelled the country to an impressive 87% financial inclusion rate.
This transformation has been driven largely by mobile money innovation and major reforms in the national payment system, including the rollout of the Eswatini Payment Switch (EPS), which is reshaping how citizens and businesses transact.
Speaking during the launch of the State of Inclusive Instant Payments Systems (SIIPS) Report 2025, the Central Bank of Eswatini Governor, Dr Phil Mnisi, highlighted the country’s remarkable progress toward building a secure, interoperable and innovation-friendly payments ecosystem.
The shift began under the National Financial Inclusion Strategy (NFIS I) of 2017–2022 and is now being reinforced by NFIS II, launched in 2024, which prioritizes broader digital access and consumer empowerment.
At the heart of Eswatini’s transformation is a fully modernized National Payment System (NPS), which includes the Real-Time Gross Settlement (RTGS) platform SWIPSS, the Central Securities Depository, and the Eswatini Payment Switch (EPS), the centrepiece of the country’s digital payment vision.
Launched under the National Payment System Vision 2021–2025, the EPS aims to enable seamless interoperability between banks and non-bank players, enhance convenience, reduce costs, and unlock new forms of payment innovation. The regulatory foundation for this transformation was solidified through the enactment of the National Payments System Act of 2023.
Mnisi highlighted that EPS made its debut in December 2024 with three initial participants and a Person-to-Person fast payment use case. He added that in less than a year, participation has grown to seven institutions, with the eighth set to join on 15 November 2025, completing onboarding for all key players in the payments ecosystem.
Transaction uptake has been extraordinary. Fast Payments recorded an average month-on-month growth of 269% in the first six months and 133% in the second half of the year. By October 2025, the system was processing around 65,000 transactions monthly, valued at approximately SZL 250 million (USD 14 million).
Average transaction values further highlight user confidence—E4,801.40 for bank accounts and E1,872.20 for wallets.
Looking ahead, Mnisi noted that the next phase will expand use cases to include merchant and government payments, introduce QR code functionality, and support e-commerce through the EPS’s upcoming Open Banking capabilities. This expansion is expected to significantly deepen digital usage, further reinforcing Eswatini’s already high financial inclusion rate.
Moreover,the report presented by the Governor highlighted that the country is also closely monitoring the rise of cryptocurrency activity, with over E31.8 million flowing to foreign crypto exchanges in the last two years. Minisi said their priorities include increasing public awareness of risks, strengthening monitoring tools, and developing a balanced regulatory framework that protects consumers while allowing innovation.
Discussion about this post