Ezulwini – Eswatini has recorded E8.5 million in financial losses to cybercrime this financial year, with most cases linked to mobile money and e-wallet scams.
This was revealed by the Central Bank of Eswatini (CBE) Governor Dr. Phil Mnisi during the presentation of the regulator’s latest Financial Stability Report at CBE Complex at Ezulwini.
Presenting the findings, Mnisi said that despite the spike in digital fraud, the country’s financial system remains fundamentally stable, crediting proactive regulatory efforts for containing wider risks.
“Our responsibility is to strengthen resilience, advance reform and safeguard the integrity of the system,” he said, emphasising the bank’s commitment to protecting the economy and the public.
Mnisi said the CBE had expanded risk monitoring, enhanced its digital forensic capacity and increased oversight across the sector to ensure that financial markets infrastructure continues to operate securely. These measures, he said, are essential to maintaining public confidence at a time when cybercrime is evolving rapidly.
The report also detailed major policy advancements during the review period. According to Mnisi, key financial sector legislation has progressed, giving the regulator authority to deploy a full suite of macroprudential tools to detect and mitigate systemic risks.
He further highlighted the near-operational status of the Deposit Protection Fund, noting that its finalisation will bolster confidence in depositors and reinforce the banking sector.
Dr Mnisi acknowledged the establishment of the regulator’s resolution function which he said provides a structured mechanism for timely intervention.
“This reduces systemic risk and strengthens our crisis preparedness,” he said, describing both the resolution framework and the Deposit Protection Fund as major milestones for the policy framework and macroprudential resilience within the central bank.
He added that macroprudential surveillance has been strengthened through improvements in stress testing and the early warning system, allowing the institution to monitor emerging risks and respond effectively.
“Together, these initiatives underscore the Bank’s commitment to safeguarding financial stability and ensuring our financial sector remains robust amid evolving domestic and global challenges, including innovation,” he said.
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