Mbabane – The Swaziland Building Society has entered the final phase of its transformation into a fully-fledged commercial bank, marking a major milestone in the institution’s six-decade history.
Speaking on Eswatini TV’s Kusile Breakfast Show, Velaphi Dlamini, legal manager at the society, said the process reached a key point following the registration of the new company on 2 January 2026. “Members who held shares in the building society have now received two classes of shares,” Lamini said, noting that ordinary share certificates are currently being printed while holders of redeemable shares have a 90-day period to decide whether to convert them into ordinary shares or receive funds in a temporary deposit account.
Lamini added that members who do not make a choice within the 90 days will have their redeemable shares automatically moved into the temporary deposit account, ensuring their rights remain protected. “Even after the conversion, members’ investments are secure, and as the bank grows, the value of their shares will grow as well,” Lamini said.
The move is expected to benefit shareholders financially, offering opportunities for dividends and, eventually, the ability to monetize ordinary shares through an over-the-counter trading platform.
The journey to full commercial status began in 2002, with momentum picking up around 2020. Lamini explained that the process required extensive consultations with regulators including the Financial Services Regulatory Authority, the central bank, and the Ministry of Finance to ensure members’ rights were safeguarded and the transition complied with the Building Societies Act.
With its new commercial status, the former building society anticipates an influx of clients as it can now offer a wider range of banking products. These include unsecured lending, overdrafts, motor vehicle finance, and services for larger commercial clients.
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