Mbabane- The Central Bank of Eswatini (CBE) approved two provisional banking licences during the
2025/26 financial year, while two other applications remained under consideration at the end of the
period.
The development points to continued movement in Eswatini’s banking sector, with new players seeking
entry into the financial services industry.
According to the CBE’s 2025/26 Annual Economic Review, the regulator received and assessed five
applications for banking licences during the financial year.
Of the five applications, two were approved for provisional licences, one was rejected and two remained
under review at the close of the financial year.
The successful applicants were Letshego Eswatini Bank and SBS Bank Eswatini, with the latter formerly
operating as Swaziland Building Society.
Letshego Eswatini Bank was granted a provisional licence in June 2025 to operate as a digital bank after
submitting its application in October 2024.
SBS Bank Eswatini subsequently received a provisional licence in October 2025 to operate as a medium-
sized commercial bank. Its application was submitted on June 30, 2025.
The CBE said both applications underwent assessment against the country’s banking legislation and
regulatory requirements before the provisional licences were issued.
The entry of the two institutions has the potential to increase competition and broaden the range of
financial services available to consumers.
Letshego’s proposed digital banking operations could strengthen competition in the digital financial
services space, while SBS Bank’s transition from a building society to a commercial bank represents a
significant change for the long-established financial institution.
However, the provisional licences do not mean that the two institutions automatically became fully
operational commercial banks.
In the case of SBS Bank Eswatini, the institution is required to meet the conditions attached to its
provisional licence and satisfy the applicable legal and regulatory requirements before being granted a
full banking licence and commencing operations as a commercial bank.
Letshego’s provisional licence was also issued for a period not exceeding 12 months, during which the
bank-in-organization was expected to prepare for operationalisation and comply with conditions
imposed by the regulator.
Meanwhile, the CBE said two other banking licence applications were still under review at the end of the
2025/26 financial year.
The latest licensing activity comes as Eswatini’s financial sector continues to evolve, particularly with
growing interest in digital financial services and the expansion of banking activities.
The CBE is mandated to license, regulate and supervise banks and other financial institutions in the
country as part of its responsibility to maintain a sound and stable financial system.
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