Mbabane- The Financial Services Regulatory Authority (FSRA) has placed Bunye Betfu Buhle Betfu Savings and Credit Co-operative Society (Bunye Betfu SACCO) under curatorship for an initial period of three months, citing the need to restore sound governance and strengthen the institution’s operations.
The curatorship took effect on September 24, 2026, according to a public notice issued by the FSRA.
Under the intervention, a curator will take over the management, control and administration of the SACCO, with the regulator saying the process is intended to support the continued and orderly operation of the institution.
The FSRA said the key objectives of the curatorship are to improve the control environment, restore sound governance and facilitate the payment of interest and dividends to members.
The regulator described the intervention as a protective and stabilizing measure aimed at safeguarding members’ interests, preserving the SACCO’s assets and strengthening internal controls while identified governance and operational challenges are addressed.
The development comes amid growing tensions at the SACCO over delayed annual returns and concerns about its governance.
Earlier this week, this publication reported that more than 40 Bunye Betfu members had confronted the cooperative’s leadership over the delayed payment of their annual dividends. The members had demanded answers after failing to receive the returns they expected, with some saying they had planned to use the money for school expenses, rent and other financial obligations.
The dispute intensified after members rejected a 12 per cent return announced by the chairperson, saying they had expected 15 per cent. Members also complained that the annual interest, which they said was normally paid in August, had not been released.
The confrontation followed the cancellation of a Special General Meeting that had initially been scheduled for September 5. Members had received communication about the meeting before another notice indicated that it had been cancelled because certain processes had allegedly not been followed. No immediate replacement date was announced, prompting members to go to the SACCO’s offices demanding answers.
The situation became tense when employees locked themselves inside their offices as the members protested and police were called to the scene. The members were eventually addressed by Vice Chairperson Eric Ndlovu, who assured them that their money was safe. He attributed the delay partly to challenges surrounding the audit and a change in the accounting system.
Independent News further reported that Ndlovu acknowledged that something was not right within the executive, as questions were raised over conflicting communications sent to members and the delayed financial processes.
The regulator’s intervention now places the SACCO’s operations under the control of the curator, with current and former management, employees, service providers and stakeholders required to cooperate and provide information and assistance as may reasonably be required.
The FSRA said it would work closely with the curator and collaborate with the Commissioner for Co-operative Development during the curatorship period.
The regulator also stressed that services to members should continue with minimal disruption while the curator establishes the necessary controls and works to stabilise the SACCO.
The intervention also follows regulatory concerns surrounding the cooperative’s governance and operations. Independent News reported that the Commissioner for Cooperatives, in collaboration with the FSRA, had cited concerns identified through regulatory processes, including matters raised in two forensic audit reports conducted by PricewaterhouseCoopers (PwC) and SNG Grant Thornton.
The authorities have indicated that a Special General Meeting will be convened once the administrative processes surrounding the intervention have been finalized. The meeting is expected to provide members with information on the intervention, the proposed roadmap and the way forward, including matters relating to the payment of dividends and interest on savings.
Bunye Betfu, which has more than 6,600 members, largely drawn from the public sector, has in recent weeks faced increasing scrutiny over its governance, financial processes and communication with members.
The FSRA has urged members and other stakeholders to remain patient and cooperate with the curator, saying further updates will be issued as the process progresses.
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