Mbabane – The Central Bank of Eswatini (CBE) has extended its technical support to Eswatini Bank by 12 months and will second one of its senior executives to help implement the bank’s approved turnaround plan.
CBE Governor Dr Phil Mnisi said through a press statement the decision followed a nine-month intervention that began in April 2026, when the Central Bank appointed consultants to provide technical support to Eswatini Bank under Section 42(b) of the Financial Institutions Act, 2005.
The consultants’ work has culminated in a turnaround plan for the bank, with the CBE now moving to support its implementation.
Effective October 1, 2026, CBE Chief Operations Officer (COO) Mfan’fikile Dlamini will be seconded to Eswatini Bank for a period of up to 12 months to provide consultancy services to the bank’s board and management.
The CBE said Dlamini’s secondment would initially involve a three-month handover period with the consultants before he takes on the responsibility of supporting the implementation of the approved turnaround plan.
Mnisi said the continued engagement of the current consultants was still under consideration, but the Central Bank had recognised the high costs associated with retaining them.
The secondment of Dlamini is therefore intended to provide continued technical support while addressing the cost implications of the current consultancy arrangement.
The intervention began with the CBE seeking to ensure that Eswatini Bank remained a strong and resilient institution.
The Central Bank said the consultants had undertaken substantial work during the initial nine-month period, resulting in the development of the turnaround plan that will now guide the next phase of the intervention.
The CBE, which regulates licensed banks and payment service providers in Eswatini, said the extended support would assist the bank’s board and management as they implement the plan.
The Central Bank also assured the public that Eswatini Bank continued to fulfil its mandate as a development-oriented financial institution.
According to the CBE, the bank’s mandate includes supporting job creation, economic stability and sustainable economic growth.
The latest intervention means the Central Bank’s involvement will continue beyond the original nine-month technical support period, with Dlamini expected to work with the bank for up to a further 12 months.
The CBE did not disclose the specific measures contained in the turnaround plan in its public statement.
The Central Bank said the extension was aimed at supporting the implementation of the plan and ensuring that Eswatini Bank remained resilient.
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