‘5 Banks Not Enough for Local Economy’

The Central Bank of Eswatini (CBE) through its Governor, Dr. Phil Mnisi has revealed that they are looking at opening the banking sector and awarding more licenses to prospective bank players who would like to set up shop in the country.

The Governor divulged this during a media engagement dubbed “Coffee with the Governor” held at Mugg & Bean at Ezulwini, yesterday.

He said opening up the banking sector is one of their strategic objectives for the next five years.

“We want banks to come into Eswatini. The five banks we currently have are not enough for the country. We are looking for technology and innovative banks to come into the country. This will achieve two main things, that is, increased foreign direct investment and reduced bank fees for customers.”

Mnisi further disclosed that they already have a number of banking license categories that those interested can apply for.

He added that they are currently reviewing the Central Bank Order to be updated and it will be tabled in parliament by the incoming government.

“The Financial Institutions Act and Financial Stability Act will also be reviewed and tabled before parliament. This is all meant to open up the banking sector and will help regulate modern challenges. The net result of opening up the banking sector will be a huge inflow of FDI,” Mnisi noted.

Apart from opening up the banking sector, the Governor disclosed that over the next five years, the Bank will implement several high impact initiatives that seek to contribute to the country’s socioeconomic development and ensure long-term financial sustainability.

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