Swaziland Building Society (SBS) yesterday signed a Partnership Agreement with the International Finance Corporation (IFC) for the provision of advisory services to establish a Small and Medium Enterprises (SME) Unit and digital transformation within the Society.
SBS Managing Director Mbali Sibanyoni and IFC Regional Director for Southern Africa Claudia Conceicao signed on behalf of their institutions during a ceremony held at the SBS Head Office.
SBS Chairperson Jethro Ndlangamandla said this agreement reflects a shared confidence in our strategic direction and a mutual commitment to building a strong, inclusive, and future-ready financial institution that can meaningfully contribute to Eswatini’s economic development.
“The future of financial services lies in institutions that are resilient, digitally enabled, and deeply connected to the real economy. The focus of this partnership on strengthening support to Small and Medium Enterprises and advancing digital capability is both timely and strategic,” he said.
The Chairperson further mentions that equipping SBS Bank Eswatini with the right frameworks, capabilities, and tools to serve the SME segment effectively is essential to unlocking sustainable growth and broad-based economic participation.
“At the same time, digital transformation will be central to improving access, efficiency, and competitiveness in an increasingly dynamic financial landscape,” said Ndlangamandla.
Sibanyoni added, “SBS is on a transitional journey to become a commercial bank. We believe the establishment of the SME Unit and digital transformation will be foundational to the future of the bank.”
“SMEs are important for our economy because they drive job creation, foster innovation, reduce poverty, and promote inclusive growth, yet they often struggle with finance.”
She noted that the IFC support in developing an operational strategy for the SME Unit will build a clear SME segmentation and value propositions, robust operational and risk frameworks, customer-centric products and services, and strong governance, performance, and impact measurement.
“We view IFC not merely as a technical partner, but as a trusted development ally, one that understands the balance between financial sustainability and developmental impact,” she said.
On the digital banking part, the partnership will enable the Society to strengthen its online and mobile platforms.
“Our digital banking platforms are already in existence, and strengthening further will make us more competitive and enable us to transact even internationally,” said Sibanyoni.
“IFC is delighted to partner with the Swaziland Building Society to operationalize its SME offering and drive digital transformation, unlocking opportunities for financial inclusion – especially for SMEs,” said Claudia Conceicao, IFC Regional Director for Southern Africa.
“This collaboration aligns with the World Bank Group’s job agenda and leverages IFC’s global MSME expertise across 30-plus African countries to provide tailored strategies, strengthen risk frameworks, and deploy tools to help SMEs grow and contribute to Swaziland’s economy.”