
The Central Bank of Eswatini (CBE) has successfully launched its migration from Version 2 to Version 3 of the Cross-Border Foreign Transaction Reporting System.
The launch took place yesterday evening and was officially opened by the Director of the Public Enterprises Unit (PEU), Ms Busangani Mkhaliphi who represented the Minister of Finance, Neal Rijkenberg. Also present were members of the South African Reserve Bank, who played an integral role in assisting the country to migrate to V3.
The CBE Deputy Governor, Felicia Dlamini-Kunene when making her remarks detailed what V3 of the Cross Border Foreign Transaction Reporting System entails.
“In essence, V3 of the Cross Border Foreign Transaction Reporting System enables the daily electronic reporting of all cross-border customer transactions irrespective of their monetary value. The automated Reporting System is based on the principle of same-source reporting.”
She added that the data reported to the CBE is used primarily to monitor compliance with the conditions and monetary units pronounced in the manual of exchange rulings.
Meanwhile, Dr. Phil Mnisi, the Central Bank Governor in his address noted that the improved reporting system has allowed them to implement the Southern African Development Community (SADC) harmonized codes which are in line with the International Monetary Fund (IMF) requirements. Mnisi said other Common Monetary Area (CMA) countries will adopt the harmonized codes by 2025.

“The Central Bank is continuously aligning itself with regulatory processes which are changing business environments to ensure that businesses are not stifled and that global initiatives are adopted more easily. In line with the CMA’s strategic initiatives, the Cross Border Foreign Exchange Transaction Reporting System plays a crucial role in the planned migration to the capital flow management project. This new approach will see the Central Bank more focused on monitoring flows rather than relying primarily on pre-approval-based transaction processes.”
The Governor further noted that the V3 Reporting System will lead to accurate and timely data collection processes that will ensure that no information is lost and the country can fully account for all economic activities. He added that the migration has brought several strategic benefits.
“The migration to the V3 Reporting System has led to the integration with the Eswatini Revenue Services to automatically extract payments and match them against imported and exported goods. This functionality will reduce illicit financial flows and capital shifting. Additionally, the entire system is the pivotal backbone for the implementation of further exchange control relaxations, enabling our government to position itself better in creating a conducive environment for business,” he noted.
The Director of the Public Enterprises Unit Ms. Busangani Mkhaliphi represented the Minister of Finance noted that the Reporting System will play a major role in increasing foreign direct investment (FDI) for the country.
She said the liberalization of exchange controls positions Eswatini as an attractive destination for investors to inject capital and grow their respective businesses while contributing to the country’s economic growth.
“I believe that the upgrade implemented in the migration to V3 will lead to increased efficiencies in computing economic data for all beneficiary institutions in the country. It is also important to ensure that the Kingdom strives to ensure alignment with neigbouring partners and international bodies in terms of reporting standards,” she posited.

Benefits of V3 Cross-Border Foreign Exchange Transaction Reporting System
- It will unbundle the classification and category codes by introducing sub-category codes to understand the different types of activities under each category.
- The system will also improve the quality of data collected in terms of the particulars of the transacting party in compliance with international SWIFT and Anti-Money Laundering & Counter Financing of Terrorism Standards.
- It will provide seamless reporting and extraction of data, reducing the burden of compliance.
- It will permit the re-deployment of Human Resources to other business-related activities while ensuring compliance obligations and data integrity are not compromised.
- The system has greatly improved the back office processes of the Central Bank, which has enhanced the analysis of data for supervisory and management reporting purposes.