The Eswatini National Provident Fund (ENPF) marked a historic 50-year milestone with a prestigious gala dinner attended by His Majesty King Mswati III, during which it was announced that the Fund’s total assets have grown to an impressive E6.8 billion, with over 59% invested locally.
Delivering her address, ENPF CEO Futhi Tembe highlighted the Fund’s transformation from an initial seed investment of just E100,000 in 1974, when it was established by His Majesty King Sobhuza II, into one of the Kingdom’s most significant economic vehicles.
“Your Majesty, we see that seed fully grown,” said Tembe, referencing King Sobhuza II’s founding vision. “And today, we also see clearly how your leadership has carried the torch forward.”
As part of the golden jubilee, ENPF also unveiled a new logo, marking a new chapter in its evolution. The rebrand reflects the Fund’s commitment to progress and renewed vision for more growth, in a rapidly changing economic landscape. It represents the Fund’s promise to uphold this spirit, continuing to serve with unwavering dedication, unity, and purpose.
In his remarks, His Majesty King Mswati III hailed the Fund’s remarkable growth and commended the efforts of all stakeholders who have contributed to its enduring success. He gave special recognition to the CEOs who have steered the institution over the decades.
“The ENPF has grown from E100,000 to E6.8 billion. That is no small feat,” His Majesty said. He further called for continued investment in the local economy, even as the Fund expands its financial reach.
He urged the institution to remain steadfast in its ambition to evolve into a fully-fledged pension fund, a step that would offer even more robust benefits to its members. In that regard, he called for more vigilance to ensure the long-term viability of the Fund.
His Majesty also praised the Fund’s track record of clean governance, noting with pride that since its establishment, there have been no reports of stolen funds or corruption.
Looking forward, the King set a bold target for the next 50 years. “We want to see a turnover of E100 billion reported by the ENPF in the next 50 years,” he declared.
Tembe outlined ENPF’s deliberate strategy to invest in impact-driven projects across Eswatini, stimulating economic activity, creating employment, and improving service delivery. Some of the Fund’s flagship investments include:
• Tourism & Hospitality: 100% ownership of Happy Valley Hotel
• Healthcare: Stake in Oracle Health Eswatini
• Commodities: Investments in Montigny and Swazi Milk
• Consumer Goods: Equity in Pick n Pay Eswatini and Unifoods
• Financial & Technology Services: Stakes in Old Mutual Eswatini, FNB Eswatini, IDCE, and Eswatini Mobile
• Retail & Property: Ownership in Bhunu Mall and Swazi Plaza, along with prime real estate across the country
“These are not just numbers on a spreadsheet,” said Tembe. “These are jobs, these are livelihoods, these are bricks laid in the foundation of a better Eswatini.”
Tembe highlighted ENPF’s digital transformation journey, proudly noting how the Fund has moved from manual queues to real-time digital portals.
“We have reduced claim times from months to just one day,” she said. Employers now submit remittances online, and members access their information through the MyENPF App, quickly and privately.”
This tech-forward approach, she noted, has not only increased operational efficiency but also improved member satisfaction while aligning with global pension management standards.
Tembe also paid tribute to the visionary leadership that built the ENPF’s foundation. She recognized founding CEO Naphtali Shabangu, who led the Fund for 23 years and grew its assets to E300 million, and Prince Lonkhokhela, who served for 24 years and elevated the Fund to E5.6 billion in assets while prioritizing local investment.
“Your Majesty, their leadership didn’t just build an organization, they moved the country forward,” she said.
In addition to financial growth, the ENPF has invested over E15 million into social initiatives since 2015. These include building homes for the elderly, offering bursaries to children with disabilities, and supporting projects in health, education, and dignity.
Tembe reaffirmed ENPF’s commitment to building a future-ready institution that continues to catalyze national development.
“As Lidlelantfongeni, we promise to uphold the spirit of service,” she concluded. “Together, through our collective efforts, we will build a brighter, more prosperous Eswatini for generations to come.”