The Eswatini National Provident Fund (ENPF) has declared a 10% members’ interest for the 2024/25 financial year, surpassing the 3% requirement of the SNPF Order.
This announcement was made during a press conference led by ENPF Board Chairman, Mduduzi Gina, at the Summerfield Botanical Garden & Exclusive Resort. Gina emphasized the Fund’s ongoing commitment to transparency, accountability, and ethical governance.
The new declaration represents a growth from the 8.65% interest awarded in 2024, and a significant leap from the 6.5% declared in 2023. Gina noted that the strong performance is a direct outcome of a prudent investment strategy and effective cost management, ensuring maximum benefits to members.
“We are here to formally declare a matter of significance that reflects our commitment to transparency and the protection of stakeholders’ interests,” said Gina. “The Fund has demonstrated strong performance, achieving an operating surplus of E631.2 million for the year ended June 30, 2025, compared to E532.4 million in 2024 and E446.4 million in 2023.”
The Fund’s revenue has grown steadily over the past three years, with figures showing E782.7 million in 2025, up from E682.7 million in 2024 and E595.3 million in 2023. Gina credited this growth to the Fund’s robust investment strategy and the discipline of containing costs to the benefit of members.
“Our mandate under the SNPF Order requires us to declare no less than 3% members’ interest. This Board has gone beyond that requirement, reflecting the soundness of our strategy and the resilience of our institution,” he added.
ENPF Chief Executive Officer, Futhi Tembe, provided further insights into the drivers of this performance, pointing to strong gains in both local and international markets.
“The impressive results were also influenced by a strong positive performance in the stock markets, Tembe explained. “We particularly saw excellent returns from investments in the Industrial Development Corporation of Eswatini (IDCE) and Happy Valley Hotel, among other strategic holdings.”
She also highlighted the Fund’s property portfolio, which delivered exceptional results during the year under review: “The property investments continue to provide reliable growth and have boosted our overall performance. This diversification strategy has truly paid off.”
Echoing Gina’s remarks, Board Member and CEO of Business Eswatini, E. Nathi Dlamini, described the 10% declaration as “extraordinary,” noting that it outperforms most investment vehicles in the region.
“I’ve been hard-pressed to find any investment within the money market that can match this return,” he said. “In South Africa, for instance, the best you can get from a money market or mutual fund is around 8%. Here, ENPF is declaring 10%, which is remarkable and reflects the private-sector ethos of high performance that drives this Board.”
Dlamini also highlighted the Fund’s growth in assets, which are now close to E7 billion, up by E1 billion in just a year. He praised the contribution of management and staff, led by CEO Futhi Tembe, for ensuring consistent delivery of strong results.
The declaration is not only a financial milestone but also a confidence boost for the thousands of members who rely on the Fund as their long-term savings vehicle. Gina reaffirmed that the Fund remains committed to safeguarding members’ interests while building sustainable returns.
“As a Board, we are proud of what has been achieved, but we also remain focused on ensuring that this growth is maintained into the future,” he said.
While celebrating the milestone, the Board also acknowledged challenges around employer compliance. Dlamini admitted that some employers delay remitting contributions, which can affect investment performance.
“The compliance rate currently stands at 88%, which is commendable compared to regional standards, but still leaves room for improvement,” he said. “Employers must remit contributions on time to safeguard returns. Where challenges arise, they should proactively engage ENPF management rather than staying silent.”