The Central Bank of Eswatini (CBE) Governor, Dr. Phil Mnisi, has revealed that the country’s new Eswatini Payment Switch (EPS) is showing extraordinary early performance, processing about 65,000 instant transactions worth approximately E250 million per month, as of October 2025.
He announced this on Thursday while welcoming African Central Bank Governors and global development partners to the launch of the 2025 State of Inclusive Instant Payment Systems (SIIPS) Report.
Dr. Mnisi mentioned that the EPS, launched in December 2024 with its Fast Payments module, saw “exceptional” adoption, with average monthly transaction volumes increasing by 269% in the first six months and maintaining 133% growth in the second half of the year.
The Governor confirmed that the EPS has rapidly expanded from its initial three institutions to seven live participants, with an eighth expected to go live on November 15, 2025. He noted that this milestone will mark the moment when all initial players in Eswatini’s payments ecosystem are fully connected.
Built under the National Payment System Vision 2021–2025, the Switch aims to facilitate seamless interoperability among banks, non-banks, and emerging fintechs. Its regulatory framework was reinforced by the National Payments System Act of 2023, which updated oversight to reflect changing market conditions.
Dr. Mnisi stated that the next phase of EPS expansion will focus on merchant and government payments, add QR Code features for quick payments, and support e-commerce integration through the system’s Open Banking advancements.
Eswatini enters this digital transition with an 87% financial inclusion rate, mainly driven by mobile money. This is supported by high technology penetration, including 133% cellular penetration and 81% internet and smartphone penetration in 2024.
Dr. Mnisi, however, acknowledged that significant structural challenges still exist. The country has a 34% unemployment rate, with youth unemployment at 58%, and 59% of the population lives below the national poverty line. He described the EPS and the SIIPS agenda as vital tools for expanding opportunities and reducing transaction costs for underserved communities.
“The fourth SIIPS report guides stakeholders toward developing quick, affordable, and accessible financial services, focusing on the underserved,” he said.
In providing context for the delegates, Dr. Mnisi noted that Eswatini, home to 1.2 million people, has a diversified economy, with services accounting for more than half of national output. The country recorded a 2024 GDP of E89 billion (USD 4.85 billion), with a nominal GDP per capita of E73,985 (USD 4,032). Inflation averaged 4.03%, while trade remained dominated by South Africa, which accounts for 65% of exports and 75% of imports.
The Governor also expressed concerns about increasing engagement with unregulated cryptocurrency platforms. Over the past two years, SZL 31.8 million (USD 1.8 million) flowed from Eswatini to offshore crypto exchanges, compared to inflows of just SZL 991,000, reflecting “a significant and persistent imbalance.”
He outlined three priority responses by the Central Bank:
Public Awareness: Educating citizens about the dangers of unregulated digital assets and foreign platforms.
Monitoring: Enhancing the Bank’s ability to track trends, understand risks, and guide policy.
Regulation: Supporting the creation of a virtual asset regulatory framework that protects consumers, prevents illicit activity, ensures proper taxation, and still allows space for innovation.
Dr. Mnisi closed his remarks by emphasising Eswatini’s readiness to both learn from international partners and contribute leadership to Africa’s fast-evolving digital payments landscape.
“Together, let us build a future where every African can pay and be paid, seamlessly and instantly,” he said.