By Phiwa Sikhondze
The Managing Director (MD) of Eswatini Bank, Nozizwe Mulela has expressed significant concern, stating that many business clients are opening accounts solely to secure loans while switching to other banks to do the rest of their transactions.
The MD disclosed this during the recent Customer Networking Day held at their branch based at Matsapha Lifestyle Centre.
Mulela noted that this troubling trend has resulted in lost opportunities for the bank to provide ongoing support and has shifted financial benefits to other institutions.
She highlighted the bank’s commitment to supporting businesses from their inception.
As a development bank, Eswatini Bank provides critical capital to start-ups, helping them grow into successful enterprises. However, Mulela expressed concern that once these businesses reach a certain level of success, they often shift their day-to-day banking activities to other financial institutions while continuing to repay their loans to Eswatini Bank.
“This means the returns and benefits are enjoyed by these other banks, leaving the institution that has been with them since their dark days,” she noted.
The MD stressed that this practice limits Eswatini Bank’s ability to fully benefit from investing in these businesses.
“Customers tend to return to us only when they need other loans, but other banks are enjoying the commissions and other financial benefits,” she added.
To address this issue, Mulela called on EmaSwati to recognize the full range of services offered by Eswatini Bank.
“Eswatini Bank is your bank, and it is the only locally owned fully-fledged bank,” she emphasized.
The bank has significantly improved its offerings, now providing all the services available at other banks. One of the bank’s key initiatives is its push toward digitization. Mulela highlighted the bank’s improved Internet banking platform and the introduction of ShareSha, a new mobile wallet aimed at enhancing customer convenience.
“These tools are designed to provide efficient and convenient banking solutions, allowing you to manage your finances more effectively,” she explained.
In addition to digital enhancements, Eswatini Bank is rolling out agency banking, which will expand its reach and provide more accessible services to customers. This initiative aims to facilitate easier transactions for clients without the need to visit a branch, saving valuable time and effort.
Eswatini Bank has also made significant investments in upgrading its IT systems and enhancing security measures.
“We have to digitize and improve our IT systems because the world is moving in that direction,” Mulela noted. “We want to ensure that our clients have confidence in the bank’s ability to protect their financial data and provide reliable services.”