By Sizwe Dlamini
The Minister of Finance Neal Rijkenberg has unveiled the new Financial Services Regulatory Authority (FSRA) board, which is meant to play a critical role in safeguarding EmaSwati from fraud in the non-banking financial services sector.
The announcement was made at the FSRA conference room in Mbabane earlier today. The FSRA is an integrated regulatory and supervisory body for all non-bank financial service providers in Eswatini.
The new board will be chaired by Reverend Senzo Hlatshwayo, with board members including Joel Dlamini, Tyrone Jacobs, Dr. Phil Mnisi, Sindile Mcanyana, Portia Dlamini, Muzi Dlamini, John Henwood, and Ncamiso T. Ntshalintshali, who will serve as the board’s secretary.
Speaking at the unveiling, Minister Rijkenberg emphasized the importance of the new board in protecting the public from financial fraud, especially in light of past issues, such as the infamous Exponent fiasco.
“The FSRA is responsible for regulating all non-bank financial services in the kingdom, and this board is essential in ensuring that Emaswati are protected,” Rijkenberg said.
“In the past, Eswatini has faced challenges in this space, with the Ecsponent Limited matter being a prominent example. We understand the critical nature of this board and its role in preventing such incidents from happening again. We are aware that some individuals have taken advantage of the public by taking deposits and disappearing with them. To prevent this, we have worked hard to assemble a strong team that is well-equipped to address these issues. While I cannot guarantee absolute success, we will strive to mitigate the risks and protect our people.”
Rijkenberg also highlighted that the new board included two fresh members, Portia Dlamini, and John Henwood, due to term expirations on the previous board.
“I welcome the new board members, as their expertise and dedication are essential for guiding the public in making safe investment decisions. When Emaswati place their investments in various institutions, they need the FSRA to ensure the safety of their investments. This board will help ensure that such financial troubles are never repeated. I am excited about the work ahead, and I want to emphasize that serving on the board does not come with enormous financial rewards—it’s a service to the kingdom.”