Eswatini’s non-bank financial sector has posted another strong quarter, with total assets reaching E124 billion in Q3 2025, reflecting sustained growth across retirement funds, capital markets, insurance, and credit institutions.
According to the Q3 2025 Quarterly Statistical Bulletin released by the Financial Services Regulatory Authority (FSRA), total Non-Bank Financial Institution (NBFI) assets increased by 4.76% to E118.34 billion, up from Q2 2025. On a year-on-year basis, the sector expanded by an impressive 13.12%, underscoring the resilience and depth of the country’s financial system.
The growth was largely driven by strong performance in capital markets and retirement funds, which continue to anchor the sector’s asset base.
Capital markets assets rose 5.97% in the quarter to E43.46 billion, up from E41.01 billion in the previous period. Year over year, the market increased 15.17%, reflecting strong equity performance and improved investor confidence.
The global equity rally filtered into the domestic market, supported by gains in major international indices and commodity-driven performance. The report notes that nearly 47.68% of assets under advisory and management remain allocated to the Common Monetary Area (CMA), underscoring strong exposure to regional markets.
Domestically, the Eswatini Stock Exchange (ESE) saw moderate trading activity, and its All-Share Index rose 1.87% quarter-over-quarter. Market capitalization also edged up to E6.80 billion.
Meanwhile, total outstanding bonds reached E7.17 billion, up 8.36% quarter over quarter, driven by new issuances and reopenings.
Retirement funds continue to dominate the NBFI landscape, accounting for the largest share of total assets. Total retirement fund assets grew by 5.20% during the quarter to reach E58.23 billion.
The expansion was primarily driven by strong gains in equities (14.66%) and property investments (22.94%). Money market instruments and long-term debt instruments also posted moderate growth.
Importantly, E27.35 billion of retirement fund assets remain invested locally, underscoring the sector’s critical role in supporting domestic economic development.