The Central Bank of Eswatini (CBE) has revealed a significant breakthrough in the country’s journey toward a modern, inclusive financial ecosystem, revealing that its Eswatini Payment Switch (EPS) has successfully processed over USD 46 million (over E800 million) in transactions since its launch in December 2024.
Speaking during the State of Inclusive Instant Payment Systems (SIIPS) 2025 Media Workshop hosted by AfricaNend in partnership with the CBE at the CBE Complex in Ezulwini, Phumlani Fakudze, from the Central Bank, disclosed that the EPS has facilitated 194,000 instant transactions to date, a figure that underscores growing public trust and adoption of digital payment services across the Kingdom.
“These numbers demonstrate the growing confidence EmaSwati have in instant and digital payments,” Fakudze said. “The EPS is not just delivering convenience and speed; it is promoting financial inclusion by connecting banks, mobile money providers, and non-bank institutions on one interoperable platform.”
The EPS was designed to address long-standing deficiencies in domestic payments, particularly delays in fund transfers and limited interoperability between financial service providers. The system now allows instant transactions between accounts, mobile wallets, and non-bank payment services, ensuring that users can send and receive money anytime, including weekends and public holidays.
According to Fakudze, the innovation goes beyond instant transfers. It represents a deliberate effort to close the financial access gap between urban and rural communities.
“In rural areas, many people depend on mobile wallets rather than traditional bank accounts. Through EPS, we have created a bridge between these two worlds. Even those with basic feature phones can transact securely using USSD technology,” he explained.
This design ensures that individuals without smartphones or constant internet access can still make and receive payments, an important feature in promoting financial inclusion in a developing economy.
The EPS currently connects five banks and three mobile money service providers, with additional participants expected to go live later this month following licensing in October 2025. CBE officials emphasized that while some partners experienced onboarding delays, the collaborative approach has built a robust and secure payment ecosystem.
“Eight financial institutions have now joined the national payment switch: FNB, Swaziland Building Society, Eswatini Bank, and Standard Bank. The mobile money providers include E-Mali, MTN Mobile Money, and Instacash,” Fakudze said, adding that Nedbank will also be joining the pool on November 15, 2025.
CBE credits the success of the EPS to strong governance, leadership commitment, and inclusive stakeholder participation. The initiative received unwavering support from the Executive Committee and the Governor of the Central Bank, who championed the project from inception to execution.
“Trust and protection have been central to this journey,” Fakudze noted. “If consumers can trust a new digital system enough to transact during weekends and holidays, that shows we are moving in the right direction.”
Equally critical was the adoption of scalable technology capable of supporting future innovation, expansion, and integration with other regional or global payment systems.