EmaSwati are set to benefit from expanded access to financial services following the announcement that the Central Bank of Eswatini (CBE) has granted the Swaziland Building Society a provisional licence to operate as a commercial bank.
This milestone marks the official transformation of the long-established institution into SBS Bank Eswatini (SBSBE). This medium-sized commercial bank will offer a broader range of financial products to meet the evolving needs of individuals, small businesses, and corporations.
The Central Bank’s decision follows a thorough assessment of SBS’s financial strength, governance, and compliance record. The approval confirms that the institution meets the prudential and regulatory standards required for provisional licensing, bringing it closer to becoming a fully-fledged commercial bank.
For over six decades, the Swaziland Building Society has played a vital role in promoting home ownership and savings among EmaSwati. Now, with its transformation into SBS Bank Eswatini, the institution aims to expand its reach by providing inclusive banking services that serve not only established clients but also the unbanked and underbanked segments of society.
“This is a historic achievement for our institution and for Eswatini’s financial landscape,” said Jethro Ndlangamandla, Chairperson of the SBS Bank Eswatini Board of Directors, in a statement released on Friday. “It reflects the regulator’s confidence in our governance, capacity, and vision to play a meaningful role in the financial sector of this nation. We are deeply grateful to our customers, shareholders, and staff for their unwavering trust and support.”
According to the statement, the transformation will enable SBSBE to offer a broader range of services, including current accounts, business banking, digital payment solutions, and customized financing products that meet the needs of micro, small, and medium enterprises (MSMEs). This supports Eswatini’s national development goals and the financial inclusion strategy led by the Ministry of Finance and the Central Bank.
The Board of Directors have emphasised that transparency and collaboration will guide the transition process. A structured engagement programme will be launched to keep shareholders and stakeholders informed about new developments, licensing milestones, and the bank’s future strategic direction.
These consultations will also give shareholders a chance to share their views and insights as SBSBE prepares to take on a more active role in Eswatini’s banking sector,” reads part of the institution’s statement.
The statement emphasizes that SBS Bank Eswatini is now collaborating closely with the Central Bank to fulfill the remaining requirements for obtaining a full commercial banking license. Once achieved, the bank is expected to launch its upgraded services to the public, ushering in a new era of competitive, inclusive, and digitally enabled banking in the Kingdom.