FSRA CEO OUTLINES 2025 PRIORITIES

MBABANE – The FSRA is steadfast in its commitment to ensuring financial stability in Eswatini through rigorous consumer protection measures and enhanced regulation of the non-bank financial services industry.  This commitment has been made by the Financial Services Regulatory Authority (FSRA) Chief Executive Officer (CEO), Ncamiso Ntshalintshali.

Reflecting on the previous year, Ntshalintshali highlighted several key achievements that demonstrate the FSRA’s proactive approach to financial governance. Among these accomplishments was a nationwide financial education drive aimed at empowering consumers, alongside enhanced stakeholder engagement that brought together industry players to discuss pertinent issues within their sectors.

Strengthening

The FSRA also made significant strides in strengthening its supervisory framework, promoting financial inclusion and embracing innovation to align with emerging trends in the financial sector. The agency’s operational foundation is rooted in the FSRA Act of 2010, with its activities further guided by the Insurance Act, Retirement Funds Act, Consumer Credit Act and Building Societies Act.

“These legislative frameworks provide the backbone for the FSRA’s commitment to optimising service delivery and efficiency across all departments,” said Ntshalintshali. Looking ahead, Ntshalintshali outlined strategic priorities that aim to strengthen compliance among industry players and enhance consumer protection. A key element of this strategy was the establishment of a risk-based supervision framework that was designed to assess and monitor the market conduct of the non-bank financial services sector.

Unlicensed

Ntshalintshali categorically stated that the FSRA will continue even this year with the crackdown on unlicensed entities, a measure intended to safeguard consumers from potential exploitation that results in financial losses.“Collaboration with law enforcement agencies, particularly the Royal Eswatini Police Service (REPS), will play a crucial role in this initiative. Together, we will continue to conduct random and scheduled inspections countrywide, so as to ensure total compliance,” he said. Notably, the proposed amendments to the FSRA Act are anticipated to empower the authority to publicly disclose rogue or unlicensed operators, while adhering to the country’s data protection laws.

The FSRA, said the CEO, also works closely with the Eswatini Competitions Commission, Eswatini Communications Commission and the Financial Intelligence Unit to ensure comprehensive compliance across the industry. As market surveillance remains a central focus for 2025, Ntshalintshali reiterated the importance of engaging with industry players to ensure sectorial compliance and uphold national financial stability. He cautioned licensed service providers against shifting their responsibilities to third parties, such as agents or brokers, urging them to maintain a balance between profitability and their social responsibilities. In a bid to further empower consumers, the CEO encouraged individuals to conduct thorough due diligence before committing to any financial services.

He made it clear that entities may only operate in the market if they possess the necessary licences and stressed that the FSRA is vigilant in assessing how applicants plan to manage compliance and their marketing practices. Ntshalintshali asserted that all financial services should be designed with both affordability and social responsibility in mind, reinforcing the FSRA’s commitment to creating a secure and stable financial environment for all Eswatini citizens.“As the FSRA embarks on these crucial initiatives, it remains dedicated to fostering a landscape where consumers can confidently engage with the financial services industry, assured of their protection and rights,” he said.

FSRA’s 2025 strategic priorities

• Strengthening compliance and consumer protection

Implement a risk-based supervision framework to monitor market conduct.
Continue cracking down on unlicensed entities to prevent financial exploitation.
Collaborate with law enforcement, including the REPS, for inspections.
Amend the FSRA Act to allow public disclosure of rogue or unlicensed operators while complying with data protection laws.

• Enhanced market surveillance and regulation

Maintain rigorous sector monitoring to ensure compliance.
Work closely with regulatory bodies like the Eswatini Competitions Commission, Eswatini Communications Commission and the Financial Intelligence Unit.

• Engage industry players to up hold financial stability.

Caution licensed service providers against shifting responsibilities to third parties (agents/brokers).

• Financial education and consumer empowerment

Encourage individuals to conduct due diligence before using financial services.
Ensure all market participants are properly licensed and compliant.
Promote affordability and social responsibility in financial service offerings.

• Innovation and financial inclusion

Align with emerging trends in the financial sector.
Enhance operational efficiency in line with legislative frameworks such as the FSRA Act, Insurance Act, Retirement Funds Act, and Consumer Credit Act.

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