EZULWINI – The Central Bank of Eswatini (CBE) has finalised the sale of its Mbabane headquarters and adjacent land to government, following a competitive offer.

The transaction includes the Umntsholi WemaSwati and Imfumbe buildings in central Mbabane, alongside a vacant plot of land located behind the Engen Filling Station. This vacant land was originally designated for the construction of a new bank headquarters, before the CBE redirected its expansion plans to Ezulwini.

Proposal

Announcing the transaction during a press conference at the CBE Complex in Ezulwini, Governor Dr Phil Mnisi stated that government, through the Ministry of Housing and Urban Development, had submitted the most compelling proposal, leading to a signed sale agreement.

It is noteworthy that the Central Bank had issued a public call for sealed bids in December 2023, setting a reserve price of E29.8 million for the vacant land. However, according to the governor, private sector bids all fell below expectations.

“Only government came forward with a viable offer that aligned with the bank’s valuation,” Dr Mnisi explained.

He did not disclose the actual figures for which the properties were sold, only confirming that the price was acceptable to both parties.

Dr Mnisi also revealed that the Supreme Court of Eswatini and other judiciary offices will occupy the buildings in Mbabane, marking a strategic cost-saving move for government.

Concerns

Currently, the Supreme Court of Appeal operates from rented premises at the Intfutfuko Building, owned by FINCORP, while the Supreme Court uses offices at the Madlenya Building.

“This arrangement will help government cut rental costs by using already available public infrastructure,” the governor affirmed.

He concluded by stating that the transaction ensures the buildings remain in local hands: “We are pleased that these properties remain in the hands of emaSwati, through government.”

Central Bank reaffirms oversight role amid EswatiniMed dispute

EZULWINI – The Central Bank of Eswatini (CBE) has firmly asserted its authority to access financial data from any entity operating within the country’s financial system, even those not directly regulated by the institution.

This strong position was articulated by Governor Dr Phil Mnisi during a press briefing at the CBE Complex in Ezulwini, where he addressed the ongoing dispute surrounding the Eswatini Medical Aid Scheme (EswatiniMed).

The governor unequivocally stated that no institution, entity or individual, is above the country’s regulatory framework, demanding compliance from all financial service providers and participants in the payments ecosystem.

Dr Mnisi was responding to questions regarding reports that EswatiniMed had resisted requests for information. He asserted that the central bank is constitutionally empowered to seek data that supports the country’s financial stability.

“There is no entity in this country that can refuse the central bank access to financial information. This authority stems from the Constitution, the Financial Institutions Act, the newly enacted Payments Systems Act and the Central Bank Order,” he said.

Concerns

Dr Mnisi clarified that the bank’s interest in EswatiniMed was triggered by concerns from a local bank involved in facilitating payments on behalf of employees and members.

“Some banks noticed disruptions in the payment flows and exclusions from services, which pointed to possible governance issues at EswatiniMed,” he explained.

The bank’s Financial Stability Unit subsequently requested specific information to assess systemic risks. Dr Mnisi stressed that this action did not equate to a regulatory takeover.

“While EswatiniMed is regulated by the Financial Services Regulatory Authority (FSRA), the Central Bank remains empowered to step in where financial system risks are identified,” he said.

Dr Mnisi noted that although EswatiniMed is not legally required to submit documents directly to the bank, the central bank retains the right to request data for policy-making and national stability purposes.

He described suggestions that the central bank was overstepping as unfortunate, reiterating that any institution operating in the national currency and within Eswatini’s financial space cannot operate beyond the reach of the Central Bank.

“If you carry Lilangeni, you are within our monetary system. That’s true not just here in Eswatini, but globally,” he concluded.

This pronouncement from the Central Bank follows a public warning issued in May to all financial service providers operating within the kingdom. In that statement, the CBE emphasised its constitutional mandate to safeguard the country’s financial stability and the integrity of its payment systems.