MBABANE – Eswatini’s capital markets have experienced a 91 per cent surge in value over the past decade, growing from E20.8 billion in 2015 to E39.7 billion in 2025.
This was revealed by the Financial Services Regulatory Authority (FSRA) Chief Executive Officer, Ncamiso Ntshalintshali, during the official relaunch of the Eswatini Capital Markets Association (ECMA) yesterday in an event held at the Hilton Garden Inn.
Describing the growth as “remarkable”, Ntshalintshali said the figures are more than just statistics — they represent the deepening of investor confidence, expansion of savings and a growing reliance on local financial markets to support national development.
“These figures are not just numbers on a chart. They represent pensions secured, businesses funded, livelihoods transformed and national development accelerated,” he said.
Ntshalintshali noted that the investment advisors sector grew from E8.1 billion in 2015 to over E30.8 billion in 2025, while the pension fund industry more than doubled from E22.3 billion to E52.9 billion over the same period.
Despite occasional market contractions — such as in 2020 and 2023 — the industry rebounded with robust growth rates: 19.6 per cent in 2021, 11.8 per cent in 2022, and 11.28 per cent in 2025.
“More emaSwati — individuals, families and institutions — are trusting these vehicles to preserve and grow their wealth,” the FSRA CEO added.
Reaffirming the FSRA’s commitment to enabling market development, Ntshalintshali said the authority does not view regulation as a barrier to innovation, but as a tool to build trust.
“A strong regulatory framework does not mean stifling innovation. It means fostering trust,” he said.
Key reforms include the rollout of risk-based supervision, market conduct guidelines and financial literacy campaigns aimed at empowering citizens to participate confidently in capital markets.
The launch of ECMA, he said, was a timely development to institutionalise collaboration, amplify industry voices and strengthen market integrity.
“We now have the collective voice, the structure and the momentum to take this industry to the next level,” he concluded.
Full story in today’s paper.
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