MBABANE – Minister for Finance Neal Rijkenberg has expressed excitement over the granting of a provisional banking license to the Swaziland Building Society (SBS).
He described it as a major milestone for Eswatini’s financial sector.
Rijkenberg said the development is particularly significant because the transition from a building society to a commercial bank will expand SBS’ range of products and services available to clients.
“The most phenomenal part is that we now have a bank owned by thousands of emaSwati. As the bank grows, the value of their shares will grow as well, creating real wealth for local shareholders,” he said.
The minister also highlighted that “we haven’t issued a banking license for a long time in the country, so just the fact that we’ve opened up as a country, issuing banking licences really does show that the country and Central Bank believe that there is an opportunity in this space,” noted Rijkenberg.
He described the achievement as a positive step for both SBS and the Ministry of Finance.
“It has been a long time coming. SBS has worked tirelessly on this, and its conclusion is a huge relief for us at the ministry,” he said.
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