MBABANE – The Central Bank of Eswatini says the Swaziland Building Society (SBS) conversion remains on track while intervention measures at EswatiniBank are yielding improvements despite persistent challenges.
The Central Bank of Eswatini (CBE) Governor Dr Phil Mnisi has expressed confidence in the ongoing conversion of Swaziland Building Society (SBS) into a fully-fledged commercial bank, while also reporting encouraging progress in the turnaround strategy being implemented at EswatiniBank.
Speaking during the ‘Coffee with the Governor 2.0’ media engagement held at Sibebe Resort yesterday, Central Bank Governor Dr Mnisi painted a picture of a financial sector that remains stable despite growing global uncertainty, while also highlighting several reforms and interventions aimed at strengthening the country’s banking industry and supporting economic growth.
The annual engagement brought together editors, journalists and Central Bank executives to discuss recent economic developments, banking sector issues, financial sector reforms, licensing developments, foreign reserves, the status of the Central Bank headquarters project and other matters affecting the country’s economy.
Dr Mnisi said while geopolitical tensions and conflict in the Middle East continued to weigh heavily on the global economy, Eswatini had thus far demonstrated remarkable resilience.
“The Eswatini economy continues to demonstrate resilience despite a challenging global environment characterised by heightened geopolitical tensions, volatile commodity prices and ongoing uncertainty in international markets,” he said.
The governor noted that economic activity remained robust during the final quarter of 2025, with real gross domestic product (GDP) growing by 5.7 per cent year-on-year. Although slightly lower than the revised growth rate of 5.9 per cent recorded in the third quarter, the performance reflected sustained economic momentum.
One of the issues that attracted significant interest from journalists during the engagement was the ongoing conversion of SBS into a commercial bank. Dr Mnisi said the process was progressing smoothly and continued to meet regulatory expectations.
The governor revealed that the institution had already demonstrated its commitment to transformation by complying with licensing requirements and broadening its range of products and services.
According to Dr Mnisi, SBS was continuing to tick all the boxes required by the regulator as it moves through the conversion journey.
He said the provisional licence granted by the Central Bank was enabling the institution to gradually implement changes necessary to become a fully operational commercial bank while ensuring that depositor interests and financial sector stability are protected.
“The process is on track from our perspective as the regulator. The institution is complying with the requirements that have been set and continues to make progress,” he said.
SBS had expanded its product offering during the transition period, an indication that the institution was actively positioning itself for the broader role expected of a commercial bank. The successful conversion of SBS is expected to significantly alter the banking landscape in Eswatini by increasing competition, expanding financial inclusion and providing consumers and businesses with additional banking options, the governor added.
Dr Mnisi also provided an update on the Central Bank’s intervention at EswatiniBank, saying the turnaround programme was beginning to yield positive outcomes.
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