MBABANE – Central Bank of Eswatini (CBE) Chief Operations Officer Mfan’fikile Dlamini has been seconded to EswatiniBank for up to 12 months to support the implementation of the bank’s turnaround plan.
Dlamini’s secondment will take effect on October 1, 2026, following a three-month handover period with the consultants currently providing technical support to EswatiniBank.
The CBE announced the secondment in a public statement, saying Dlamini would provide consultancy services to EswatiniBank on a secondment basis.
It said, after the handover period, Dlamini would support the Board and management of EswatiniBank in implementing the approved turnaround plan.
The decision comes after the CBE extended its technical support to EswatiniBank by a further 12 months.
According to the CBE, the consultants appointed to provide technical support had undertaken substantial work, culminating in the development of a turnaround plan.
The extension of the technical support is intended to support the implementation of the plan.
The Central Bank said the continued engagement of the current consultants remained under consideration, but noted the high costs associated with this approach.
The CBE stated that it had, therefore, considered it prudent to assign Dlamini, one of its senior executives, to provide consultancy services to EswatiniBank.
The secondment is the latest development in the Central Bank’s intervention at EswatiniBank, which was announced in March this year.
On March 12, 2026, the Central Bank announced that it was providing enhanced support to EswatiniBank as part of its oversight function.
At the time, the Central Bank said it was providing ‘prompt correction’ to EswatiniBank to stabilise the bank and support it as it implemented a structured transformation programme.
According to the CBE, the transformation programme was aimed at strengthening EswatiniBank’s balance sheet, enhancing governance and reinforcing its risk management framework.
The CBE further highlighted that the intervention sought to strengthen the bank’s operations and enhance service delivery through targeted advisory and capacity-building initiatives where necessary.
As part of the intervention announced in March, the Central Bank said it would identify and appoint an experienced consultant to provide strategic support to EswatiniBank over the short to medium term.
The consultant’s support was expected to help identify additional measures to strengthen the bank’s balance sheet and improve its performance in line with its transformation programme.
The CBE said the intervention was intended to ensure that EswatiniBank remained a strong and more resilient institution.
In June, CBE Governor Dr Phil Mnisi provided further details on the intervention during a media engagement.
Mnisi said the Central Bank, in its capacity as supervisor and regulator of the banking sector, had stepped in to provide intensified oversight and support to EswatiniBank as it implemented the structured transformation programme.
He said the programme was designed to strengthen the bank’s balance sheet, enhance corporate governance, reinforce risk management frameworks and improve its overall operational resilience.
The governor said the ultimate objective was to restore financial stability and position the bank for sustainable long-term growth.
He also said the intervention sought to strengthen the bank’s operations and enhance service delivery through targeted advisory support and capacity-building initiatives where necessary.
The Central Bank said it appointed consultants in April 2026 to provide technical support to EswatiniBank in terms of Section 42(b) of the Financial Institutions Act, 2005.
The initial appointment was for a period of nine months, ending in December 2026.
The Central Bank said the consultants had undertaken substantial work during this period, culminating in the turnaround plan.
Dlamini will receive a handover from the consultants during the first three months of his secondment.
Thereafter, he will support the board and management of EswatiniBank in implementing the approved turnaround plan.
According to the CBE, the arrangement would also address the costs associated with the continued engagement of external consultants.
It further stated that the secondment would enable Dlamini to receive a proper handover from the consultants before he proceeds with supporting the board and management of EswatiniBank.
The intervention, according to the CBE, was part of its oversight function as the regulator of licensed banks and payment service providers in Eswatini.
It also reiterated that EswatiniBank continued to fulfil its mandate as a development-oriented financial institution supporting job creation, economic stability and sustainable growth.
The Central Bank said its intervention was aimed at ensuring that EswatiniBank remained a strong and more resilient institution.
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