The Consumer Credit Regulations Working Group, under the auspices of the World Bank Group has concluded the drafting of the Consumer Credit Regulations.
This group comprises of Central Bank of Eswatini (CBE), Financial Regulatory Services Authority (FSRA) and the Centre for Financial Inclusion (CFI).
These regulations are aimed at formulating a guiding framework to conduct a thorough affordability assessment, prevent reckless lending and over-indebtedness.
It also aims to promote responsible lending, reduce Non Preforming Loans (NPLs) portfolios, enhance access to credit and ensure financial stability.
According to the CBE Governor Dr Phil Mnisi the bank also issued the Cloud Computing Guideline to the industry for use and came into force on July 1, 2024.
These guideline provide guidance to financial institutions that engage in cloud computing services.
He said the bank received three banking licence applications for consideration during the 2024/25 period.
“These applications show a positive response to the bank’s current proactive strategy to open- up the banking industry and create a wider scope for more banks to set up operations in Eswatini,” he said.
The bank completed baseline inspections for the domestic banking ecosystem.
“Significant progress has been made by sector players in addressing the identified deficiencies. We applaud our banking sector for the strides made in addressing the inspection findings,” he said.
