MBABANE – The Central Bank of Eswatini (CBE) has officially granted a provisional banking license to SBS Bank Eswatini (SBSBE), currently operating as Swaziland Building Society (SBS).
CBE Governor Dr. Phil Mnisi said this milestone allows SBSBE to operate as a medium-sized commercial bank in the country.
“The Central Bank of Eswatini is pleased to announce the decision to grant a provisional license to a new entrant in the banking space: SBS Bank Eswatini,” Dr. Mnisi stated. “This move followed a rigorous review process conducted in line with national laws and the banking regulatory framework.”
He said SBSBE submitted its application on June 30, and after a thorough evaluation, the Central Bank concluded that the institution meets all regulatory standards required for provisional licensing.
| Eswatini Observer WhatsApp Channel
Dr. Mnisi added that SBSBE was found to possess sufficient experience and financial health to support its proposed operations as a bank.
Highlighting SBSBE’s legacy as Eswatini’s oldest homegrown financial institution, established in 1962, the governor said several key factors informed the decision — including the validity of submitted documents, the financial standing and history of the applicant, and the strength of its management team.
“The board and senior management team comprise individuals with extensive backgrounds in banking, finance, legal, compliance, and other critical areas,” Dr. Mnisi noted.
He also commended SBSBE’s strong capital adequacy ratios and inclusive approach to serving diverse socio-economic groups.
“The applicant presented a well-structured analysis of the credit needs of the community it seeks to serve,” he said, noting that the bank’s product segmentation aligns with national development goals.
Dr. Mnisi said the Central Bank will continue working closely with SBSBE to ensure full compliance with all regulatory and legal requirements before granting a full banking license.
He concluded by congratulating SBS Bank Eswatini on its transformation journey, saying further announcements will be made in due course.
Eswatini Observer Press Reader | View Here
