EswatiniBank pledges faster loan approvals, digital upgrade

EswatiniBank has pledged to improve its loan application turnaround times and accelerate the digitisation of its services within the next three to four months.

The commitment was made by Managing Director (MD) Dr Nozizwe Mulela during the bank’s SMME Business Forum held at The George Hotel on Tuesday.

Small, medium and micro enterprises (SMMEs) under the Manzini region voiced concerns over prolonged loan processing periods and the bank’s limited digital service offerings.

Dr Mulela acknowledged the concerns raised by entrepreneurs and assured them that the bank was taking decisive steps to streamline its processes.

She said efforts were underway to automate key services and enhance operational efficiency, with tangible improvements expected within the next three to four months.

However, she also challenged business owners to play their part in ensuring faster approvals. Mulela cautioned against rushed applications, noting that incomplete submissions and missing documentation often contribute to delays.

“Take your time to prepare a complete and accurate application,” she urged, emphasising that thoroughness on the client’s side would complement the bank’s internal reforms.

Mulela encouraged SMMEs to build lasting relationships with the bank rather than engaging it solely as a source of funding.

She further advised entrepreneurs to cultivate a culture of saving to cushion their businesses against unforeseen economic shocks.

Small, micro and medium enterprises (SMMEs) were also urged to prioritise tax compliance when conducting cross-border transactions following a new directive by the Eswatini Revenue Service (ERS).

The MD noted that as of this month, tax clearance certificates have become a mandatory requirement for all offshore payments. The regulation, which also applies to transactions involving South Africa, places a legal obligation on financial institutions such as EswatiniBank to enforce compliance before processing any cross-border payments.

SMMEs were urged to familiarise themselves with the updated framework and to ensure that their tax clearance certificates accompany every international transaction.

Failure to do so, she warned, could result in payment applications being declined solely due to non-submission of the required documentation.

Meanwhile, the move forms part of a broader compliance drive aimed at strengthening oversight of international financial flows and enhancing tax accountability in cross-border trade.