Africa-Press – Eswatini. Over 70 new roles have been created at the Central Bank of Eswatini (CBE) following the development of a new strategy for 2023-2028.
This development and the subsequent shift in role structures, is a result of structural alignment with the rest of the CBE strategy.
CBE Governor, Phil Mnisi said the reset strategy was driving structural changes in the human and financial resources space underpinned by the aspiration to do more with less.
“We want to ensure that the CBE is efficient in the execution and delivery of its mandate in a fast-changing and uncertain world”, said the governor.
Mnisi mentioned that to successfully implement the strategy, the Bank had to adopt a fresh organisational culture characterised by innovation, unlearning, learning, and re-learning.
CBE Head Strategy and Communication, Mandla Luphondvo said the strategy reset started in the last quarter of 2022, shortly after the appointment of the CBE governor.
He said the strategy reset, which was led by the governor and approved by the Board, was built on the successes achieved through the previous strategy.
“For instance, through the previous strategy, the Central Bank established and operationalised a cyber-security centre to minimise and manage security threats,” he said.
Luphondvo said the CBE further improved the regulation of banks following a successful implementation of appropriate systems and processes. He stated that the CBE needed to reset because as regulator of the country’s banking sector, they had to align themselves with the new and rapid developments of the sector.
consistent
He said the CBE aspired to be a centre of excellence that was customer-centric with unprecedented speed in execution while ensuring sound and consistent quality in our regulatory and compliance practices.
“When the sector we led grows and develops, it is our duty as the regulator to lead and be ahead of the curve in the banking sector,” he said.
He added that another reason that prompted the strategy reset was the emergence of digital assets like crypto currency and Central Bank Digital Currencies (CBDCs), for instance.
“The Central Bank of Eswatini is eager to deepen its understanding of these developments, through appropriate and extensive research, experimentation and learning from other regulators.
resetting
“The CBE was also desirous to drive a high-performance organisational culture. And that required us to reset the strategy,” he said.
Luphondvo further explained that resetting the strategy of the bank, created an opportunity to reflect on what they had accomplished in the past and project where the bank should be in the next five years.
He said the new strategy however came with legislative implications or reforms, the need to better manage risks and improvements on efficiencies optimal performance.
“The new strategy has been in motion since April. The standard practice is that strategy drives structure as it outlines what initiatives have been prioritised for implementation which unavoidably points to what resources, human and financial, are required to efficiently implement it,” he said.
He explained that strategy implementation at times led to a shift in roles.
“Some roles may be declared redundant, restructured or renamed. In some instances, there would be a shift in reporting lines, due to a change in business processes,” he said.
Luphondvo further explained that in the context of the bank, they had all these variations and were additionally grateful that they navigated all of them in consultation with all key stakeholders, the board, management, staff and social partners.
He further explained that even though there were 15 redundant roles, the governor of the CBE and the board of directors were clear that no one had to go home because the CBE could still benefit from staff experience in a different role.
“The CBE is concluding this process. This is an ongoing internal process, and I can assure the nation that no one will lose their job, as affirmed by the governor when he launched the strategy in April, this year,” he said.
He said they were excited that the reset strategy had created over 70 new roles in the bank.
“These roles have created opportunities for growth for our staff and could extend opportunities to others, currently outside the bank,” said Luphondvo.
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