Africa-Press – Eswatini. The Central Bank of Eswatini (CBE) has reiterated its commitment to ensuring the stability and integrity of the country’s financial system.
The CBE, under the leadership of Governor Dr. Phil Mnisi, issued a public statement highlighting its constitutional mandate to oversee financial stability and protect the interests of the nation. This comes as the Bank observed certain activities within the financial services sector that may potentially undermine the official regulatory framework.
According to the statement, the CBE has noted with concern some media reports suggesting that specific entities are operating outside of these regulatory frameworks. Such actions, the Bank cautions, pose a risk to the country’s financial stability and the integrity of its payment systems.
“The oversight of payment systems, inclusive of the integrity and finality of payment instructions, squarely falls under the jurisdiction of the Central Bank, a role that we will continuously safeguard,” Dr. Mnisi stated.
In collaboration with the Financial Services Regulatory Authority (FSRA), the CBE is actively monitoring and addressing these concerns to preserve the security of the financial system.
Dr. Mnisi affirmed the Bank’s full support for FSRA’s interventions, which are designed to strengthen the resilience of Eswatini’s financial landscape.
The CBE further underscored that no institution, entity, or individual is above the country’s regulatory framework. All financial service providers within the Kingdom are expected to adhere to established laws and oversight mechanisms without exception.
The Governor issued a stern warning to any financial service provider or institution that attempts to bypass these regulations, noting that the Bank will not hesitate to take decisive action against any entity threatening the system’s stability.
“This is a stern warning to all financial services providers that any conduct that threatens the stability, security, or credibility of the financial system in Eswatini will not be tolerated,” Dr. Mnisi stated.
The CBE has reassured the public of its vigilance in monitoring developments within the payments ecosystem. Should the need arise, the Bank is prepared to enact the necessary legislative and regulatory measures to safeguard the nation’s financial security.
This proactive stance by the CBE is a testament to the country’s commitment to fostering a safe, resilient, and inclusive financial environment for all emaSwati.
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