Africa-Press – Eswatini. The Minister of Commerce, Industry and Trade, Manqoba Khumalo, has honoured the late Commissioner of Cooperatives, Russell Nxumalo, for his pivotal role in strengthening and professionalising the cooperative movement in Eswatini.
The Minister delivered the tribute on Tuesday, 4 November 2025, during a strategic engagement with the Chairman of the German Cooperative and Raiffeisen Confederation (DGRV), Jan Holthaus. The meeting was held ahead of the DGRV Conference on Cooperative Bank Development, taking place today, Wednesday 5 November 2025, at Mountain View Hotel in Mbabane.
Khumalo described Nxumalo as a key driver of the cooperative banking agenda and said the success of the impending Cooperative Bank would stand as part of his legacy.
“As part of our legacy to him, we owe the success of this project,” Khumalo said. “It was something he took on with passion, and we are committed to seeing it through.” Nxumalo was known for championing the formalisation and growth of cooperatives, particularly those preparing to transition into cooperative banking.
Longstanding Partnership with DGRV
Welcoming the DGRV delegation, the Minister praised the strong partnership between the Government of Eswatini and the German institution, noting that it continues to play a critical role in building institutional and technical capacity within the sector.
“We are extremely honoured by your visit,” Khumalo said. “This partnership is central to our goal of establishing a Cooperative Bank in Eswatini – an objective that aligns not only with our Ministry’s strategy but with the broader national development agenda.”
Collective Effort Required
The Minister stressed that the creation of the Cooperative Bank will require coordinated effort across several national institutions, including the Ministry of Finance, the Financial Services Regulatory Authority (FSRA) and the Central Bank of Eswatini.
“We have the will and determination to support this initiative,” he said. “However, it must be a bank that truly represents the voice and needs of cooperative members.”
Khumalo noted that Eswatini’s cooperative sector has grown significantly in professionalism and governance standards, crediting continued support from DGRV for contributing to this progress.
“Our cooperative movement is becoming a regional model,” he added. “We remain open to both positive reinforcement and constructive criticism as we strengthen this sector.”
Shared Commitment
The meeting concluded with both parties reaffirming their commitment to expanding cooperative financial inclusion and accelerating the establishment of the Cooperative Bank – a milestone expected to unlock new economic pathways for thousands of cooperative members across the country.
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