Africa-Press – Eswatini. Eswatini is rapidly accelerating into a digital financial future, driven by the strong uptake of the nation’s new digital infrastructure. The Central Bank of Eswatini (CBE) has confirmed that its efforts to boost efficiency and financial inclusion through the Eswatini Payment Switch (EPS) are yielding impressive results.
Speaking at the 2025 Financial Stability Review, CBE Governor Dr. Phil Mnisi painted an optimistic picture, highlighting how the country’s payment system is becoming “more adaptable, resilient, and accessible” to every emaSwati.
Dr. Mnisi stressed that the new EPS, alongside thriving mobile money platforms, has fundamentally strengthened the financial system. “Fast payments enable 24/7 transfers, while active POS terminals, ATMs, and cards continue to expand,” he stated.
The numbers clearly illustrate the public’s embrace of digital finance, with mobile money transaction volumes soaring by 17.4% to 12.9 million and registered customers jumping 14.2% to nearly three-quarters of a million, reaching 742 379.
“These trends highlight the system’s adaptability and its crucial role in broadening access to financial services,” Dr. Mnisi said.
The Governor expressed particular satisfaction with the launch of the Fast Payments Module under the EPS, which he called an “encouraging success” in terms of market penetration.
“I am happy to report that the launch of the Eswatini Payments Switch Fast Payments Module has been successful,” he announced.
All eight participating financial institutions are now live on the EPS. The system is already handling a significant load, averaging 2 500 transactions daily, with non-bank interactions driving a strong 44% of that volume. Crucially, the system has proven its reliability, boasting an availability rate of over 99%.
Looking forward, the CBE’s next mission is to deepen financial inclusion even further by making services more affordable.
Dr. Mnisi outlined the next step: “Next on the Fast Payments journey is tackling aspects relating to financial inclusion. This means driving up volumes through offering more services, that is physical merchant payments and thus significantly improving affordability.” The goal is to make digital transactions the easier and cheaper option for everyday shopping.
While celebrating the digital boom, Dr. Mnisi sounded a note of caution, acknowledging that increased digital usage brings heightened risks.
“Cybersecurity and operational risks remain a priority,” he said. Losses from cybercrime saw a slight increase to E8.5 million, primarily stemming from mobile money and e-wallet scams.
In response, the Central Bank is bolstering its defenses. Dr. Mnisi assured the public that proactive measures, including advanced risk monitoring, digital forensic capacity, and enhanced regulatory oversight, are in place to ensure the financial market remains secure and public confidence is maintained.
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