Africa-Press – Eswatini. Swaziland Building Society (SBS) has set 2 January 2026 as its official date for its long-anticipated conversion.
The announcement marks a defining moment not only for the institution, but also for Eswatini’s financial sector and its customers nationwide. The milestone was shared during an engagement meeting held on Tuesday, 9 December 2025, at Mountain View in Mbabane, where SBS executives met with members of the Eswatini Editors’ Forum (EEF) and the Eswatini National Association of Journalists (ESNAJ).
The gathering aimed to update media stakeholders on the progress made so far and the exciting future that lies ahead under the new identity of SBS Bank Eswatini.
SBS has already secured a provisional medium-sized commercial banking licence from the Central Bank of Eswatini (CBE), a crucial regulatory milestone that signals strong confidence in the institution’s capacity to operate as a commercial bank. In addition, the tripartite authorities – the Financial Services Regulatory Authority (FSRA), the Central Bank of Eswatini, and the Ministry of Finance – have approved the conversion process in terms of Section 67 bis of the Building Societies Act.
At present, SBS Bank Eswatini is undergoing registration as a public company, a process expected to be finalised before the end of December 2025. Once this is completed, SBS will officially transition from a building society into a company. Early in 2026, the FSRA will formally remove SBS from the register of societies, completing the legal framework for its transformation.
Beyond the institutional change, shareholders are also being smoothly guided through the transition. From 2 January 2026, permanent shares will be converted into ordinary shares based on the election forms submitted during the Special General Meeting held on 15 November 2024. Members who did not submit election forms will temporarily receive redeemable shares, valid for 90 days from 5 January to 4 April 2026, allowing sufficient time for informed decision-making.
Those who do not make a selection by 4 April 2026 will have their redeemable shares automatically converted into a term deposit, ensuring that members’ funds remain protected and productive. SBS has further simplified the process by making all relevant forms available at its head office, branches, and official website, supported by dedicated conversion desks to assist members.
Redeemable shareholders have three flexible options available. They may choose equitisation, converting redeemable shares into ordinary shares. Alternatively, they may opt for voluntary redemption, converting shares into a term deposit. A third option allows members to sell their shares to the sponsor at E1.00 per share. These choices have been structured to ensure transparency, flexibility and fairness for all members.
Looking to the future, SBS Bank Eswatini has revealed ambitious plans aimed at strengthening market participation and shareholder value. Once the full banking licence is issued, restrictions on share transfers will be lifted. Furthermore, within the next three years, the institution plans to introduce a liquidity mechanism, potentially through the Eswatini Stock Exchange’s Over-The-Counter (OTC) platform, opening up exciting trading opportunities for shareholders.
The conversion of SBS into a commercial bank represents more than a change of name – it reflects decades of growth, resilience and strategic vision. As SBS Bank Eswatini prepares to enter a new era of expanded financial services, enhanced digital platforms, and wider economic participation, the institution is positioning itself as a powerful driver of financial inclusion and national development.
For members, customers and the broader economy, the transition signals confidence, innovation and renewed opportunity – truly marking a bright new chapter in Eswatini’s banking landscape.
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