Africa-Press – Eswatini. Consumers and businesses will continue to grapple with the ever increasing cost of living as banks have introduced increased banking fees.
Some of the country’s banking institutions have released their new banking fees, with Nedbank Eswatini, Standard Bank and Swaziland Building Society (SBS) showing several hikes in some of their services. For SBS and Nedbank Eswatini, the new banking fees have been effective from January 1, 2024 whereas for Standard bank they were effective from December 1, 2023. An analysis by the Times Business Desk showed an increase in some services for personal users and businesses in these three banks.
Transparency
It is worth noting that all the country’s financial institutions are mandated by the regulator, which is the Central Bank of Eswatini (CBE), to publish their pricing guide twice a year for transparency purposes. The pricing guides are always published on the second working day of January every year and also mid-year. Therefore, not all the published pricing guides reflected that there were changes in all the banks as some banks, including EswatiniBank and FNB Eswatini would have their changes kicking in around July. Pricing cycle varies from bank to bank. Based on the comparisons of the prices effective January 2024 and those effective from December 2023/January 2023, it was noted that services such as Auto Teller Machine (ATM) withdrawals and statements seem to have been experienced a major hike. Standard Bank Eswatini will now charge E7.72 compared to last year’s E7.30 for an ATM withdrawal below E500.
The bank will charge E18.76 withdrawing amounts from E501-E1000 whereas the same amount cost E17.75 previously. Other bank’s ATM withdrawals have not changed from the E50.00+1.15 per cent charged of 2023. International ATM withdrawals will now cost E50.00+1.27 per cent while last year it was E50.00+1.15 per cent. There have been changes also on the lending fees, as a monthly administration fee for a personal loan at Standard Bank now stands at E63.03, while last year it was E59.63. Business and Commercial Clients will not be spared as well, because their monthly account fees have also been increased. For instance, Small Medium Enterprises (SME) monthly account fees will now be E115, while last year it was E108.89. Vutsela monthly account fees went up to E37.82 from E35.78.
Charges
Nedbank Eswatini on the other hand charges 3.20 per cent plus E43.24 for an in-branch cash withdrawal, as opposed to last year’s 3.20 per cent plus E41.10. Swaziland Building Society also showed a significant hike in their ATM withdrawal charges. For instance withdrawals from E10-E500 were charged E8.50 but now its E9.63. For withdrawals of amounts from E510-E1000, last year it was E13.50 and now it is E14.58. To withdraw money ranging from E1010 – E2 000, it was charged E22.50 and now it is E27.53. It is worth noting that last year all the local banks were busy introducing, while some updated their online banking platforms. SBS introduced its new online banking platform and Nedbank Eswatini introduced its mobimoney wallet platform.
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