Banks in Eswatini

Eswatini’s formal banking system includes First National Bank of Eswatini, Standard Bank Eswatini, Nedbank Eswatini and Eswatini Bank. Swaziland Building Society moved toward provisional SBS Bank Eswatini status in October 2025, and Letshego Eswatini Bank received provisional digital-bank status in June 2025. The reviewed Central Bank of Eswatini sources had not confirmed a full licence or operational start for either new entrant. The Central Bank also lists three credit institutions. Its March 2026 support for Eswatini Bank concerned prompt correction and transformation; the available evidence did not indicate a closure. The Central Bank of Eswatini, also called the CBE or Umntsholi WemaSwati, handles bank licensing, prudential supervision, payment-system and payment-provider oversight, foreign-exchange matters and financial stability. The Financial Services Regulatory Authority, or FSRA, has a separate mandate for non-bank financial institutions. Banks operate under legislation including the Financial Institutions Act 2005, the National Payment Systems Act, anti-money-laundering rules and foreign-exchange controls. Common account types include current or transaction accounts, savings accounts, call or notice accounts, fixed deposits and products for young people, students, pensioners, groups and salary payments. Interest rates, minimum balances, service charges and access to funds vary by bank and product. For example, a Standard fixed deposit can start at E1,000 for terms of 1 to 36 months, while an Eswatini Bank fixed deposit can require E10,000 for a term of 6 months, 1 year or 2 years. Fixed deposits generally restrict access until maturity, and early withdrawal can result in a penalty. Banks commonly request an identity document or passport, proof of residence and, where relevant, proof of income or a payslip. Nedbank’s current account information lists eSwatini residence, an age of at least 18, identification and residence or income evidence, without an opening deposit. Eswatini Bank’s ordinary account information lists identification, income and residence evidence, with at least E150 for activation and a minimum balance of E150. These examples do not create a single right to an account; the bank and product determine the conditions. Digital access includes internet banking, mobile applications, USSD or cellphone banking, electronic funds transfers and SWIFT for international transfers. Mobile Money is a phone-based payment service and is not the same as a bank deposit. Examples in Eswatini include MobiMoney, Unayo and other services provided by licensed payment companies. Standard Unayo Lite is available to eSwatini citizens with limited customer checks, a maximum balance and daily debit limit of E15,000, while Unayo Pro supports citizens and foreign nationals after full checks and generally offers higher limits. Nedbank MobiMoney uses a registered mobile number and identification, does not require an existing bank account or paper form, and lists a maximum monthly turnover of E24,999, a maximum balance and send limit of E15,000 per day, and cash withdrawals of up to E9,900 per day. The lilangeni, with currency code SZL, is Eswatini’s currency. The South African rand is also legal tender in the Common Monetary Area and has a 1:1 value with the lilangeni. Authorized Dealers, including EswatiniBank, Nedbank Eswatini, Standard Bank Eswatini and First National Bank Eswatini, handle foreign-exchange services within their authority. Swaziland Building Society and Interchange Swaziland have more limited Authorized Dealer authority. Foreign transactions outside the Common Monetary Area can be subject to exchange-control requirements. Eswatini uses electronic funds transfers, cards, Mobile Money, SWIFT and other payment services. SWIPSS and RTGS handle high-value or time-sensitive payments. The Eswatini Payments Switch, or EPS, introduced fast payments in December 2024; five participants were recorded by 31 March 2025. Fast payments are designed for near-real-time, 24-hour availability, while the payment system is being expanded toward open banking and broader card acceptance. The regional low-value cross-border electronic transfer arrangement is scheduled for implementation from 31 March 2027. Cheques have been discontinued since 1 January 2022. Debit, credit and ATM cards may support cash withdrawals, point-of-sale payments, online purchases and contactless payments, depending on the bank and card network. The contactless threshold is E500. Customers should check foreign-use and exchange-control conditions before using a card outside the Common Monetary Area and should block a lost or stolen card immediately. Bank charges are not uniform; possible costs include monthly account fees, card and ATM charges, electronic-transfer fees, cash-out charges, Mobile Money transaction fees and cross-border charges. MobiMoney lists no monthly fee but applies transaction-based charges. The Deposit Protection Fund implementation framework was finalised in 2025, with operationalisation planned from financial year 2025/26. The reviewed CBE sources did not publish the coverage amount or claim-payment period, so customers should not assume that every bank deposit has a fixed blanket guarantee. Banks should provide a Key Facts Statement before opening a deposit or loan account, including a credit card or overdraft account, with product terms, charges, interest and relevant timing information. Customers should keep identification details current, read the account conditions and use licensed institutions. They should protect PINs and one-time passwords, report incorrect transactions quickly and treat unexpected messages, phishing attempts, fraud schemes and pyramid schemes as security risks. Banks and payment providers monitor transactions under anti-money-laundering rules, report suspicious activity to the Financial Intelligence Unit and retain relevant records for at least five years. A complaint normally starts with the bank or payment provider. If an individual or small-business dispute remains unresolved, the customer can contact the Central Bank’s Ombudsman through Ombudsman@centralbank.org.sz. The Central Bank’s Market Conduct and Consumer Protection Unit supervises banks, money transmitters and payment service providers, and the individual and small-business dispute process is fee-free.