By Mbongeni Ndlela
NKONYENI – Central Bank of Eswatini Governor, Dr Phil Mnisi, has issued a compelling national call for all Emaswati to deposit their money in banks, saying “the days of hiding have come to an end.”
His key message: banking your money is not only wise and responsible—it is a matter of national safety and accountability.
Dr Mnisi was responding to questions posed by Eswatini Observer Managing Editor Mbongeni Mbingo during the ongoing media engagement and training session at Nkonyeni Golf Estate.
The session, which brought together media professionals and financial regulators, aimed to strengthen collaboration and improve understanding of Eswatini’s financial landscape.
Addressing queries about the Ecsponent saga and the role of the Financial Services Regulatory Authority (FSRA), the Governor revealed that the Central Bank, working closely with FSRA and the Ministry of Finance, is invoking the Money Laundering Act to trace how funds were moved and to take decisive legal action.
“We have taken a legislative approach… to deal with this decisively,” he said. “We don’t want this country to be a free-for-all, lawless society in the financial sector. We will do our best to ensure it is not.”
Dr Mnisi praised the Eswatini Revenue Service (ERS) for tightening control at the borders, making sure imported goods are properly inspected and VAT compliance is enforced. This, he said, is part of broader efforts to strengthen transparency and traceability in the economy.
He also introduced what he called a “game changer” for Eswatini’s digital economy—the Assortment Payment Switch, a system that enables fast, round-the-clock digital transactions across all banking platforms. The innovation is designed to power real-time payments, enhance traceability, and pave the way for open banking in the near future.
“With MoMo (Mobile Money), we will be able to trace. When we move to open banking, entities will hook directly into the switch,” he said. “There will be no excuse.”
Dr Mnisi ended with a passionate appeal: “Put your money in the bank—it’s for your safety. If you’re hiding it in a pillow or investing in schemes promising unimaginable returns, you must know something is wrong.”
His remarks mark a major push for financial responsibility, transparency, and innovation—a bold and positive step forward for Eswatini’s economy.
