By Mfanufikile Khathwane
MBABANE – Eswatini’s capital market has experienced impressive growth over the past decade, with total industry assets increasing from E21 billion in 2015 to over E40 billion by March 2025.
This 91% expansion was revealed by Financial Services Regulatory Authority (FSRA) CEO Ncamiso Ntshalintshali during the official launch of the Eswatini Capital Markets Association (ECMA) held on July 24, 2025, at the Hilton Garden Inn.
Ntshalintshali noted that although the market faced a significant challenge, an 8% contraction during the COVID-19 pandemic in 2020, it also demonstrated remarkable resilience. A robust recovery followed in 2021, with a growth rate of 19.8%, and a further 11.28% increase by mid-April of that same year.
“These figures reflect more than just financial success, they highlight the transformation of our capital markets into a more dynamic, trusted, and development-oriented system,” he said.
The FSRA CEO also underscored the growing strength of the private sector, which saw its asset base rise from under E3 billion in 2015 to over E30 billion by 2025. However, he expressed concern over the limited access local institutions have to key sources of funding, such as the Public Service Pensions (PSP), and called for urgent reforms.
“We’ve said it before, local institutions are ready to drive national development, but they continue to be denied the support they need. This must change,” Ntshalintshali emphasized.
He reiterated the FSRA’s commitment to playing a dual role as both regulator and enabler of growth. The Authority, he said, has adopted responsible investment principles, promoted financial literacy, and introduced new market conduct guidelines.
Ntshalintshali stressed the importance of industry associations like ECMA in advancing the sector. “Associations such as ECMA are essential. They provide the industry with a unified voice, uphold ethical practices, and foster stronger collaboration between the public and private sectors.”
He concluded on a hopeful note: “Eswatini’s financial future is bright. With ECMA, we are not only progressing, we are doing so with purpose, vision, and a united commitment to sustainable growth.”
