BY TANDZILE DLAMINI
MBABANE– Eswatini is set to establish its first-ever Cooperative Bank within the next three years, the Minister of Commerce, Industry and Trade, Manqoba Khumalo, announced during a high-level roundtable discussion at Mountain View Hotel on Wednesday, November 5, 2025.
The event brought together government officials, local cooperative leaders, and international partners, including the German Cooperative and Raiffeisen Confederation (DGRV) and Moshi Co-operative University (MoCU), who are supporting Eswatini in developing a sustainable cooperative banking model.
Minister Khumalo commended the long-standing cooperative movement in Eswatini, which dates back to 1931. He said the proposed bank will act as a central hub for the sector, providing liquidity, digital systems, and training to empower existing Cooperative Financial Institutions, rather than competing with them.
“This bank will strengthen our cooperatives and extend financial inclusion to MSMEs, farmers, youth, and women,” Khumalo said.
He emphasised that the cooperative model is vital for promoting inclusive economic growth and expressed gratitude to international partners for their technical and financial support. Khumalo also paid tribute to the late Russell V. Nxumalo, a pioneer of Eswatini’s cooperative sector, whose vision continues to guide the development of a unified and resilient movement.
“We are not just designing a bank; we are shaping the future of Eswatini’s cooperative movement. The soul of this initiative is Swati, and it belongs to our people and our shared dream of prosperity,” he added.
Representing the DGRV, Chairperson Jan Holthaus stressed that youth participation, member engagement, and strong governance are essential to building a sustainable cooperative sector. He said the three-year target for establishing the bank is achievable, provided that cooperatives continue to strengthen internal systems and leadership capacity.
“It’s very important to listen to members, as they are directly engaged with projects. We must also involve the youth in cooperatives to ensure sustainability,” Holthaus said.
According to the Ministry, Eswatini’s cooperative sector now manages over E3.5 billion in assets, highlighting the need for stronger liquidity support, modern skills, and digital transformation — gaps the new Cooperative Bank aims to fill.
The proposed bank will be fully owned by the cooperative sector and is expected to improve access to financial services, particularly for small businesses and rural communities. It will play a pivotal role in advancing the country’s vision of inclusive economic development.
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(Courtesy Pic)
