…. Two entities falsely claim Central Bank backing
…. 10% weekly returns promise raises serious concern
BY MBONGENI NDLELA
MBABANE- The Central Bank of Eswatini has issued a firm and timely warning to the public against engaging with two unlicensed investment schemes operating under the names “Eswatini New Fund – Asset Depositor (AD)” and “The Financial Institution (TFI).”
In a decisive statement, the Bank dismissed claims circulating on social media and promotional materials that suggest the existence of a large-scale investment programme allegedly backed by the Central Bank, reportedly involving over E18 billion.
Central Bank Governor Dr. Phil Mnisi made it clear that the institution has no association whatsoever with the schemes or their promoters.
“The Bank wishes to unequivocally state that all these claims are false, misleading and without any foundation,” said Dr. Mnisi.
The schemes are reportedly marketing what they describe as “Eswatini NEW Fund 3.0,” including claims of a USD1 billion (approximately E18 billion) currency swap arrangement with the Central Bank. They further promise returns of up to 10% per week over a 40-week period, raising serious regulatory concerns.
“The Bank has not entered into any agreement, memorandum, or arrangement with the so-called Asset Depositor, The Financial Institution, Green City Developers, or any affiliated party,” Dr. Mnisi emphasized. “Any suggestion that the Central Bank Governor has committed to sign such a contract is untrue.”
The Central Bank stressed that, in terms of the Financial Institutions Act of 2005, no entity is allowed to accept deposits or conduct banking business without proper licensing. It warned that operating or promoting such schemes is unlawful and subject to enforcement action.
“Operating or marketing such financial services without authorization is unlawful and subject to enforcement action,” the Bank stated.
Despite the emergence of these schemes, the Central Bank has reassured emaSwati that it remains vigilant and committed to protecting the integrity of the country’s financial system. Authorities are actively monitoring the situation and working closely with relevant stakeholders.
“We urge all stakeholders to remain vigilant and exercise caution when approached with unlicensed, speculative, or unrealistic investment offers,” the Bank said. “We will continue to collaborate closely with relevant authorities to safeguard the integrity of the financial system and protect the public.”
The Bank’s swift intervention highlights its ongoing commitment to transparency, accountability, and public protection, reinforcing confidence in Eswatini’s financial sector.
Members of the public are encouraged to verify all investment opportunities through official and licensed financial institutions before committing their funds.
(Courtesy Pic)
