By Phesheya Ian Kunene
MBABANE – Letshego Eswatini has officially been granted a provisional licence to operate as a digital bank in the Kingdom.
The announcement was made by the Central Bank of Eswatini (CBE), confirming that Letshego Eswatini Bank in-organisation (LEB), currently trading as Letshego Financial Services Eswatini, now has 12 months to prepare for full banking operations under its new mandate.
CBE Governor Dr Phil Mnisi described the development as a major step forward for the country’s financial sector.
“We congratulate LEB on this milestone and look forward to the value they will bring to the nation’s financial sector and broader economy,” he said. Mnisi explained that the provisional licence followed a rigorous assessment of LEB’s business model, capacity, financial health, and governance structures.
The Central Bank highlighted that LEB met the minimum regulatory standards, including a strong financial performance over recent years, sound capital adequacy ratios, and an experienced executive team.
The institution was also commended for its clear understanding of the local market, with a strategy focused on promoting financial inclusion, particularly for unbanked and low-income communities.
From Microfinance to Digital Banking
Letshego Financial Services Eswatini has operated in the country for over 15 years as part of the pan-African Letshego Group, which is headquartered in Gaborone, Botswana. The group has a footprint in over 10 African markets, offering inclusive finance products targeting public sector employees, micro and small entrepreneurs, and the informal sector.
Over the years, Letshego Eswatini has become one of the most recognised names in micro-lending and financial support for individuals traditionally excluded from mainstream banking services. With its shift into digital banking, the institution is now eyeing a broader market, using technology to drive access, convenience, and financial empowerment.
According to the CBE, the newly licensed Letshego Eswatini Bank will initially operate as a digital bank, offering innovative solutions for savings, credit, and potentially mobile-based financial services.
The move aligns with Eswatini’s national development goals, particularly around digital transformation and inclusive economic growth.
LEB’s entry into the formal banking sector also comes at a time when traditional banking models are evolving across Africa, with regulators encouraging fintech and digital banking solutions that widen access and lower operational costs.
Should LEB successfully meet the required conditions within the 12-month window, it will be granted a full banking licence, positioning itself among the Kingdom’s newest generation of tech-driven financial institutions.
