BY SIFISO NHLABATSI
EZULWINI – Central Bank of Eswatini Governor Dr Phil Mnisi says there is promising news regarding funds invested in Status Capital Building Society, as authorities continue working towards resolving the matter.
Mnisi said the Financial Services Regulatory Authority (FSRA), working together with the Central Bank and the Ministry of Finance, was handling the Status Capital and Ecsponent matters.
Addressing questions on the Status Capital issue on Monday morning, Mnisi said authorities were hopeful that investors would eventually get their money back.
“Especially on the Status Capital matter, the funds which were invested will be returned. That is good news,” he said.
The Governor, however, warned Emaswati to exercise extreme caution when investing their money, particularly in schemes promising unusually lucrative returns.
He urged potential investors to thoroughly examine investment opportunities and ensure that they understand all the terms and conditions before committing their money.
Mnisi warned that some investment schemes may appear attractive because money is available for a short period before they eventually collapse.
He said the authorities were also focused on ensuring that similar institutions do not operate as pyramid schemes in future.
“What is important is that going forward the country is ensuring that there should no longer be any institutions which end up being pyramid schemes,” Mnisi said.
He said measures had been introduced to strengthen the regulatory environment and protect savers, including deposit insurance.
According to Mnisi, deposit insurance would help protect retail savers in the event of a bank failure.
“These are safeguards that we have put in place to ensure that the regulatory space is robust in protecting investments and savings of Emaswati,” he said.
Mnisi was speaking during the official opening of the five-day In-Country FATF Standards Training Programme at the Central Bank of Eswatini.
The training is hosted by the Ministry of Finance in collaboration with the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG).
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