… Governance gaps addressed to restore stability
… Swazimed intervention delivers positive turnaround
… Stronger oversight to protect consumers
BY MBONGENI NDLELA
NKONYENI – The Financial Services Regulatory Authority (FSRA) has outlined decisive steps it is taking to protect emaSwati’s money and strengthen confidence in the country’s financial sector.
Addressing members of the media at Nkonyeni on 28 April, FSRA General Manager: Supervision, Mbongeni Nkambule, delivered a detailed and reassuring update on ongoing regulatory actions, disclosing progress made while openly addressing existing challenges.
“We are focused on protecting consumers and ensuring that every institution we supervise operates responsibly and transparently,” said Nkambule.
“Our work is about keeping emaSwati’s money safe.”
Tackling governance challenges
Nkambule explained that governance weaknesses, particularly internal board conflicts, have been identified in some institutions and have affected operations.
“In certain cases, divisions within boards made it difficult to take decisions that are in the best interest of members,” he said.
“Our role is to step in and restore order where necessary.”
He noted that addressing governance gaps is critical to preventing financial strain and ensuring long-term stability.
Swift action to stabilise institutions
The FSRA eexplained its intervention in Swazimed as a key example of proactive regulation.
Nkambule described the curatorship as a necessary step to protect members and restore proper management.
“The intention was to stabilise the institution, resolve leadership challenges and rebuild confidence,” he said.
He added that the Authority deliberately chose a practical approach over lengthy court processes.
“We wanted solutions that work quickly for the benefit of members, rather than delays that could worsen the situation,” Nkambule explained.
Positive turnaround emerging
Nkambule shared encouraging progress following the intervention.
“Swazimed is now cooperating fully with the FSRA on reporting and compliance requirements. This is a very positive development,” he said.
He further revealed that new reporting systems have been introduced to improve transparency across medical aid schemes.
“These measures will help us monitor performance more closely and ensure accountability,” he added.
Strengthening oversight across sectors
Beyond individual cases, the FSRA is enhancing oversight across the entire financial system.
Nkambule pointed to risks such as weak risk management, rising credit exposure and emerging climate-related pressures, noting that the Authority is already responding.
“We are strengthening supervision and introducing tools that allow us to detect risks early,” he said.
Protecting consumers remains priority
The Authority also addressed concerns in capital markets and insurance, including misuse of licences and the need to ensure sustainability of funds.
“Any practices that put consumers at risk will be dealt with firmly,” Nkambule stated.
He emphasised that protecting policyholders, investors and members remains central to FSRA’s work.
Aligning with global standards
Nkambule didisclosed that Eswatini’s regulatory framework is being aligned with international standards to ensure resilience and credibility.
“This alignment ensures that our financial system remains strong and competitive globally,” he said.
Clear plan for the future
Looking ahead, the FSRA has set clear priorities for the coming years, including strengthening supervision, improving compliance and enhancing engagement with stakeholders.
“We are building a system that identifies problems early and resolves them before they escalate,” Nkambule said.
Confidence in the system
Nkambule concluded with a strong message of assurance to the public.
“EmaSwati should have confidence that their contributions and investments are being protected,” he said. “We remain committed to supervising effectively, supporting growth and protecting the public.”
The briefing reflected a regulator that is not only addressing challenges head-on, but also putting in place practical solutions to ensure a safer and more resilient financial sector for all emaSwati.
