Find Banking and Financial Services expertise in Swaziland
- Banks
- Regulation
- Development
Banks
The well-established commercial banking system in Swaziland comprises Nedbank (Swaziland), Standard Bank Swaziland and First National Bank Swaziland, all of which are affiliated to South African banks. First National Bank and Standard Bank Swaziland offer online banking alongside traditional banking services. Nedbank (Swaziland) is alone in offering microfinance services (2012). It is listed on the national stock exchange and is partly owned by the government; the Swazi Government also has a minority holding in Standard Bank Swaziland. Other banking institutions include the Swaziland Development and Savings Bank and Swaziland Building Society which is the main long-term mortgage provider.
Regulation of Financial Services
The Central Bank of Swaziland supervises the banking sector. It was set up in 1974 when it was staffed by just eight people; in 2008 this number had risen to 270. Its key mandates are to facilitate development of domestic financial markets, and regulate and licence financial institutions such as banks, non-bank financial institutions and foreign exchange bureaus. Also within its remit is the development and regulation of national payment systems such as the Swaziland Interbank Payment and Settlement Systems (SWIPPS) and Swaziland National Payment System. The year 2001 saw a series of significant steps by the Central Bank to combat the use of financial systems for the purposes of money laundering, principally through the Money Laundering (Prevention) Act (2001). The World Economic Forum’s Global Competitiveness Report (2012-2013) ranks Swaziland in a solid 46th position out of 144 countries in terms of soundness of banks.
Development of Financial Services
The 2011 World Bank’s Ease of Doing Business index shows Swaziland as 13th out of 46 sub-Saharan African nations in overall ease of doing business. The country is top-ranking when it comes to getting credit, in a strong 6th position, and comes in the top 20 in terms of protecting investors. The World Economic Forum’s Global Competitiveness Report (2012-2013) shows that there is some scope for improvement when it comes to the availability and affordability of financial services, with Swaziland’s scores below the world mean scores. In 2011, 29% of adults aged 15 and over held an account with a formal financial institution. Ease of access to loans is also comparable to other sub-Saharan African countries, scoring similarly to Tanzania, although below the world mean. In 2011, 12% of adults over the age of 15 had taken out a loan from a financial institution in the past year.
| Banking and Financial Services organisations in Swaziland | |
|---|---|
| Central Bank of Swaziland |
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| First National Bank Swaziland |
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| Nedbank Swaziland |
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| Standard Bank Swaziland |
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| SwaziBank |
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| Swaziland Building Society |
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| Swaziland Development and Savings Bank |
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