King Mswati III Advocates for Enhanced Cybersecurity at Central Bank of Eswatini’s 50th Anniversary

Mbabane, Eswatini – During the 50th anniversary celebrations of the Central Bank of Eswatini (CBE) held in Ezulwini, His Majesty King Mswati III emphasized the importance of safeguarding the nation’s financial systems against external threats and cybercrime.

The event, which marked a significant milestone in the country’s financial sector, was not only a celebration but also an occasion where major initiatives were launched. His Majesty cut the sod at the site of the new E1 billion state-of-the-art headquarters and unveiled the CBE’s new logo, symbolizing a leap towards modernization and resilience in financial services.

Highlighting the vulnerabilities of the financial landscape, King Mswati III stated, It is imperative that we safeguard our banking system to build confidence in potential investors and trade partners. We urge the Central Bank of Eswatini to ensure that the country’s financial systems are protected from external elements and cybercrime that could compromise the confidence and confidentiality of end users, during his speech.

Moreover, a commemorative E50 note was launched to mark this golden jubilee, reinforcing the King’s vision of a robust financial framework. His Majesty also called for the bank to continue strengthening ties with international financial institutions to bolster economic strategies beneficial to Eswatini.

Financial Growth and Stability

Dr. Phil Mnisi, Governor of the Central Bank, reported on the health of the financial sector, noting, The banking system remains sound, with strong liquidity buffers and is adequately capitalized. The sector continued to be profitable, demonstrating financial sustainability, which reflects positively on the sector’s stability over the years.

Dr. Mnisi also highlighted the growth of non-bank financial institutions (NBFIs), with assets increasing from about E54.9 billion in 2014 to E99.1 billion in 2023. This growth signifies a robust expansion and a healthy financial services sector poised for future challenges and opportunities.

As Eswatini continues to celebrate this milestone, the focus on cybersecurity and financial integrity remains paramount, ensuring a stable and secure environment for both investors and the citizens of Eswatini.