The Central Bank of Eswatini issued a public warning urging the public, government entities, and other stakeholders not to engage with, invest in, or promote an entity calling itself Eswatini New Fund Asset Depositor (also known as “The Financial Institution”) and associated promoters including Green City Developers. The Bank said circulating materials promoting “Eswatini NEW Fund 3.0”, a purported USD 1 billion currency swap with the Central Bank, and returns of up to 10% weekly over 40 weeks are false and misleading, including claims that the Central Bank Governor would be a key signatory to any contract. The Bank stated it has not entered into any agreement, memorandum, or arrangement with the named parties regarding currency swaps, blocked funds, bond-trading revenues, or any similar scheme. It also reminded stakeholders that the Financial Institutions Act, 2005 prohibits conducting banking business or accepting deposits from the public in Eswatini without a valid Central Bank licence, and that marketing such services without authorisation is unlawful and subject to enforcement action. The Central Bank said it is monitoring the circulation of the materials and related activities for potential breaches, including unauthorised deposit-taking and misrepresentation, and will continue collaborating with other regulators and law-enforcement agencies.
Central Bank of Eswatini 2026-03-19
Central Bank of Eswatini warns public against Eswatini New Fund Asset Depositor and false USD1 billion currency swap claims
The Central Bank of Eswatini warned against Eswatini New Fund Asset Depositor and Green City Developers, citing false claims of a USD 1 billion currency swap and misleading returns. The Bank clarified no agreements exist with these entities and reminded that unlicensed banking is illegal under the Financial Institutions Act, 2005. It is monitoring for breaches and collaborating with regulators and law enforcement.