The Central Bank of Eswatini published its Annual Integrated Report 2024/25 for the year ended 31 March 2025, covering performance against its mandate and progress under the 2023–2028 Bek’e-Langa strategy. The report describes a February 2024 annual strategy review that refined the Bank’s vision, increased the strategic weighting allocated to the “Clients and Stakeholder Perception” focus area by 10%, adopted a leadership statement, and streamlined the strategic initiative portfolio to 16 priorities. Annual headline inflation averaged 3.9% and the Bank reduced the discount rate by a cumulative 50 basis points to 7.0% over 2024/25. Gross official reserves increased 16.5% to E9.1 billion, although import cover ended at 2.1 months, and the Bank reported profit of E205.7 million while paying E278.2 million in dividends to the Government of Eswatini. Financial stability and market infrastructure work included finalising a Deposit Protection Fund implementation framework, progress on legislative updates to the Central Bank Bill, Financial Stability Bill and Financial Institutions Bill, and a macroprudential policy framework that was scheduled to take effect in April 2025. In payments and fintech, the Eswatini Payments Switch fast payments module went live in December 2024 with five institutions live by 31 March 2025, preparations began for the open banking phase, and the Bank published a Digital Lilangeni design paper in August 2024 while continuing to monitor crypto-asset activity and operate a regulatory sandbox with one blockchain-based digital wallet participant. Next steps set out in the report include onboarding two additional payments switch participants undergoing final production testing in the first quarter of the 2025/26 financial year and completing three banking licence application processes in the same quarter. The Bank also directed payment service providers to migrate low-value cross-border electronic funds transfers within the Common Monetary Area away from SADC-RTGS by 31 March 2027, and outlined infrastructure timelines for its new headquarters development, including site handover expected by September 2025 and building handover by June 2028.
Central Bank of Eswatini 2025-08-22
Central Bank of Eswatini publishes 2024/25 integrated report detailing Bek’e-Langa strategy updates and fast payments rollout
The Central Bank of Eswatini's Annual Integrated Report 2024/25 highlights strategic refinements, including a 10% increase in the strategic weighting for "Clients and Stakeholder Perception" and a streamlined initiative portfolio. Key financial metrics include a 3.9% average annual inflation rate, a discount rate reduction to 7.0%, and a 16.5% rise in gross official reserves to E9.1 billion. The report also details progress in financial stability, payments, and fintech, including the launch of the Eswatini Payments Switch fast payments module and the publication of a Digital Lilangeni design paper.