Central Bank of Eswatini grants provisional licence for SBS Bank Eswatini to become a medium-sized commercial bank and updates on Letshego Eswatini Bank’s digital bank authorisation

The Central Bank of Eswatini has granted a provisional licence to SBS Bank Eswatini (SBSBE), currently operating as Swaziland Building Society, to operate as a medium-sized commercial bank within the Kingdom of Eswatini. The Central Bank also published a status update on Letshego Eswatini Bank (LEB), which holds a provisional licence to operate as a digital bank. SBSBE submitted its application on 30 June 2025 and was assessed under Eswatini law and the banking regulatory framework, including the validity of submitted documentation, the applicant’s financial status and history as a mutual building society since 1962, the character and experience of proposed board and senior management, and the adequacy of its capital structure, assessed as above statutory minima and compliant with Section 20 of the FIA. The decision also reflected an assessment of community credit needs, earnings prospects supported by the business plan, and public-interest considerations including product targeting and a financial inclusion focus aligned with national development goals. For LEB, the Central Bank noted that the provisional licence granted on 13 June 2025 is for a period not exceeding 12 months, progress is being tracked through a dedicated monitoring mechanism, and the firm remains a bank in organization. The Central Bank will continue working with SBSBE and relevant stakeholders to confirm that all regulatory and legal requirements attached to the provisional licence are met before a full banking licence is granted and the bank becomes operational, with further updates to follow. Engagement and oversight of LEB will continue through its transitional process.