BANK COSTS REMAIN A CONCERN

MBABANE - Progress has been made in deepening the access and usage of banking services, which has focused on the most viable segments.

Bank access among the formally employed now stands at 92 per cent and around 50 per cent for those in self- and informal employment. FinScope Eswatini’s 2018 analysis showed a high usage of accounts, as 81 per cent of banked adults used their account at least monthly, while 33 per cent used their bank account three or more times per month.

Transactions

Usage of the Eswatini Interbank and Settlement System (SWIPSS) increased from 38 260 transactions with a value of E121.5 billion in 2014, to 59 628 transactions with a value of E295 billion in 2022. Nevertheless, bank costs remain a concern. The Eswatini Competition Commission in 2019 found there was limited competition in the banking industry and noted that bank charges were high relative to other Common Monetary Area(CMA) countries. In addition, only 15 per cent of bank clients use credit, while many bank clients use informal credit.

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