CBE OPENS DOORS FOR MORE BANKS TO ENHANCE COMPETITION

MBABANE – Eswatini’s financial sector is set for a major transformation as the Central Bank of Eswatini (CBE) prepares to welcome new international banks into the market.

CBE Governor Dr Phil Mnisi has confirmed that five applications from international banks are currently under review, with three of them at an advanced stage. When making remarks during the media engagement event held at Nkonyeni Golf Estate, Dr Mnisi refuted claims that Eswatini is overbanked, asserting that more financial institutions would foster a more competitive and consumer-friendly banking environment.

He highlighted that increased competition would drive innovation and lead to lower banking costs for consumers.“There is a misconception that Eswatini has too many banks, but this is not the case. The more banks we have, the better it is for consumers as it increases competition, leading to improved services and reduced banking costs,” he stated.

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