MBABANE – Eswatini’s Cooperative sector, which now collectively manages assets valued at over E3.5 billion, is taking a major step towards deepening financial inclusion.
The sector also seeks to strengthen grassroots economic empowerment by pursuing the establishment of a sector-owned co-operative bank.
This development was the focus of the Roundtable on the Establishment of the Eswatini Co-operative Bank, held yesterday at Mountain View Hotel, where co-operative movement leaders, government stakeholders, regulators and international partners engaged on the proposed banking model, governance framework and institutional structure.
Delivering remarks during the session, Minister for Commerce, Industry and Trade Manqoba Khumalo said the proposed bank was a natural progression of the co-operative movement’s long and impactful history in the kingdom.
“Cooperators, our co-operative story began on April 27, 1931, when the first society was registered,” he noted. “Since then, co-operatives have been more than just a socio-economic model, they have been a reflection of who we are – a people who believe in solidarity, self-help and community progress.”
Khumalo emphasised that co-operatives have long served communities that mainstream financial institutions could not reach, especially rural and underserved areas, by mobilising small savings, circulating credit and building trust within member communities.
“With growth comes new challenges and new opportunities,” the minister stated, pointing to the sector’s E3.5 billion in assets.
“To continue thriving, we must strengthen how we manage liquidity, build professional skills and embrace digital tools. That is why the time is right to establish the Eswatini Co-operative Bank – one that is owned and led by the sector itself.”
He clarified that the proposed co-operative bank would not replace existing co-operative Financial Institutions (CFIs), SACCOs or savings groups.
“Let me be clear: this bank is not here to replace or compete with our co-operative Financial Institutions,” Khumalo said. “It will act as a central hub, providing liquidity when needed, offering wholesale banking services, modern digital systems and tailored training.”
This centralisation is expected to strengthen financial resilience across the co-operative network, improve governance capacity and allow co-operatives to participate in larger development finance markets.
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Minister for Commerce, Industry and Trade Manqoba Khumalo making his remarks during the meeting yesterday. (Courtesy pic)