MBABANE – EswatiniBank has set in motion a comprehensive technological transformation that promises to redefine how the State-owned institution serves the kingdom.
This development follows through on the strategic vision articulated by the bank’s Managing Director, Dr Nozizwe Mulela, during a high-profile business gala dinner held late last year at the Royal Swazi Sun Convention Centre.
Addressing a room filled with captains of industry, Dr Mulela hinted at a future of ‘reimagining possibilities’ and ‘accelerated transformation’.
The bank has now transitioned from vision to action, issuing an international Invitation to Tender for the supply, installation, and commissioning of a state-of-the-art Core Banking System.
CBS is the central, back-end software platform that manages all essential banking operations, connecting branches, ATMs, and digital channels (like mobile banking) to a single database for real-time processing of transactions, accounts, loans, deposits and customer information, acting as the bank’s central nervous system for consistent service delivery.
It enables functions such as fund transfers (NEFT, RTGS), loan management and balance enquiries, providing a unified customer experience across all access points.
The move is not merely an IT upgrade, but a strategic pivot designed to consolidate the bank’s diverse operations into a single, real-time ‘source of truth’.
During her address in November, Dr Mulela emphasised that the bank is firmly committed to its developmental mandate, noting that over the past 15 years, it has extended more than E21 billion in loans to support national projects and local businesses.
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… bank looking for partner with proven track record
MBABANE - The tender document outlines a rigorous selection process, highlighting that EswatiniBank is looking for a partner with a proven track record.
Bidders must demonstrate successful CBS implementations in at least five commercial banks, specifically requiring experience within Southern Africa.
Technically, the bank is demanding high performance. The system must handle a peak of 250 transactions per second and maintain an uptime of at least 99.9 per cent. Security is equally paramount, with requirements for multi-factor authentication (MFA), high-level encryption (AES-256), and immutable audit logs to protect customer data.
The deadline for international firms to submit their bids is February 13, 2026. Once a vendor is selected, the bank will undergo a complex data migration and implementation phase, which includes ‘dress rehearsals’ to ensure a smooth transition without disrupting services to the public.
For the people of Eswatini, this investment means more than just a faster mobile app. It represents the modernisation of a ‘wholly government-owned bank that exists to serve the nation,’ as Dr Mulela described it.
By streamlining operations and adopting international standards like ISO 20022 for payments, EswatiniBank is positioning itself as a competitive, tech-forward institution capable of driving the country’s socio-economic development into the next decade.
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EswatiniBank Managing Director Dr Nozizwe Mulela. (File pic)