MBABANE - Eswatini is making steady progress in financial inclusion, with mobile money emerging as a game-changer for both urban and rural communities.
The latest Global Findex 2025 report by the World Bank shows that the kingdom’s banking and digital finance landscape is evolving in line with regional and global trends, yet challenges remain in ensuring equitable access and usage across all demographics.
According to the report, 63 per cent of adults in Eswatini have an account, either at a financial institution or through a mobile money provider. This marks a significant leap from just a decade ago, when less than half of the population had formal access to financial services.
The surge is largely driven by the expansion of mobile money platforms such as MTN MoMo and Eswatini Mobile’s e-Mali, which have penetrated rural areas where traditional banking infrastructure is limited. Mobile money account ownership in Eswatini now rivals and in some segments exceeds, that of bank accounts.
Across Sub-Saharan Africa, the story is similar: 40 per cent of adults have a mobile money account, up from 27 per cent in 2021. In some countries, mobile money has surpassed bank accounts as the dominant form of financial access. The region remains the global leader in mobile money adoption, with southern and East Africa driving innovation in payments, savings and micro-credit.
“Mobile money has moved beyond being a simple transfer tool to a financial services platform, offering savings, credit and payment options,” the World Bank notes. For Eswatini, this evolution is particularly impactful in a country where travel distances, banking fees and bureaucratic barriers have historically kept rural populations out of the formal financial system.
While the national picture is encouraging, the report points to a notable urban-rural divide. Urban residents are more likely to have multiple financial accounts, use mobile banking apps and access digital credit services. Rural residents, on the other hand, still face infrastructure challenges such as unreliable internet connectivity, patchy mobile network coverage, and fewer agent points for cash-in/cash-out services.
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According to a report, 63 per cent of adults in Eswatini have an account, either at a financial institution or through a mobile money provider. (Pic: Sourced)