MBABANE – EswatiniBank Managing Director Nozizwe Mulela says the bank has embarked on an ambitious transformation programme aimed at strengthening the institution, modernising its operations and positioning it to remain competitive in an increasingly digital banking environment.
Addressing members of the Eswatini Editors Forum during a stakeholder engagement held at Sibebe Resort on Thursday, Mulela said the meeting formed part of the bank’s broader commitment to transparency and regular engagement with stakeholders as the institution marks 60 years of service.
She said the engagement was intended to provide the public with a clear understanding of the bank’s current position, the challenges it has faced in recent years and the strategic direction it has adopted to secure its future.
“We are not here to hide anything. We are here to be transparent and the ultimate purpose is that we give accurate information about what is happening,” Mulela said.
The managing director described the engagement as a significant milestone for the bank, noting that its diamond jubilee provided an opportunity to reflect on six decades of contribution to Eswatini’s economic development while outlining the institution’s future plans.
She said for 60 years, EswatiniBank had supported generations of emaSwati through home ownership, education financing, business development and agricultural investment, the sector upon which the bank was originally founded.
Beyond financing individuals and businesses, she said the bank had also played an important developmental role by mobilising savings, facilitating trade, commerce and financing productive sectors of the economy.
Mulela stressed that the bank’s lending philosophy had remained consistent throughout the years.
Rather than excluding entire industries because of prevailing economic conditions, she said the institution assessed every application on its own merits, focusing on the viability of individual businesses instead of making decisions based solely on sector performance.
She said this approach enabled the bank to continue supporting entrepreneurs and businesses across different sectors of the economy, despite prevailing market conditions.
Although the banking landscape continues to evolve rapidly, Mulela said EswatiniBank’s core mandate remained unchanged.
She explained that the institution continued to balance its responsibility of operating as a commercially sustainable bank while fulfilling its developmental mandate by supporting national economic growth. According to Mulela, the bank recognises that its own success is directly linked to that of its customers.
She said when customers succeed, businesses grow, livelihoods improve and the broader economy becomes more resilient.
As a public entity, she added, EswatiniBank also has an obligation to account to the nation.
She said this responsibility made it necessary for the institution to regularly communicate with stakeholders, explain key decisions and address public misconceptions whenever they arise.
“Our objective is not only to reflect on where we have been, but also to provide clarity on where we are going and the confidence we have in our future,” she said.
Mulela said Thursday’s engagement marked the beginning of a broader conversation that would continue as the bank implements its transformation programme.
Following her introductory remarks, the managing director shifted attention to the bank’s financial performance and the factors that had shaped its recent journey.
She reminded attendees that, as a public entity, EswatiniBank’s financial year ends on March 31, with audited financial statements required to be published by June 30 each year.
Using presentation slides to illustrate the bank’s financial trajectory over recent years, Mulela explained that the institution had been operating within an environment characterised by profound structural changes across the banking industry.
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EswatiniBank Managing Director Nozizwe Mulela addresses editors during the engagement held at Sibebe Resort.