The Operations Department is divided into five divisions. These are Banking, Currency, National Payment Systems (NPS), Information and Communications Technology (ICT) and the Development Finance Division (DFD).
Definition and Philosophy:
“To be a highly professional department that prides itself on having
· streamlined processes,
· state of the art, cost effective and relevant systems,
· business aligned policies,
· highly motivated staff
... and a customer focused approach to all services offered.”
The Banking Division.
The Currency Division
The National Payment Systems (NPS) Division
The Information and Communications Technology (ICT) Division
The Development Finance Division
1. The Banking Division
The Banking Division is divided into two parts, namely the Front Office and the Back Office. These are further divided into sections reporting to their respective heads. The Front Office has the local cash payment and deposit taking section which accepts deposits from Government and pay-out by honouring Government cheques presented at the counter.
The Foreign Exchange section in the same office deals with the sale and purchase of foreign currencies. This includes official travel allowances. The Back Office is divided into three sections, namely, (i) Ledgers and Clearing, (ii) Inland Bills, Remittances and Reconciliations, (iii) Movements, Statement Dispatching and Cables. The Back office is mainly responsible for clearing of local and cross border cheques, posting of entries, reconciliations and dispatching of customers’ account statements.
i) Develop long term vision and banking solutions for Government.
ii) Streamline Government payment and collection processes.
iii) Improve customer service and excellence.
2. The Currency Division
The Currency Division is responsible for meeting the overall needs and regulation of currency circulation in Swaziland. The division also ensures that the physical notes in circulation are in an acceptable condition and standard by replenishing currency stock and redeeming all notes from circulation.
i) Streamline cash cycle.
ii) Initiate coordinated response to reduce CIT attacks.
iii) Reduce counterfeiting.
iv) Ensure safe and efficient currency issuance.
3. The National Payment Systems (NPS) Division
The National Payment Systems (NPS) Division supports financial stability through developing, monitoring, and promoting safe and efficient payment systems, and administering regionally initiated payment systems reforms and modernisation programmes. It is divided into three sections, namely the Swaziland Inter-Bank Payment and Settlement System (SWIPSS), Real Time Gross Settlements Systems (RTGS),Risk and oversight and research.
i) Develop and implement a long-term NPS strategy and vision for Swaziland.
ii) Ensure NPS has appropriate legislation in place to support vision.
iii) Enforce oversight function and grow department in line with strategy.
4. The Information and Communications Technology (ICT) Division
The Information and Communications Technology (ICT) Division is responsible for developing, acquiring and implementing information technology and systems aimed at improving organisational efficiency, management and deployment of resources. This is done through continuously being abreast with the latest developments in Information Technology (IT) and engaging in the relevant research.
i) Review and maintain an efficient IT structure
5) The Development Finance Division
The Development Finance Division operates two credit guarantee schemes, namely the Export Credit Guarantee (ECG) and the Small Scale Enterprise Loan Guarantee (SSE). The schemes issue credit guarantees to commercial banks and participating financial institutions, when businesses bring viable proposals for finance to engage in local as well as international (export) markets. The schemes were set up in the early 1990s by the Swaziland Government and placed under the custody of the Central Bank.
i) Develop and maintain effective strategies for the SEE and ECGS Funds.