Relocation of Central Bank of Eswatini Head Office
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July 7, 2025The Central Bank of Eswatini (CBE) is pleased to announce the decision to grant a provisional license to a new entrant in the banking space꞉ Letshego Eswatini Bank in‐organisation (LEB), currently operating as Letshego Financial Services Eswatini. LEB has been provisionally granted a license to operate as a Digital Bank within the Kingdom of Eswatini. This provisional licence is valid for a period not exceeding 12 months, during which the bank‐in‐organisation will be required to organise itself in readiness to become operational.
This decision follows a comprehensive review process that was conducted in line with Eswatini laws and the banking regulatory framework. LEB submitted its application to the Bank on 17 October 2024, which underwent a rigorous assessment and evaluation, including multiple engagements with the Applicant. The Central Bank has determined that LEB meets the minimum regulatory standards required and qualifies to be granted a provisional license.
The Bank’s decision was informed by several key considerations, including assessment of the꞉
- Validity of the documents ‐ The validity of all submitted documents as outlined in the CBE Policy on Licensing of Banking and Financial Institutions was found to be satisfactory.
- Financial status and history of the applicant – The applicant was found to have a proven track record in the financial services industry and has had a consistent favourable financial performance over the last few years. They were therefore deemed to possess sufficient experience and financial health to support the proposed operations of the bank.
- Character and experience of its managers – The proposed board and senior management team of the bank comprise of individuals with extensive expertise in banking operations, fintech and oversight, ensuring strategic guidance and accountability. They were therefore rated adequate in terms of balance of skills, exemplified by a diversity of skills, experience and expertise in insurance, banking, legal, digital communications and marketing.
- Adequacy of its capital structure – The applicant was assessed to have strong capital adequacy ratios, well above the statutory minimum, as well as a compliant capital level as required by Section 20 of the FIA.
- Convenience and needs of the community it intends to serve – LEB demonstrated a thorough understanding of the local financial sector, its growth prospects, the regulatory environment, as well as the competition landscape. The unbanked and low‐income group of the population are generally the typical target market for the applicant, and their robust SWOT analysis is likely to position them as a competitive industry player.
- Earning prospects afforded by the area primarily to be served – The assessment of the bank’s earnings prospects revealed a realistic and cautiously optimistic outlook, backed by a business plan informed by reasonable assumptions
- Public interest – LEB’s plan to differentiate itself through reaching the previously unbanked, offering competitive rates for deposits/savings, and majoring on corporate social responsibility augurs well with the national agenda on financial inclusion.
The Central Bank will continue to work closely with LEB and other relevant stakeholders to ensure that all regulatory and legal requirements tied to the provisional license are met before a banking license is granted and the bank becomes operational. Further announcements and developments on this will be announced in due course.
We congratulate LEB on this milestone and look forward to the value they will bring to the nation’s financial sector and broader economy.
Phil Mnisi (PhD)
Governor