Governor calls for cybersecurity and currency expansion

The Governor of the Central Bank of Eswatini Dr Phil Mnisi has urged regional financial institutions to strengthen their defences against cyber risks while embracing the shift towards a multi-currency payment platform under the Southern African Development Community’s Real-Time Gross Settlement (SADC-RTGS) system.

Speaking at the opening of the 2025 SADC RTGS End User Conference, hosted at the Central Bank of Eswatini’s new conference facility in Ezulwini, the Governor told delegates that cybersecurity remains one of the most pressing risks facing modern financial systems.

“Payment systems are attractive targets for cybercriminals because of their inherent vulnerabilities and the value of transactions they process,” he said.

The two-day conference, which runs from September 17-18 has drawn more than 200 participants from all 15 SADC member states, including central banks, commercial banks, and payment service providers.

The event marks the first major regional meeting to be hosted at the new Central Bank of Eswatini Complex, underlining Eswatini’s growing role as a hub for financial sector dialogue.

Delegates are expected to deliberate on the renewal of the SADC RTGS platform, which has been in operation since 2013 and currently processes high-value cross-border payments mainly in South African Rand (ZAR).

In his address, the Governor highlighted ongoing technical and policy work to expand the system to accommodate additional currencies, including the US Dollar and selected SADC domestic currencies.

“I encourage you to engage actively in these discussions and contribute meaningful insights. Your input will be vital in shaping the operational and policy frameworks needed to onboard more SADC currencies.

This initiative will significantly boost intra-regional trade and reduce reliance on a single settlement currency,” he told participants.

Officials noted that the multi-currency upgrade forms part of a broader renewal project, which also includes migration to ISO 20022 messaging standards, liquidity management tools, and new pricing models to enhance efficiency and sustainability.

While the promise of multi-currency settlement could deepen financial integration across the region, the Governor warned that these innovations would only succeed if they were matched with robust safeguards against fraud and cybercrime.

“Cyber resilience is not an option it is a necessity,” he said, calling on all participants to share strategies, build capacity, and coordinate efforts to protect the system.