MBABANE – Letshego Eswatini is moving ahead with plans to bring more unbanked and under-banked Emaswati into the formal financial system through digital banking solutions, with Business Eswatini throwing its weight behind the initiative.
The apex private sector body made the commitment during a recent membership visit to Letshego, where it officially welcomed the company’s new Chief Executive Officer, Mbuso Dlamini, and his management team.
During the engagement, Dlamini shared the company’s vision for growth, outlining plans to introduce new products aimed at broadening access to financial services, particularly for underserved communities. 
A key focus of Letshego’s strategy is advancing financial inclusion by targeting the country’s unbanked and under-banked population. The institution intends to leverage digital solutions that allow customers to access banking services using basic mobile phones, reducing barriers for people in rural and low-income communities who have traditionally struggled to access formal financial services.
“Our focus is to use digital innovation to make financial services more accessible and to ensure that more EmaSwati can participate meaningfully in the formal financial system,” Dlamini said.
The company recently reached a significant milestone after securing a provisional banking licence from the Central Bank of Eswatini, paving the way for its transition from a financial services provider to a fully-fledged digital bank. The provisional licence, valid for up to 12 months, allows the entity, now trading as Letshego Eswatini Bank in-organisation to prepare for full banking operations.
Once operational, the digital bank is expected to offer a wider range of financial products, including savings and deposit services, while supporting the country’s broader financial inclusion agenda.
The Central Bank’s decision to grant the provisional licence followed a comprehensive review process, with the regulator noting that Letshego’s plan to reach the previously unbanked, offer competitive deposit rates, and major on corporate social responsibility “augurs well with the national agenda on financial inclusion”.
Business Eswatini said it views the company’s growth as an important step towards broadening economic participation by bringing more citizens into the formal financial system. As the country’s apex employer organisation, Business Eswatini represents businesses across more than 22 sectors, accounting for over 90% of the private sector’s contribution to gross domestic product.
