FNB Eswatini eWallet transactions hit 4.5 million

FNB Eswatini has reported a surge in digital payments with eWallet transaction volumes climbing to 4.5 million in the 2024/25 financial year, up from 4.1 million in 2024 and 3.5 million in 2023.

The milestone, announced during the bank’s Annual Financial Results presentation on Thursday, highlights the continued importance of mobile money services in Eswatini’s payment ecosystem. eWallet, which allows customers to send and receive funds instantly, remains one of the most widely used domestic payment channels in the country.

Chief Financial Officer Njabulo Dlamini said the growth reflected deliberate investment in self-service and digital platforms.

“The 8 per cent increase in service fees was driven by the wider adoption of self-service channels. Our digitisation strategy is central to how we serve customers, and the results confirm that clients are embracing these solutions,” he said.

Alongside eWallet’s growth, the bank successfully migrated low-value electronic payments within the Common Monetary Area (CMA) to Forex platforms and went live on the Eswatini Payment Switch.

The latter now enables clients to transfer funds instantly to other local banks, eliminating traditional clearing times.

Non-Interest Revenue (NIR) closed the financial year at E579 million, supported by customer acquisition and digital adoption.

However, NIR growth was partly disrupted by the CMA migration. Transaction-related fees made up the largest share of NIR at 39 per cent, followed by credit-related administration fees at 18 per cent, and banking fees and commissions at 15 per cent. Cash handling fees contributed 14 per cent, while fair value gains accounted for 7 per cent. Insurance income, other NIR, and exchange commissions made up the balance.

As at June 30, 2025, FNB Eswatini’s active customer base grew by 7 per cent compared to the previous year.

Retail clients increased by 7 per cent, commercial clients by 10 per cent, and corporates by 1 per cent.

According to management, the expansion in customer numbers reflects the bank’s efforts to provide value across different segments while strengthening digital solutions and service delivery.

The bank posted a profit after tax of E268.8 million for 2024/25, matching the performance of the previous year.

Total Assets increased by 6 per cent to E10.3 billion, while Advances rose by 13 per cent to E4.7 billion and Deposits grew by 5 per cent to E6.6 billion.

Cost-to-income rose to 63.3 per cent from last year’s 59.2 per cent, reflecting increased investment in technology and people. The bank’s credit impairment ratio stood at 0.6 per cent, return on assets at 2.7 per cent, and return on equity at 19.2 per cent.

CFO Njabulo Dlamini said the bank’s deliberate investments would continue to drive performance.

“We are building for the future by balancing operational efficiency with innovation. Our results show a resilient business that is committed to creating long-term value for customers, employees and stakeholders,” he said.