E856 mln processed through Eswatini Payment Switch
By Delisa Magagula
Over E856 million worth of transactions have been processed through the Eswatini Payment Switch (EPS) since its launch less than a year ago, signalling a major advance in the country’s digital financial inclusion efforts.
The figures were revealed by Brian Sihlongonyane, Deputy Head of Information Technology at the Central Bank of Eswatini (CBE), during the unveiling of the 2025 State of Inclusive and Instant Payment Systems (SIIPS) Report in Ezulwini.
The event is being hosted by the CBE in partnership with the AfricaNenda Foundation, which leads Africa’s research on real-time and inclusive payments.
Sihlongonyane reported that the EPS has successfully processed 194 000 transactions, representing more than USD 46 million (E856 million) in value since its introduction on December 11, 2024.
The platform allows instant money transfers between banks and mobile money service providers, a first for Eswatini’s financial landscape.
“Eight financial institutions have now joined the national payment switch: First National Bank (FNB), Eswatini Building Society, Eswatini Bank, and Standard Bank.
The mobile money providers include E-mali, MTN Mobile Money (MoMo), and InstaCash,” presented Sihlongonyane.
In addition, he confirmed that Nedbank Eswatini will officially connect to the EPS on November 15, 2025, following its licence approval on October 27, 2025.
“The Eswatini Payment Switch connects all participating institutions under one secure network, enabling customers to transfer funds instantly across banks and mobile wallets,” he said.
Worth noting the EPS is designed to simplify real-time, low-cost transfers between different financial platforms, reducing delays and improving access for consumers and small businesses.
“The EPS forms part of the Central Bank’s broader strategy to modernise the national payment system and expand financial access across all population groups.
Sihlongonyane said the switch has remained stable and secure since going live, maintaining strong performance and regulatory oversight,” said Sihlongonyane.
“Every transaction is processed instantly, with full security and traceability. This has strengthened public confidence in digital payments,” he added.
He further mentioned that plans are underway to extend the switch to include microfinance institutions, utility companies, and public-sector services, creating a fully connected payment environment.