SBS spent over E20 Mln for conversion to commercial bank
By Lwazi Dlamini
Converting to a commercial bank known as SBS Bank Eswatini (SBE) has not come cheap for the Swaziland Building Society.
SBS Managing Director Mbali Sibanyoni told members of the media on Tuesday morning at Mountain View International Hotel that the whole journey has cost the Society in excess of E20 million.
“In terms of the budget, it is within budget as we started the journey in 2012. It’s been a long journey wit the consultant and putting systems in place. I can assure you that everything has been budgeted. There are still some systems that we have to put in as well, Sibanyoni said.
Sibanyoni announced that January 2, 2026, is the official date for the long-awaited conversion into a medium-size commercial bank.
SBS Bank Eswatini Manager Legal and Board Secretary Velaphi Dlamini said SBS Bank Eswatini had been granted a provisional medium-size commercial banking license by the Central Bank of Eswatini (CBE) and the tripartite’ s (FSRA, CBE and Ministry of Finance) approval was secured for conversion under Section 67 bis of the Building Societies Act.
“Currently, SBS Bank Eswatini is undergoing its registration process as a Public Company, a process targeted to be completed this month (December 2025), marking the official conversion of the Swaziland Building Society to a Company.
Upon registration as a company, FRSA would be expected to strike-out the SBS from the register of Societies. This process is targeted to be completed early next year,” Dlamini said.
Dlamini explained that beyond the institutional change, shareholders are also being smoothly guided through the transition.
“From 2 January 2026, permanent shares will be converted into ordinary shares based on the election form submitted during the Special General Meeting held on November 15, 2024.
Members who did not submit election forms will temporarily receive redeemable shares, valid for 90 days from 5 January to 4 April 2026, allowing sufficient times for informed decision-making,” he said.
Dlamini added: “Those who do not select by 4 April 2026, will have their redeemable shares automatically converted into a term deposit, ensuring that members’ funds remain protected and productive.
SBS has further simplified the process by making all relevant forms available at its head office, branches and official website, supported by dedicated conversion desks to assist members,”
The conversion of SBS into a commercial bank represents more than a change of name – it reflects decades of growth, resilience and strategic vision.
