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Eswatini: fintech & payments regulation

Regulated

Eswatini fintech regulated under 2023 NPS Act; CBK oversees payments and mobile money

Lead regulator:
Central Bank of Eswatini
Key law:
National Payments System Act of Eswatini, 2023
Last updated:
2026-07-12

The Central Bank of Eswatini (CBK) serves as the primary regulator for the national payment system, operating under the authority of the National Payments System Act of 2023. This Act mandates the licensing of payment service providers and system operators, establishing a comprehensive framework for oversight and supervision.

The regulatory scope explicitly covers mobile money services, with specific Practice Notes governing authorization, licensing, and agent networks for Mobile Money Service Providers. Additionally, the CBK enforces strict operational standards through various directives, including those for fast payments and electronic funds transfers.

Recent regulatory direction emphasizes the modernization of the payment infrastructure, including the mandatory routing of domestic transactions through the Eswatini Payment Switch and the migration of cross-border transfers to regional schemes. The CBK maintains active oversight of clearing houses and settlement systems to ensure safety, efficiency, and resilience.

Who regulates

  • Central Bank of Eswatini

    Primary supervisor of the national payment system, payment service providers, and financial institutions

    [1][2]

Core laws & rules

  • National Payments System Act (2023)

    Legislation empowering the CBK to regulate, supervise, and oversee national payment systems, mandate licensing for providers and operators, and establish eligibility criteria.

    [1]

  • Financial Institutions Act (2005)

    Establishes the broader licensing and supervisory framework for financial institutions, including capital reserves and audit compliance.

    [2]

Licensing & registration

  • Payment Service Provider

    Licensing is mandatory for all payment service providers and system operators under the 2023 Act, with specific authorization procedures for Mobile Money Service Providers.

    [1][3]

Restrictions & warnings

  • All licensed payment service providers must route domestic off-us transactions up to E50,000 through the Eswatini Payment Switch (EPS).

    [4][5]

  • Providers must migrate low-value cross-border electronic funds transfers within the Common Monetary Area from the SADC-RTGS system to a dedicated regional payment scheme by March 31, 2027.

    [6]

  • Mobile Money Service Providers must adhere to strict anti-money laundering and counter-terrorist financing requirements.

    [3]

Direction of travel

  • The CBK is pursuing a 2025 vision to modernize the national payment system through digitalization, regulatory framework updates, and payment innovation.

    [7]

Sources

  1. National Payments System Act of Eswatini, 2023 · 2023-06-14
  2. Financial Institutions Act, 2005 · 2005-01-01
  3. Practice Note for Mobile Money Service Providers · 2019-03-07
  4. Fast Payments Directive No. 1 of 2024 · 2024-07-25
  5. Fast Payments Directive 2 of 2024 – Amendment to Fast Payments Directive 1 · 2024-01-01
  6. CMA EFT Payments Directive No. 1 of 2025 · 2025-04-01
  7. NPS Vision and Strategy Document 2025 · 2025-01-01

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This guide is compiled automatically from 7 primary-source documents published by Eswatini's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.