Regulatory AlertsEswatini: fintech & payments regulation
RegulatedEswatini fintech: CBA licensing under NPS Act 2023; strict routing and FX controls
- Lead regulator
- Central Bank of Eswatini
- Also involved
- Exchange Control Division (FX); SADC-RTGS (regional settlement)
- Core law
- National Payments System Act of Eswatini, 2023
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- Licensed custodian only
- Data protection
- —
- Sandbox
- No
The Central Bank of Eswatini (CBA) is the sole primary regulator for payment services, empowered by the National Payments System Act of 2023. The regulatory environment is modernizing rapidly, with a strong emphasis on digitalization, mandatory routing through the Eswatini Payment Switch (EPS), and integration with the Common Monetary Area. Licensing is mandatory for payment service providers, with specific frameworks for mobile money and foreign exchange.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Service Provider License[1][2] Mandatory EPS routing for domestic off-us transactions up to E50,000 | — | — | Central Bank of Eswatini |
| E-money & wallet issuance | LicenceMobile Money Service Provider License[3] Specific authorization required for mobile money issuance and agent networks | — | — | Central Bank of Eswatini |
| Domestic money transfer | LicencePayment Service Provider License[1][2] Domestic transfers must route through EPS; strict operational standards apply | — | — | Central Bank of Eswatini |
| Cross-border remittance | LicencePayment Service Provider License[4][1] Cross-border transfers migrating to regional schemes; CBA oversight required | — | — | Central Bank of Eswatini |
| Agent network | LicenceMobile Money Service Provider License[3] Agents must be appointed under the licensed MMSP framework | — | — | Central Bank of Eswatini |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified in source documents | — | — | — |
| Foreign-exchange services | LicenceAuthorised Dealer in Foreign Exchange with Limited Authority[5] FX activities require specific authorization under Exchange Control guidelines | — | — | Central Bank of Eswatini |
New — what changed recently
- 2025-04-01CMA EFT Payments Directive No. 1 of 2025 — Mandates migration of low-value cross-border EFTs from SADC-RTGS to a dedicated regional payment scheme by March 31, 2027.[4]
- 2025-01-01NPS Vision and Strategy Document 2025 — Issued to modernize the national payment system through digitalization, regulatory frameworks, and cross-border coordination.[6]
- 2024-07-25Fast Payments Directive No. 1 of 2024 — Mandates routing of domestic off-us transactions up to E50,000 through the Eswatini Payment Switch.[2]
Market-entry checklist
- 1Apply for PSP License via CBASubmit application under the National Payments System Act 2023 for payment service provider authorization.
- 2Secure EPS CertificationAchieve technical certification to route domestic off-us transactions through the Eswatini Payment Switch.
- 3Obtain FX AuthorizationApply for Authorised Dealer in Foreign Exchange with Limited Authority status for cross-border services.
- 4Implement AML/CFT FrameworkEstablish robust anti-money laundering and counter-terrorist financing controls as mandated by CBA practice notes.
- 5Prepare for Regional MigrationPlan infrastructure changes to migrate cross-border EFTs to the new regional payment scheme by 2027.
Sources
- National Payments System Act of Eswatini, 2023 · 2023-06-14
- Fast Payments Directive No. 1 of 2024 · 2024-07-25
- Practice Note for Mobile Money Service Providers · 2019-03-07
- CMA EFT Payments Directive No. 1 of 2025 · 2025-04-01
- Guidelines for Authorised Dealers in Foreign Exchange with Limited Authority (ADLA) · 2014-06-06
- NPS Vision and Strategy Document 2025