Digital finance and mobile money expand economic access in Eswatini

Digital finance and mobile money are transforming the economic landscape in Eswatini by shifting the perception of money from physical cash to digital representations. Economist Thembinkosi Dube notes that the transition to electronic banking and digital currencies allows money to function as a medium for transactions rather than a physical object that must be held.

The Central Bank of Eswatini (CBE) is modernizing the nation’s payment infrastructure through the Eswatini Payments Switch (EPS). The Fast Payments Module of the EPS became operational in December 2024, facilitating near real-time payments between various financial institutions.

MTN Eswatini CEO Jerry Soko highlighted that mobile money is expanding financial inclusion, particularly for women and informal entrepreneurs who lack the formal documentation required by traditional banks. By utilizing daily mobile usage to create digital profiles, financial services can establish creditworthiness for those previously excluded from the banking system. MTN is also exploring e-commerce platforms to help rural farmers reach urban markets via mobile devices.