Consumer Affairs


The banking industry in the Kingdom of Eswatini is going through a period of rapid transformation. Like most modern economies, access to basic bank accounts and to consumer credit have become increasingly important in the country.

Consumers use financial services for essential transactions and savings, in a process stimulated by online commerce. Access to consumer credit and the rise of innovation in financial technology, strengthen the purchasing power of individuals, enhance consumer welfare and can reduce poverty if used in a responsible way. However, the rapid development of credit products and the sharp increase in the use of financial technology services have been accompanied by a rise in risks in the online banking space, irresponsible lending practices and over-indebtedness of consumers.

This is why financial consumer protection is crucial to address the vulnerability of customers who are exposed to these risks brought about by rapid changes and the lack of experience and understanding of financial products.

The role of the Central Bank of Eswatini is to ensure that consumer protection is strengthened effectively through regulatory laws to promote growth, enhance financial stability and increase consumer welfare. Equally, commercial banks in the country have a responsibility to sensitize their customers of risks that exist in the use of financial products. They also have a role to play in opening platforms for customers to give feedback on services rendered to them and report complaints.

The Role of the Central Bank of Eswatini Ombudsman

In terms of Section, 52 of the Central Bank Order, 1974, the Central Bank of Eswatini (CBE) established an Ombudsman for financial institutions that are licensed by the Bank. The Ombudsman offers fair, independent and easily accessible dispute resolution for consumers who are unable to resolve complaints with their banks. This service is free of charge to banking consumers.

How can the Ombudsman help you?

The office of the Ombudsman resolves dispute between banks and their customers in a cooperative, efficient, timely and fair manner as transparently as possible taking into account their obligations for confidentiality and privacy. There must have been maladministration on the part of the bank causing a customer to suffer a loss, distress or inconvenience. These involves understanding all aspects of a dispute without taking sides and then make a ruling based on specific facts and circumstances of each dispute.

Who can lodge a dispute?

Anyone who has an unresolved complaint with a bank can lodge a dispute, be it; individuals, small businesses, associations, cooperatives

What sort of disputes does the Ombudsman handle?

The office of the Ombudsman handles all disputes related to banking products and services.

Steps to follow in resolving disputes with your bank prior to contacting the Ombudsman

Step 1: You should start by making a complaint directly to the person/ department you are dealing with at the Bank. Be sure to let them know that you expect them to make things right

Step 2: If you are unhappy with the initial response, escalate your complaint. All licensed banks are supposed to have an internal complaints handling process in place[1]. Ask from the customer services representative about this process or you can ask for his/her supervisor or manager.

Step 3: If the problem still cannot be solved, you can then contact the Ombudsman Office at the Central Bank at 2408 2000.

What will the Ombudsman need from you?

The Ombudsmen’s office will ask you to explain your side of the story as well as provide a written statement on your complaint clearly stating what the problem is and how you would like it to be resolved.

You will be asked for any supporting documentation you may have including copies of all correspondences with your bank pertaining to your complaint, accounts statements etc.

Once we have your details and your side of the story, the ombudsmen’s office will contact the bank you have lodged a complaint against to get their side of the story as well. This will enable them to review both sides to determine what would be a reasonable and fair outcome as guided by relevant laws and or standards.

Placing complaints when they are already being dealt with in by a court of law

Banking customers are urged to lodge their complaints with the Ombudsman before the subject matter is sent for processing in a court of law.

Where to lodge an inquiry/complaint?

File a complaint with the banking institution.

File a complaint with the CBE when the institution has failed to assist you.

CBE: (+268) 2408 2000; Web:

ANTI-MONEY LAUNDERINGMoney laundering is the process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean. Money laundering is itself a crime.

How Money Laundering Works

Money laundering is essential for criminal organizations that wish to use illegally obtained money effectively. Dealing in large amounts of illegal cash is inefficient and dangerous. Criminals need a way to deposit the money in legitimate financial institutions, yet they can only do so if it appears to come from legitimate sources.

[Important: Banks are required to report large cash transactions and other suspicious activities that might be signs of money laundering.]

The process of laundering money typically involves three steps: placement, layering, and integration. Placement puts the “dirty money” into the legitimate financial system. Layering conceals the source of the money through a series of transactions and bookkeeping tricks. In the final step, integration, the now-laundered money is withdrawn from the legitimate account to be used for whatever purposes the criminals have in mind for it.

Different ways to launder money

  • One of the most common techniques is to use a legitimate, cash-based business owned by a criminal organization. For example, if the organization owns a restaurant, it might inflate the daily cash receipts to funnel illegal cash through the restaurant and into the restaurant’s bank account. After that, the funds can be withdrawn as needed. These types of businesses are often referred to as “fronts.”
  • In another common form of money laundering, called smurfing (also known as “structuring”), the criminal breaks up large chunks of cash into multiple small deposits, often spreading them over many different accounts, to avoid detection. Money laundering can also be accomplished through the use of currency exchanges, wire transfers and “mules,” or cash smugglers, who sneak large amounts of cash across borders and deposit them in foreign accounts, where money-laundering enforcement is less strict.
  • Other money-laundering methods involve investing in commodities such as gems and gold that can easily be moved to other jurisdictions, discreetly investing in and selling valuable assets such as real estate, gambling, counterfeiting, and using shell companies (inactive companies or corporations that essentially exist on paper only).

What can you do to avoid money laundering?

  • Do not disclose any personal data such as your name, date of birth, place of birth, address, and email address, etc. to third parties. This includes copies of documents such as your ID, passport, birth certificate, driver’s license, and so forth.
  • Never give your bank account or bank and credit card details to third parties. This includes your email address, your password, and your bank and credit card pin.
  • Be critical of information you find on third-party websites. You can usually spot false or misleading information.
  • Do not open a bank account through a third party. We do not have financial institutions that confirm your identity through a video call. If you come across such a website, it is a fraud.


  1. One of the most important responsibilities that a bank or financial institution has is to protect the integrity of the institution by protecting the financial assets that it holds. In order to do so, the bank or financial institution must be certain to address the issue of bank fraud. Bank fraud can be defined as an unethical and/or criminal act by an individual or organization to illegally attempt to possess or receive money from a bank or financial institution.Types of Fraud do you need to be aware of?Debit Card Fraud

Debit card fraud occurs when a criminal gains access to your debit card number (and in some cases PIN) to make unauthorized purchases and/or withdraw cash from your account. There are many different methods of obtaining your information, from unscrupulous employees to hackers gaining access your data from a retailer’s insecure computer or network.

When your debit card is used fraudulently, the money goes missing from your account instantly. Payments you’ve scheduled or checks you’ve mailed may bounce, and you may not be able to afford necessities. It can take awhile for the fraud to be cleared up and the money restored to your account.

How to Detect Debit Card Fraud

  • Sign up for online banking, if you haven’t already. Check your balance and recent transactions daily. The sooner you detect fraud, the easier it will be to limit its impact on your finances and your life. If you see unfamiliar transactions, call the bank right away. If you’re the forgetful type, start hanging on to the receipts from your debit card transactions so you can compare these against your online transactions.
  • If you do not have online banking, monitor your recent transactions via cellphone banking.
  • Review your monthly bank statement as soon as you receive them, and check your account balance whenever you visit an ATM or bank teller. However, it can take much longer to detect fraud using these methods.

Protect Yourself from Debit Card Fraud

  1. Get Banking Alerts

In addition to checking your balance and recent transactions online daily, you can sign up for banking alerts. Your bank will then contact you by email or text message when certain activity occurs on your account, such as withdrawals, Purchases and payments you have made.

  1. Go Paperless

View your bank statements online to will eliminate the possibility of having bank account information stolen from you. Shredding existing bank statements and debit card receipts using a diamond-cut shredder when you are done with them will greatly reduce the possibility of having bank account information stolen from your trash.

  1. Don’t Make Purchases With Your Debit Card

If you have the option to, use a credit card instead, as it offers greater protection against fraud.

  1. Destroy Old Debit Cards

Some shredders will take care of this for you, otherwise your old card floating around puts your information at risk.

  1. Don’t Keep All Your Money in One Place

If your checking account is compromised, you want to be able to access cash from another source to pay for necessities and meet your financial obligations.

  1. Beware of Phishing Scams

When checking your email or doing business online, make sure you know who you’re interacting with. An identity thief may set up a phishing web site that looks like it belongs to your bank or another business you have an account with. In reality, the scammer is looking to get access to your personal information, and may attempt to access your bank account.

  1. Protect Your Computer and Mobile Devices

Use firewall, anti-virus and anti-spyware software on your computer and mobile devices, while keeping it updated regularly.

  1. Use a Secured Network

Do not do financial transactions online, when using your mobile devices or computer in a public place and/or over an unsecured network.

What to Do If It Happens to You

If you learn that your debit card information has been compromised, contact your bank immediately to limit the damage the thief can do, and limit your financial responsibility for the fraud. Make contact immediately by phone, and follow up with a detailed letter stating the full name of the bank employee you spoke with, details of the fraudulent transactions, and any ideas you have about how your account may have been compromised. Ask your bank to waive any fees/charges that may be incurred because of the fraud, and to restore the fraudulently withdrawn funds to your account.

You should not have any trouble resolving the issue directly with your bank, but if you do, you can contact the Ombudsman.


Financial Inclusion is the delivery of financial services and products in a way that is available, accessible and affordable to all segments of society.

Financial Inclusion Vision for Eswatini

To increase the depth of Financial Inclusion, growing the percent of adults with access to two or more formal products from 43% to 75%, and reducing the excluded from 27% to 15%, by 2022 by:

  • Growing mobile money and remittances;
  • Deepening bank reach;
  • Getting credit basics right;
  • Ensuring risk management products are available; and,
  • Enabling alternative channels to serve the poor

In January 2018, the Ministry of Finance launched the country’s National Financial Inclusion Strategy (NFIS). The strategy, which covers the period from 2017 to 2022, intends to remove constraints that are currently preventing certain groups of the Eswatini population from accessing and using financial products and services.

Please find the link to the Eswatini National Financial Inclusion Strategy below:

[1] For More information on this, please see the Guidelines on Banking Practice: