FNB Eswatini is on track to join EswatiniBank, Swaziland Building Society (SBS), and eMali in the Eswatini Payment Switch (EPS) as it nears the final stage of integration. While the bank has already been connected to the system, it is currently undergoing mandatory quality assurance testing before processing transactions.
Ensuring a Smooth Transition
FNB Head of Payments, Zilindile Friedman, confirmed that the bank is in the last phase of the process. “We are completing the final stages of integration and conducting essential system tests to ensure everything runs smoothly once we go live on EPS,” she explained.
Extended Deadline for Compliance
The regulator has extended the compliance deadline to February 28, giving financial institutions additional time to finalize their onboarding. “The extension until February 28 allows us to ensure that our customers receive seamless and efficient payment services once we go live,” Friedman added.
Joining the Fast Payments Network
Once fully integrated, FNB will join EswatiniBank, SBS, and eMali, which have been successfully operating on EPS since December 2024. Transactions between these institutions now take as little as 10 seconds, significantly improving the speed and efficiency of payments.
Other financial service providers, including Nedbank, Standard Bank, MTN Mobile Money (MoMo), and Instacash, are still in the process of integrating.
Advancing Eswatini’s Digital Banking Landscape
EPS, launched by the Central Bank of Eswatini (CBE) as part of a broader financial modernization effort, is designed to enable instant digital transactions between banks and non-bank financial institutions. During the system’s rollout last year, CBE Governor Dr. Phil Mnisi highlighted that fast payments would be followed by open banking, as well as Point of Sale (POS) and ATM switching capabilities.
The transition to EPS marks a significant step toward reducing cash dependency, improving financial accessibility, and enhancing transaction efficiency across Eswatini’s banking sector. While some institutions have faced technical and infrastructure-related challenges in meeting initial deadlines, the process is steadily progressing.
More Banks Set to Join
During the soft launch, three financial institutions successfully joined EPS Fast Payments. In January 2025, the CBE certified three more participants who are now undergoing controlled testing before rolling out fast payment services to their customers later this month. With FNB in its final testing phase, it will soon be among the institutions providing faster, more efficient digital transactions in Eswatini.