Mbabane – The Central Bank of Eswatini has issued a public warning against an entity operating under the name Eswatini New Fund also known as Asset Depositor or The Financial Institution, cautioning emaSwati and stakeholders not to engage with the scheme.
The statement, released by the Bank, comes amid the circulation of promotional materials claiming the existence of an Eswatini New Fund 3.0 and a supposed USD1 billion currency swap arrangement with the Central Bank.
According to the Bank, the individuals and entities behind the scheme, including Green City Developers, are allegedly promoting investment opportunities promising returns of up to 10 percent weekly revenue over a period of 40 weeks. The materials further claim that the Central Bank Governor would act as a key signatory to a final agreement. 
The Bank has dismissed these claims.
“The Bank wishes to unequivocally state that all these claims are false, misleading and without any foundation. The Bank has not entered into any agreement, memorandum, or arrangement with the so called Asset Depositor or The Financial Institution, Green City Developers, or any affiliated party regarding a currency swap, blocked funds, bond trading revenues, or any similar scheme,” reads the statement.
The Central Bank also rejected claims linking its leadership to the alleged deal.
“Any suggestion that the Central Bank Governor has committed to sign such a contract is untrue,” the Bank said.
Authorities have reminded the public that operating or promoting financial services without proper authorization is illegal under the Financial Institutions Act of 2005. The law prohibits any individual or entity from conducting banking business or accepting deposits without a valid licence issued by the Central Bank of Eswatini.
The Bank has urged the public, government institutions and other stakeholders to remain cautious when approached with investment offers that appear speculative or unrealistic, particularly those claiming links to government or the Central Bank.
Officials stated that monitoring of the circulating materials and related activities is ongoing, especially where there may be breaches of regulatory requirements such as unauthorized deposit taking and misrepresentation.
The Central Bank added that it will continue working with other regulators and law enforcement agencies to protect the integrity of the country’s financial system and safeguard the public.
