Mbabane – Eswatini is moving closer to having dedicated legislation governing medical aid schemes, with the Financial Services Regulatory Authority confirming that a draft bill has been produced and circulated for stakeholder input.
FSRA Chief Executive Officer Ncamiso Ntshalintshali made the disclosure during a media engagement held at Nkonyeni Golf Estate on Tuesday, saying the proposed law is at an advanced stage and is expected to be tabled before Parliament and reviewed by the Attorney General in the coming stages.
Ntshalintshali said the push for new legislation follows growing consumer concern over the governance and operations of medical aid schemes, particularly Eswatini Med, one of the country’s largest providers. 
“What the legislation seeks to do is to ensure that there is primary law guiding the operations, conduct and prudential aspects of medical aid schemes in Eswatini,” he said.
While the bill makes its way through the legislative process, the FSRA has stepped up its supervisory role, placing Eswatini Med under closer regulatory scrutiny and engaging with its management to better understand how it operates.
Ntshalintshali noted that medical aid schemes function differently from traditional insurers, particularly under what he described as a “solidarity model,” which requires a more tailored regulatory approach.
“We are ensuring that our oversight aligns with the nature of the model so that medical aid schemes are not treated the same way as health insurers where the frameworks differ,” he said.
He added that engagements between the regulator and Eswatini Med have already produced results, particularly in improving compliance with reporting requirements and strengthening communication. Going forward, the FSRA expects more structured and frequent interactions with the fund, including clearer timelines for information submission and regulatory guidance.
The forthcoming legislation is expected to bring clarity to the sector, establish formal governance standards and put in place financial stability safeguards for medical aid providers.
At the same media briefing, FSRA General Manager for Supervision Mbongeni Nkambule gave a detailed account of what the authority is doing to protect emaSwati’s money and restore confidence in the country’s financial sector.
“We are focused on protecting consumers and ensuring that every institution we supervise operates responsibly and transparently. Our work is about keeping emaSwati’s money safe,” Nkambule said.
He said governance weaknesses, particularly internal board conflicts, have been identified in some institutions and have had a direct impact on operations.
“In certain cases, divisions within boards made it difficult to take decisions that are in the best interest of members. Our role is to step in and restore order where necessary,” he said.
Nkambule pointed to the FSRA’s intervention in Swazimed as a key example of proactive regulation, describing the curatorship as a necessary step to protect members and restore proper management.
“The intention was to stabilise the institution, resolve leadership challenges and rebuild confidence,” he said, adding that the authority deliberately chose a practical approach over lengthy court processes.
“We wanted solutions that work quickly for the benefit of members, rather than delays that could worsen the situation,” Nkambule said.
He reported encouraging progress following the intervention, saying the fund is now cooperating fully with the regulator.
“Swazimed is now cooperating fully with the FSRA on reporting and compliance requirements. This is a very positive development,” he said, adding that new reporting systems have been introduced to improve transparency across medical aid schemes.
“These measures will help us monitor performance more closely and ensure accountability,” he added.
Beyond individual cases, Nkambule said the FSRA is strengthening oversight across the entire financial system, pointing to risks including weak risk management, rising credit exposure and emerging climate-related pressures.
“We are strengthening supervision and introducing tools that allow us to detect risks early,” he said.
The authority also addressed concerns in capital markets and insurance, including misuse of licences and the sustainability of funds.
“Any practices that put consumers at risk will be dealt with firmly,” Nkambule said.
He further disclosed that Eswatini’s regulatory framework is being aligned with international standards to ensure resilience and credibility.
“This alignment ensures that our financial system remains strong and competitive globally,” he said.
Looking ahead, the FSRA has set priorities for the coming years, including strengthening supervision, improving compliance and deepening engagement with stakeholders.
“We are building a system that identifies problems early and resolves them before they escalate,” Nkambule said.
He closed with a direct message to the public: “EmaSwati should have confidence that their contributions and investments are being protected. We remain committed to supervising effectively, supporting growth and protecting the public.”
