Mbabane – Eswatini Bank Managing Director Dr Nozizwe Mulela has opened up on the reasons behind the bank’s recent financial losses, pointing to heavy self funded technology investments, rising non performing loans and the institution’s unique dual mandate as both a commercial and development bank.
Dr Mulela was speaking during an episode of the Times Talk Podcast published on the Times of Eswatini YouTube page on Thursday, July 2, 2026, where she sat down with Times Business Editor Nhlanganiso Mkhonta as the bank celebrated 60 years of existence.
Six decades of impact 
Reflecting on the milestone, Dr Mulela said the anniversary is a testament to the trust and loyalty emaSwati have shown the institution since its establishment.
“Our 60th means a lot to us as Eswatini Bank. It is a testament to us as a bank that there’s a lot of trust, a lot of loyalty, a lot of love and support that has come through from emaSwati for us to actually have lived till 60,” she said.
“It’s not even about the longevity of Eswatini Bank, the years, but it’s really about the relationships that we have been forming throughout the 60 years. It’s about the partnerships that we have made throughout the 60 years, all the way from the employees to the partners, the shareholders and all other stakeholders. Without them, we wouldn’t have gotten this far.”
She said the most rewarding part of her travels around the country is hearing testimonies from ordinary emaSwati.
“One of the most exciting things that I find when I go around the country is meeting an old person who will tell me, you know, Eswatini Bank made me. My home was built by Eswatini Bank. My business was started by Eswatini Bank. I’m in the sugar business because Eswatini Bank funded me back in 1975 or something like that. So really the impact that this bank has made in this country is enormous, and that is what we are proud of,” she said.
The bank was established in 1965 by King Sobhuza II purely for the economic empowerment of emaSwati, enabling them to build homes, start businesses and save for their future. Over the decades, the institution has financed malls, schools and hospitals, and supported music and soccer through its social responsibility programmes.
The journey to digitisation
Dr Mulela traced the bank’s technological milestones, revealing that His Majesty King Mswati III launched the bank’s first ATM in 2005, before the institution introduced a Mastercard powered debit card around 2014 and 2015, enabling emaSwati to transact across borders. In 2020, the bank introduced its prepaid card, which she said makes it the only bank in the country with such an offering.
“In the financial services sector, technology and digitisation is ruthless. If you’re not moving with it, you will remain behind and you may end up not existing,” she said.
Why the bank recorded losses
Responding to questions on the bank’s financial performance, Dr Mulela explained the losses in three parts, starting with investment.
She said the COVID-19 pandemic exposed the bank’s technological shortcomings, as it had been operating as a traditional bank with minimal technology.
“When COVID hit, it found us wanting in a lot of areas in terms of technology advancement and digitisation. So a lot of the operations of the bank were not performing optimally,” she said.
“Fast forward to post COVID, we had no choice but to now start investing in digital platforms and upgrades and IT system advancements and modernisation. That doesn’t come cheap.”
The bank invested heavily in stabilising its IT systems, rolling out internet banking, the Shesha wallet, Shesha agency banking and point of sale machines, all funded from its own resources.
“All this was self funded, by the way. The shareholder did not fund us. We simply took what we had as a bank to make sure we put these things in place,” she said.
“Revenue from these investments will trickle in slowly. You will not start seeing the returns immediately, which means your cost will shoot up but your revenue will not grow as immediately as much as you would expect it. But in the long run it is supposed to do that. So that is the first reason why we are hitting losses at the moment.”
She said the investment drive continues, with the next phase focusing on operational efficiencies and automation of processes across the bank.
On credit, Dr Mulela said the bank’s non performing loan book has been rising gradually, driven largely by businesses that invested before and during COVID and are now failing to recover, compounded by a struggling economy and rising unemployment.
“A lot of our clients were hard hit. We are seeing a lot of non performing loans coming from businesses that were hit post COVID and they’re failing to recover at this point,” she said.
She appealed to customers to honour their loan obligations.
“We would like to urge customers to please repay their loans as much as possible because Eswatini Bank and any bank operates because of those repayments. For us to continue our mandate of national development, we need that money back so that we can take it back again out there in the country and continue to develop and to provide services for our customers,” she said.
A lemon and a lime
The third factor, Dr Mulela explained, is the bank’s unique structure, which combines a commercial bank and a development bank in one institution.
“The mandate of Eswatini Bank is dual. On the one hand, it’s a commercial bank. On the other hand, it’s a development bank. Ordinarily those two don’t sit together because it’s two different banks altogether,” she said.
She said development projects are long term and should ideally be funded by government or development finance institutions, yet the bank uses commercial funds to sustain both mandates.
“Commercial banks are normally established for profit. They are for shareholder return. You wake up to go and deliver profit to your shareholders. A development bank wakes up to go and support the economy of the country and social impact. Those are two different things,” she said.
“You will see Eswatini Bank in areas where a commercial bank ordinarily will not go, but you can’t expect profit from that. I would say that it would be asking for too much for a developmental entity to also provide profit.”
She suggested that the shareholder may need to make a decision on the bank’s identity.
“The shareholder maybe needs to decide, is this a commercial bank or is this a development bank? If it is a commercial bank, then we wake up knowing that we are driving profitability so that we can pay dividends to the shareholder. If we wake up as a development bank, we know that we are driving national development and supporting the greater agenda of government,” she said.
“I always smile when people start comparing the bank to other banks, and then I say Eswatini Bank is unique. It’s like comparing a lemon to a lime. Almost similar, but they’re not.”
What lies ahead
Looking to the future, Dr Mulela said digitisation remains the bank’s key strategic focus, alongside enhanced SME banking and financial inclusion for the underserved.
She also revealed that the bank has applied for accreditation with the Green Climate Fund.
“We have actually submitted our application. We are praying that we get that accreditation because if we do, it is not for Eswatini Bank, it is for the nation. We are hoping that it will take us to the green funding space,” she said.
A transformative leader
Dr Mulela, who joined the bank after the pandemic, described her appointment as a huge responsibility and said she remains honoured to have been entrusted with the position by His Majesty, government and the bank’s board.
“I came in at a time wherein the bank needs transformation. So I am the transformative leader. It’s actually hard to be a leader that is leading transformation, because it’s hard to bring in change. Change is not easy, but it’s inevitable,” she said.
She said the journey has shaped her into a resilient, empathetic and patient leader who has learned to remain grounded.
“You stay steady and grounded and just don’t move your eyes from the ball, which is what you’re trying to do and where you’re trying to get to,” she said.
On her legacy, Dr Mulela said she wants to leave behind a transformed institution built for generations to come.
“My legacy for Eswatini Bank is that I should have changed Eswatini Bank. Changed it for the better. Changed it for sustainable times, for the next generations, for 60 more years,” she said.
“For the young women out there, I hope that I’ve also encouraged them. I’ve given them that nod to say you can also do it. It’s actually doable.”
Her vision for the bank’s next chapter is bold.
“Eswatini Bank has got to be a big digital animal. We want the best technology for Eswatini Bank. We want customers of Eswatini Bank, which is the locals, to say this is my bank, it’s homegrown, it is our local bank and it provides me with everything that I need,” she said.
“We got to 60 because of their support. We want to get to another 60 because of their support.”
Watch the full interview below
