FSRA welcomes Neal’s position on financial sector
MBABANE – The Financial Services Regulatory Authority (FSRA) has taken a leaf from the Minister of Finance, Neal Rijkenberg’s budget speech.
The authority’s Chief Executive Officer, Ncamiso Ntshalintshali, said they welcomed the minister’s position on the shortcomings of entities in the financial sector. “We have always pursued a position of prudence and stability by regulated entities and the challenges experienced are of great concern to us. We will continue to be vigilant in cleaning up and holding those responsible accountable.
“At the same time, we will further continue to promote and assist the Ministry of Finance in necessary legislative amendments to prevent similar events in the future. We look forward to working closely with stakeholders to ensure that all proposed measures effectively support sustainable growth, resilience and consumer protection within our financial ecosystem,” he said in a brief interview.
Rijkenberg, when presenting the budget speech on Monday, said assets of the non-banking sector reached over E94 billion as at the end of 2023, and this accounts for approximately 70 per cent of the financial sector assets.
In response to some failures in the industry, the Ministry of Finance, through the Central Bank of Eswatini, instituted a Forensic Investigation into the collapse of Ecsponent. “The FSRA has put in place its own remedial measures to address gaps flowing from this collapse, including inter-connections between the different financial 14 services providers,” he said.