… To become a fully-fledged commercial bank
… As SBS celebrates 60 years of service
BY KWANELE TSABEDZE
MATSAPHA – The Eswatini Building Society (SBS) took a giant step to becoming a fully-fledged commercial bank today. This comes after Prime Minister Sipho Cleopas Dlamini officially launched their trendsetting new branch in Matsapha.
The launch coincided with the bank’s celebration of 60 years in existence since inception in 1962, otherwise known as the Diamond Jubilee. The Prime Minister praised the building society for the strides it has taken over the years, putting Emaswati first along the way.
“This year marks a significant milestone for the Society as it celebrates 60 years since inception. The diamond jubilee is not only a milestone for SBS, but also the Nation at large. You are one of very few business establishments in the Kingdom that have reached such a huge milestone and I have reason to be optimistic that the Society will continue to grow for the next 60 years and more,” said the Prime Minister.
“The Society has grown over the years to realise an asset base of E3 billion, which is another milestone worth celebrating,” added the Prime Minister.
He went on to congratulate past and current Board members, management, and staff for this achievement. His remarks were well received and supported by the SBS Chairperson Lomalanga Veronica Matsebula.
“It is our Diamond Jubilee year. As we all know, the Society is the oldest only indigenous and private financial services institution. The Eswatini Building Society is in a celebratory mood since 11 May 2022, while at the same time expanding its branch network in an effort to bring products and services closer to EmaSwati,” said the Chairperson.
The SBS Managing Director (MD) Mbali Sibanyoni thanked customers and stakeholders for their support as it has been successful in its 60 years of existence.
“We do not take this for granted, your support has helped us achieve beyond the imaginable. As the Building Society, we are determined to continue being part of the major contributors to the kingdom’s socioeconomic growth, and our customers remain the greatest asset and instigators to the success of our organisation,” said the MD.
She revealed that in celebrating their Diamond Jubilee year, they will continue to host events and campaigns around the country – in addition to opening the trendsetting Matsapha branch.
New branch is setting the standard
The new SBS branch is so advanced that one SBS manager joked that they should consider making it the main branch. The bank MD revealed that this new branch is now being used as a standard for following branch developments. Echoing these sentiments, the Prime Minister recounted his earlier experience with the Matsapha branch development project.
“A few years ago, I was privileged to sit in the SBS Board and this project, in particular, was one of the biggest developments that the society had ever embarked on. It was, therefore, imperative that we ensured that it was completed within reasonable time and in line with the standards we had set. As in any project, there were challenges during construction, which resulted in some delays. But I am happy to see that our efforts were eventually successful,” said the Prime Minister.
The Prime Minister went on to congratulate and thank the Board for their good efforts in steering this important institution to be among the best financial service providers in the Kingdom.
“We appreciate your tremendous efforts in putting together this state-of-the-art branch here in Matsapha,” said the Premier.
He went on to note that more interesting is the branch’s aesthetic look and feel, which is now being used to set the standard for all the other branches, particularly the revamped Manzini and the new ones at Ezulwini and Buhleni. He added that customers will, without any doubt, feel inspired by the ambience to do more business with the SBS.
“This is truly an inspiring and trend setting branch. Also remarkable is that you have invited business people, which is commendable and shows the direction you are taking,” said the Prime Minister.
The Prime Minister made these remarks in light of the introduction of innovative platforms such as the virtual wallet known as e-pocket, debit cards and prepaid services. He said this shows that the Society has become more competitive over the years through such improved products and services.
SBS to become a fully-fledged bank
The strategy of carrying these developments forward to make the Society a fully-fledged bank was also touched upon a few times during the launch ceremony.
“I also note that you have adopted a growth strategy, which seeks to take the institution to greater heights, and which includes aspirations to become a fully-fledged commercial bank. That is commendable,” said the Prime Minister.
Further elaborating on the commercialization strategy, the Prime Minister challenged all the relevant stakeholders to speed up the process of converting SBS into a fully-fledged bank. The Prime Minister expressed confidence that the conversion will be seamless, in an effort to grow the financial services sector and thereby contribute immensely to the economy.
The Prime Minister concluded his remarks by noting that it always pleases His Majesty’s Government to see businesses thrive, in line with the objectives of the Strategic Roadmap 2019-2023. He promised that Government will continue to provide the necessary support needed for the private sector to grow, through continuously improving the Eswatini business environment – in line with the goal of making Eswatini a private-sector led economy.
Eswatini Building Society now has 11 branches countrywide.
The Matsapha branch launch event was also attended by Minister of Finance Neal Rijkenberg, Former Prime Minister Absalom Themba Dlamini, Business Eswatini, and the Matsapha Town Council amongst other stakeholders.
