1. Swaziland’s approach to payment systems oversight
October 2017 1 1 1

2. CBS VISION AND MISSION Vision
To be a proficient Central Bank in the Eastern and Southern African region by 2022
Mission
To foster financial sector stability conducive to economic development in Swaziland
Nov-18 2

3. PRESENTATION OUTLINE
National Payment Systems landscape – Swaziland Modernization initiatives
Legal and Regulatory Framework
Correlation and cooperation with other regulators
Challenges in the Current Payment Environment
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4. NPS LANDSCAPE IN SWAZILAND
SWIPSS (Local RTGS) for large value payments
SAECH for the clearing and processing of retail payments such as Cheques, Debit and Credit EFTs
MTN Mobile Money Transfer for sending and receiving money and other financial solutions
MTN – FNB Partnership
MTN – Swaziland Building Society 2017
MTN - Swaziland Development and Savings Bank 2017
Standard bank - Shoprite Money Transfer 2015
SWIPSS – Swaziland Interbank Payment Systems; SAECH – Swaziland Automated Electronic Clearing House; EFT –Electronic Funds Transfer; MTN – mobile telephone networks
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5. NPS Landscape cont… SIRESS -
- Central Bank and all four commercial banks are participants
- Country statistics show increasing usage of system
SIRESS – SADC Integrated Regional Electronic Settlement NPS – National Payment Systems

6. Legal and regulatory framework
CBS Act 2004 (as amended)
The National Clearing and Settlement Systems Act, 2011
AML/CFT Act 2011 (as amended)
Electronic Record (Evidence) Act, 2009
Practice Note for Mobile Money Transfers Operators 2015 (under review)
Systems Rules and Procedures – SWIPSS and SAECH
NPS Minimum Standards for Electronic Payments 2010
Letter of authorization
Service Level Agreements
CBS – Central Bank of Swaziland AML – anti Money Laundering CFT Combating the financing of terrorism
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7. Cooperative oversight
The NPS participates in the following committees:
SADC FIP Task Team which includes Govt., FDI’s, the Financial Services Regulatory Authority (FSRA) and the SADC in-country secretariat
Financial Inclusion Task Team which includes representatives from Govt., Micro Finance Unit, FSRA and other stakeholders
SADC Payments Systems working groups such as the Payments Systems Oversight Committee,
Sits in the Bankers Association Technical Committee but has no voting powers
FIP – Protocol on Finance and Investment FDI – Foreign Direct investment FSRA – Financial Services Regulatory Authority

8. Cooperative oversight
SCCOM – have MOU on Oversight
SCCMO – Swaziland Communications Commission MOU – Memorandum of Understanding

9. CHALLENGES IN THE CURRENT PAYMENT ENVIRONMENT
FinTech challenges - Cryptocurrencies regulation
Cybercrime and Cybersecurity challenges
Innovations and technology in payment systems tend to be ahead of regulation
Lack of skills or need of constant up skilling

10. THANK YOU - SIYABONGA