Institutions that endure for six decades do not do so by standing still. They survive economic cycles, changing markets, leadership transitions and technological disruptions by knowing what must be preserved, what must be challenged and, ultimately, what must evolve.
EswatiniBank Board Chairperson Dumisani Mahlinza says the institution’s Diamond Jubilee is therefore more than an occasion to commemorate longevity. It is an opportunity to take stock of a legacy built over generations, while confronting the strategic imperatives that will determine its relevance in the decades ahead.
At the centre of his reflections is a conviction that EswatiniBank’s greatest asset is not simply its longevity, but its identity as a truly local financial institution whose fortunes have remained intertwined with those of the people and economy it serves.
Over 60 years, the bank has financed individuals, households, businesses and corporates, enabling Emaswati to build homes, educate children, establish enterprises and participate more meaningfully in the economy. Its footprint, Mahlinza observes, is visible well beyond its banking halls.
From the sugarcane fields spread across the country’s agricultural regions to shopping centres supporting commercial activity and houses transforming rural landscapes, the institution’s contribution can be traced through the physical and economic fabric of Eswatini.
“The bank’s story is therefore not separate from Eswatini’s development journey; it is an integral part of it,” he says.
It is this connection between institutional growth and national development that gives the bank’s 60th anniversary theme, ‘Celebrating 60 Years of Meaningful Impact’, its deeper significance.
Meaningful impact for the chairperson is measured by the lasting difference an institution makes in people’s lives and the communities it serves. It is reflected in businesses that have grown and created employment, families that have improved their livelihoods and customers who have reached personal and commercial milestones with the bank’s support.
Yet, celebrating the institution’s development mandate does not mean romanticising its responsibilities. As an economist, Mahlinza is particularly emphatic that commercial sustainability and development financing must not be treated as competing priorities.
“In fact, commercial sustainability enables development. In essence, long-term financial sustainability is what gives the Bank the strength and capacity to fulfil its developmental mandate,” he says.
This is perhaps one of the defining considerations for the board: ensuring that the institution remains commercially sound while retaining the capacity to respond to the financing needs of the wider economy.
He sees the board’s role as one of strategic stewardship, requiring sound governance, disciplined capital allocation, prudent risk management and a clear appreciation of the environment in which customers operate. Developmental ambitions, in his view, must be supported by an institution sufficiently resilient to sustain them.
The distinction is important in an industry where financial institutions are increasingly expected to deliver convenience, innovation and wider access while managing more complex risks.
Mahlinza believes strong governance is the bedrock of institutional credibility. For a bank entrusted with the savings, financial interests and confidence of customers, shareholders, regulators and the wider economy, accountability and responsible management of resources are indispensable.
As banking becomes increasingly digitised, the governance agenda must also extend to emerging risks involving technology, cybersecurity, customer data and new financial service models. But transformation, he argues, must not come at the expense of the institution’s identity or the people it was established to serve.
Reflecting on the bank’s history, Mahlinza pays tribute to previous Board Chairpersons and managing directors, whose leadership helped steer the institution through different periods of uncertainty and change. He singles out the late Stanley Matsebula’s tenure as an important lesson in the courage required to transform an institution.
Matsebula’s ‘SwaziBank: Like Never Before’ campaign, he recalls, helped reshape business and individual clients’ perceptions of the bank. His leadership also navigated the difficult economic circumstances surrounding the 2008 global financial crisis and the country’s 2011 fiscal challenges.
According to the chairperson the lesson is that transformation demands vision and difficult decisions, but must remain anchored in institutional purpose.
“Leadership is not about preserving the status quo. It is about respecting the foundation that has been built, learning from the past, and having the courage to prepare the institution for the future,” he says.
That future will, inevitably, be shaped by technology and the expectations of a new generation of customers. Mahlinza says the bank must continue investing in digital platforms that make financial services more convenient, secure and responsive, while ensuring that innovation solves actual customer problems rather than being pursued for its own sake.
He points to solutions such as ShareSha, the bank’s digital wallet, as important in widening access to formal financial services. However, he cautions against allowing digital transformation to create new barriers for customers with limited access to technology.
Maintaining a balance between digital channels and personal service, alongside customer education and support, will remain important. His position is that innovation must be inclusive by design.
The challenge ahead is therefore twofold: to retain the deep local understanding that has distinguished EswatiniBank while adopting relevant international practices and technologies that will strengthen its competitiveness.
“Being proudly homegrown gives us a deep understanding of our customers, communities and the economy, something that cannot be replicated,” he says. “At the same time, being local cannot mean standing still.”
As the institution looks beyond its Diamond Jubilee, Mahlinza’s ambition is for it to remain firmly rooted in its identity while becoming more modern, innovative and competitive.
He also acknowledges the people behind the milestone, extending tribute to Their Majesties for the foresight in establishing a local bank, as well as customers, employees past and present, former board members, managing directors, shareholders, regulators and business partners.
Ultimately, his reflections return to the idea that a bank’s legacy is not secured by the number of years it has existed, but by the trust it earns and the opportunities it continues to create.
“60 is a significant milestone, but it is also a reminder that institutions are built by people and sustained by trust,” he says.
If the first six decades were about building an institution that belongs to the people of Eswatini, the next must be about taking it to greater heights without losing the values and identity that brought it this far.
