Key Takeaways
- • Eswatini Minister of Finance Neal Rijkenberg warned in the Senate that cryptocurrencies "present risks that require careful consideration" and that government is closely examining how they should be managed.
- • The remarks were made during Senate consideration of the Finance Committee report on the National Payment System Regulations, 2026, which operationalise the National Payment Systems Act, 2023.
- • The proposed regulations cover licensing for payment service providers, including foreign providers, electronic money providers, and designation of important payment systems by the Central Bank of Eswatini.
- • Senators supported updating the framework; amendments made by the House of Assembly were described by Rijkenberg as mainly corrections and typographical changes.
Summary
Minister of Finance Neal Rijkenberg has warned that cryptocurrencies present risks that require careful consideration as the government works to strengthen the country's payment systems regulatory framework, according to Eswatini Positive News. Speaking in the Senate in Lobamba on a Tuesday, during consideration of the Finance Committee report on the National Payment System Regulations, 2026, Rijkenberg said the government was taking a close look at how cryptocurrencies should be managed. "Cryptocurrencies is, again, a tricky one. We need to be very careful there," he said, adding that the country was examining the issue because of various aspects that could become dangerous.
The regulations are intended to operationalise the National Payment Systems Act, 2023, which provides a legal framework for regulating payment systems and responding to developments in digital financial services and financial technology. Rijkenberg said payment methods had become increasingly complicated, requiring laws and regulations to ensure transactions remain within the law. He noted that consumers can now pay through multiple platforms, including Apple Pay, and said regulation was necessary to prevent unscrupulous operators from taking advantage of emaSwati. He also linked the rules to the ability of local systems to interoperate with international ones, citing purchases through platforms such as Amazon.
The proposed regulations cover licensing requirements for payment service providers, including foreign providers, as well as the operations of electronic money providers. They empower the Central Bank of Eswatini to designate important payment systems and to conduct examinations of payment service providers. Further provisions address electronic funds transfers, consumer protection, reporting requirements, and the obligations of payment service providers and users regarding payment instruments and personalised security credentials. Rijkenberg said the framework would clarify which services different licensed providers, including non-bank providers, may offer.
Senators supported the need to update the framework. Rijkenberg acknowledged their contributions and the amendments introduced by the House of Assembly, which he said were mainly corrections and typographical changes. He stressed that the country needed to keep pace with changes in the international payments environment.
The regulations are intended to operationalise the National Payment Systems Act, 2023, which provides a legal framework for regulating payment systems and responding to developments in digital financial services and financial technology. Rijkenberg said payment methods had become increasingly complicated, requiring laws and regulations to ensure transactions remain within the law. He noted that consumers can now pay through multiple platforms, including Apple Pay, and said regulation was necessary to prevent unscrupulous operators from taking advantage of emaSwati. He also linked the rules to the ability of local systems to interoperate with international ones, citing purchases through platforms such as Amazon.
The proposed regulations cover licensing requirements for payment service providers, including foreign providers, as well as the operations of electronic money providers. They empower the Central Bank of Eswatini to designate important payment systems and to conduct examinations of payment service providers. Further provisions address electronic funds transfers, consumer protection, reporting requirements, and the obligations of payment service providers and users regarding payment instruments and personalised security credentials. Rijkenberg said the framework would clarify which services different licensed providers, including non-bank providers, may offer.
Senators supported the need to update the framework. Rijkenberg acknowledged their contributions and the amendments introduced by the House of Assembly, which he said were mainly corrections and typographical changes. He stressed that the country needed to keep pace with changes in the international payments environment.
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