Eswatini Central Bank Updates National Payment Systems Act: Enhanced Security Measures

• The Central Bank of Eswatini has updated its National Payment Systems Act with a revised Fast Payments Directive 1 of 2025.
• The update aims to enhance payment systems security, reliability, and cost-effectiveness in the country.
• Lawyers should review the revised directive carefully to understand its implications on payment systems compliance.

The revised National Payment Systems Act is expected to provide clarity on key aspects of payment systems regulation, including cybersecurity measures and compliance requirements.

The Central Bank of Eswatini has taken a significant step in updating its regulatory framework with the release of the revised National Payment Systems Act. The updated act is expected to have far-reaching implications for payment systems security and compliance in the country. According to sources, the revision aims to ensure that payment systems are secure, reliable, and cost-effective, meeting the needs of the Swazi economy.

The update comes as part of a broader effort by the Central Bank to enhance the efficiency and stability of national payment systems. The revised act is expected to provide clarity on key aspects of payment systems regulation, including cybersecurity measures and compliance requirements.

The National Payment Systems Act has undergone several revisions since its initial introduction in 2016. The most recent revision, the Fast Payments Directive 1 of 2025, is a significant update to the earlier directive issued in 2024. The revised directive aims to address emerging trends and challenges in payment systems, including cybersecurity threats and the need for increased efficiency.

The Central Bank's efforts to enhance payment systems regulation are also reflected in its Guidelines on Cybersecurity for Financial Institutions No. 1 of 2021. This document provides a framework for financial institutions to implement robust cybersecurity measures and protect against potential threats. The revised National Payment Systems Act is expected to build on these guidelines, providing a more comprehensive regulatory framework for payment systems.

The updated National Payment Systems Act has significant implications for lawyers and financial institutions operating in Eswatini. As the country's economy continues to grow, the need for secure and efficient payment systems is becoming increasingly important.

Lawyers should review the revised Fast Payments Directive 1 of 2025 carefully to understand its implications on payment systems security and compliance. The directive's requirements will likely have a direct impact on financial institutions' operations and may require significant changes to their current practices. By staying informed about these developments, lawyers can provide valuable guidance to their clients and help them navigate the changing regulatory landscape.

Lawyers should review the updated Fast Payments Directive 1 of 2025 and its implications on payment systems security and compliance in Eswatini.

Source: Original reporting via Central Bank of Eswatini