Financial Consumer Protection and Market Conduct - Financial Sector Assessment Program Technical Note - Eswatini

Jul 19, 2026

Upload by Aurora

This Technical Note, prepared for the World Bank’s Financial Sector Assessment Program in Eswatini, examines financial consumer protection and market conduct issues across transaction, savings, payment, and credit products, including digital offerings overseen by the Central Bank of Eswatini and the Financial Sector Regulatory Authority. It highlights worsening consumer over-indebtedness and evaluates how current frameworks and supervisory responses address credit suitability, disclosure transparency, contract fairness, and consumer harm from scams and fraud. It also reviews market conduct supervision and complaint resolution mechanisms.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages38

Reading Time1 h 36 min

AccessFree to download

Executive Summary

Introduction

Focus of this note

Consumer transaction, savings, payment and credit product providers

Legal and Institutional Framework

FCP/MC legal and regulatory framework

Ensuring a clear FCP/MC mandate

FCP/MC requirements issued by CBE and FSRA

Other framework gaps and deficiencies

Key Financial Consumer Protection Issues

Consumer over-indebtedness and unsuitable credit

Strengthening costs disclosure and transparency

Improving appropriateness of products

Improving fairness of contracts

Scams and fraud against consumers

Market Conduct Supervision

CBE’s MCS implementation

FSRA’s implementation of RBS

Harmonizing MCS approaches

Pricing approvals and restrictions by the regulators

Product approvals by the regulators

Internal institutional arrangements

Complaint Resolution Mechanisms

Internal dispute resolution by financial services providers

External dispute resolution mechanisms

Public Disc losure Authorized April 2025 Disclosure Pub lic Disc losure Authorized THE WORLD BANK GROUP KINGDOM OF ESWATINI FINANCIAL SECTOR ASSESSMENT PROGRAM TECHNICAL NOTE FINANCIAL CONSUMER PROTECTION AND MARKET CONDUCT Prepared By Finance, Competitiveness, and Investment Global Department, WBG This Technical Note was prepared in the context of a World Bank Financial Sector Assessment Program (FSAP) mission in Eswatini during October 2024 led by Oliver Masetti (Mission Chief) and Ajai Nair (Deputy Mission Chief), overseen by the Finance, Competitiveness, and Investment Global Department, World Bank Group. The note contains the technical analysis and detailed information underpinning the FSAP assessment’s findings and recommendations. Further information on the FSA program can be found [at ](at www.worldbank.org/fsap)[www.worldbank.org/fsap](at www.worldbank.org/fsap). CONTENTS ACRONYMS AND ABBREVIATIONS____________________________________________________________ III EXECUTIVE SUMMARY _________________________________________________________________________ IV I. INTRODUCTION _______________________________________________________________________________ 1 A. Focus of this note ______________________________________________________________________________ 1 B. Consumer transaction, savings, payment and credit product providers ________________________ 1 II. LEGAL AND INSTITUTIONAL FRAMEWORK _________________________________________________ 2 A. FCP/MC legal and regulatory framework_______________________________________________________ 2 B. Ensuring a clear FCP/MC mandate _____________________________________________________________ 2 C. FCP/MC requirements issued by CBE and FSRA ________________________________________________ 3 D. Other framework gaps and deficiencies________________________________________________________ 5 III. KEY FINANCIAL CONSUMER PROTECTION ISSUES_________________________________________ 7 A. Consumer over-indebtedness and unsuitable credit ___________________________________________ 7 B. Strengthening costs disclosure and transparency _____________________________________________ 12 C. Improving appropriateness of products _______________________________________________________ 14 D. Improving fairness of contracts _______________________________________________________________ 15 E. Scams and fraud against consumers___________________________________________________________ 16 IV. MARKET CONDUCT SUPERVISION ________________________________________________________ 18 A. CBE’s MCS implementation ___________________________________________________________________ 18 B. FSRA’s implementation of RBS ________________________________________________________________22 C. Harmonizing MCS approaches ________________________________________________________________23 D. Pricing approvals and restrictions by the regulators __________________________________________24 E. Product approvals by the regulators___________________________________________________________26 F. Internal institutional arrangements ____________________________________________________________26 V. COMPLAINT RESOLUTION MECHANISMS_________________________________________________ 28 A. Internal dispute resolution by financial services providers_____________________________________28 B. External dispute resolution mechanisms_______________________________________________________29 ACRONYMS AND ABBREVIATIONS Banking Practice Guideline Banking Fees Guideline CBE CBE Order CCA Constitution Credit Providers GNEDR FI Act FCPFSAPFSRAFSRA Act IDR KFS Guideline KFS Guideline MCMCCPFMCD MCSMMSPs Mobile Money Practice Note NPLNPS Act RBSPDDSACCOs Guideline on Banking Practice, 2018 Guideline on Banking Fees, Charges and Commissions, 2020 Central Bank of Eswatini Central Bank of Swaziland Order,1974 Consumer Credit Act, 2016 Constitution of the Kingd

FAQs

Which supervisory and resolution areas are covered beyond consumer protection issues?

It reviews market conduct supervision implementation by CBE and FSRA, harmonization of approaches, and internal and external complaint resolution mechanisms.

Jul 19, 2026

Upload by Aurora