The Eswatini Ministry of Commerce, Industry and Trade has announced that the Bunye Betfu Buhle Betfu Savings and Credit Cooperative Society Limited (SACCO) is under regulatory intervention. This decision was made by the Commissioner for Cooperatives, in conjunction with the Financial Services Regulatory Authority (FSRA). The intervention aims to address concerns identified through regulatory processes, including issues highlighted in two forensic audit reports.
According to Acting Commissioner for Cooperatives Bongani Maziya, the regulatory intervention is intended to strengthen governance, improve operational stability, and protect members' interests. The long-term sustainability of the cooperative is also a key objective of this intervention. The Ministry issued the statement on Wednesday, 23 September 2026, in Mbabane, providing an update to members on the current situation at the cooperative.
The forensic audit reports, conducted by PricewaterhouseCoopers (PwC) and SNG Grant Thornton, identified significant concerns that necessitated regulatory action. The reports' findings led to the intervention, which will involve the regulatory authorities overseeing the day-to-day operations of the society. Administrative processes relating to this oversight are currently being finalised.
Once the administrative processes are completed, the Commissioner for Cooperatives will convene a Special General Meeting (SGM) to brief members on the regulatory intervention and proposed roadmap. The meeting will also provide an opportunity for members to receive updates on matters concerning the payment of dividends and interest on savings.
The Ministry has urged members to remain calm and exercise patience as the regulatory authorities work to strengthen accountability, transparency, and confidence in the institution. Further communication regarding the Special General Meeting and other relevant developments will be issued through official channels.
The regulatory intervention is a significant development for the SACCO, which has been facing challenges. The Ministry's actions aim to restore stability and ensure the cooperative's continued operation. Members have been assured that their interests will be protected throughout this process.
The statement was issued by Acting Commissioner for Cooperatives Bongani Maziya, emphasising the Ministry's commitment to addressing the concerns and ensuring the SACCO's sustainability. The regulatory authorities will continue to work towards achieving these objectives, with the ultimate goal of strengthening the cooperative and protecting its members.
Key points
- The Eswatini Ministry of Commerce, Industry and Trade has intervened in the affairs of Bunye Betfu SACCO due to governance and operational concerns.
- The intervention aims to strengthen governance, improve operational stability, and protect members' interests.
- A Special General Meeting will be convened to brief members on the regulatory intervention and proposed roadmap.
