Mauritius and Swaziland sign cooperation agreement on financial services
The agreement relates only to non-bank financial services.The Financial Services Commission (FSC) of Mauritius and the Financial Services Regulatory Authority of Swaziland (SFAR) have signed a Memorandum of Understanding on the exchange of information and mutual assistance, according to a source at FSC cited by Xinhua news agency.
It said this agreement is justified by increased activity on the international financial market and the need for mutual cooperation between regulators of the financial services sector.
The FSC has signed another similar MoU with the Financial Services Authority of Seychelles on March 3rd, on top of existing agreements with South Africa, Angola, Botswana, Kenya, Lesotho, Malawi, Namibia, Nigeria, Uganda, Tanzania and Zambia.
The non-bank sector in Swaziland has been growing in recent years, helped by the high costs of accessing commercial banking services and the weak regulation of the sector. Smaller non-bank financial institutions such as Savings and Credit Cooperatives (SACCOs) and micro-finance institutions have become very popular in the country.
Swaziland's stock market, which started operations over ten years ago, is still small. In 2009, it reached a total market capitalisation of 11 per cent of GDP.