Phil Mnisi: Banking Supervision Application Version 5.0 Launch
Keynote address by Mr Phil Mnisi, Governor of the Central Bank of Eswatini, at the
Banking Supervision Application Version 5.0 Launch, Mbabane, 15 October 2024.
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Programme Director
Honourable Guests
Representatives from the Bank Supervision Office in Mozambique
Distinguished Members of the Banking Industry
Regulatory Authorities present here
Mobile Money Operators
Ladies and Gentlemen
Good Evening!
Introduction
It is both a privilege and an honour to stand before you today, as we gather for the
official launch of a significant advancement in our financial regulatory landscape. The
launch of the Banking Supervision Application (BSA) Version 5.0 today marks a
milestone in our collective efforts to enhance the regulatory framework of our financial
sector, strengthening the very foundation of data integrity, financial stability, and
consumer protection.
Our journey with the Banking Supervision Application began in 1997, in partnership with
various Central Banks across Africa. Since the launch of Version 1 in 2003, the BSA
has continuously evolved, with significant improvements culminating in the release of
Version 4.0 in 2018. Today, we are proud to unveil Version 5.0, a remarkable milestone
for a system that now serves 21-member Central Banksacross Africa, Asia, and
America, each actively contributing to the system's continued growth and enhancement.
This upgraded version is not only more advanced than previousversions but also more
agile, designed to meet the emerging complexities of modern banking. It reflects the
dynamic nature of the financial landscape and our proactive approach to addressing
and supporting innovation as well as the challenges faced by financial institutions.
Why This Upgrade Matters
As we all know, the banking sector is the backbone of our economy, and its soundness
directly impacts our nation's prosperity. As the world evolves, so too must our
regulatory tools. We are living in an erawhere technology is reshaping the way banking
services are delivered, and the need for data-driven supervisory oversighthas never
been more critical. Thus, it is imperative that our regulatory tools remain robust,
efficient, and adaptable to the continuously shifting financial landscape.
Version 5.0 is a testament to our dedication to technological innovationand regulatory
excellence, in line with our vision "to be a centre of excellence and central bank of
reference". This Financial Regulatory Technology is equipped with several key features
that enhance our supervisory capabilities, which include:
a. Responsive Design: The new version is compatible with various devices,
allowing seamless access whether on a computer, tablet, or smartphone.
Thisflexibility is essential for regulators and financial institutions operating in today's
fast-paced environment.
b. Postback Effects Elimination: The system has been designed to avoid postback
effects when selecting elements within a screen, ensuring a smoother and more
efficient user experience.
c. Customizable Dashboards: Users can now define their own dashboard layouts,
allowing them to access the most relevant information at a glance. This feature
enhances user experience and efficiency by tailoring theinterface to individual
needs.
d. Enhanced User and Role Management: The new version allows for more
granular management of users and roles, ensuring that the right people have
access to the right information, enhancing security and operational efficiency.
e. Automated Programming Interface (API): The BSA now integrates with other
financial applications, enabling near real-time data access, streamlining
compliance, and automating reporting processes.
f. Consumer Protection Module (CPS): One of the standoutfeatures of Version 5.0
is the introduction of a Consumer Protection System that includes tools for
managing complaints, monitoring compliance, analysing consumer data, and
providing virtual assistance for frequently asked questions. This will significantly
bolster our efforts to safeguard the interests of consumers, ensuring fair treatment
across the financial sector.
Benefits to the Financial Sector
This upgrade will benefit not only the Central Bank but also the broader financial sector,
which plays a critical role in our financial ecosystem. By providing more streamlined
compliance processes and faster data retrieval, the system will empower the financial
institutions to make data-driven decisions, improving both the accuracy and efficiency of
regulatory reporting.
Gratitude and Acknowledgments
This achievement would not have been possible without the dedication and hard work
of many individuals. I will request that we give them a round of applause.
I would also like to extend my deepestgratitude to the CBE Team comprising of
Financial Regulation and IT departmentsfor having worked tirelessly to ensure a
seamless deployment process. My sincere gratitude to the entire project management
team for your exceptional efforts in ensuring the successful delivery of this project.
In addition, I would like to acknowledge the cooperation and support of our external
stakeholders, particularly the Bank Supervision Office in Mozambique and the member
countries currently using BSA. Their feedback and collaboration have been instrumental
in the successful rollout of Version 5.0.
Looking Ahead
The financial sector is dynamic, and while BSA Version 5.0 equips us with the tools to
address current challenges, it is crucial that we continue to innovate and adapt our
approaches, remaining vigilant and responsive to emerging trends. Our goal remains
clear, to promote the safety and soundness of the financial sector while ensuring its
stability, an environment where financial institutions can remain competitive and thrive.
In closing, let me reaffirm our commitment to excellence in regulation and supervision.
The launch of Version 5.0 is a significant milestone in this journey. I am confident that
this system will enhance our capabilities and guarantee that we continue to uphold the
highest standards of financial oversight.
As we move forward, let us continue to work together to build a resilient and dynamic
financial system that supports the economic growth and development of our beloved
Kingdom of Eswatini.
To celebrate our achievement, I am excited to present avideo that summarizes the
significant milestones we have accomplishedin the development and deployment of
BSA Version 5.0. It reflects the hard work, collaborative efforts and innovation that have
fueled this project's success.
With those words, I thank you all Ladies and Gentlemen!