Blog by Mac Banda, Adviser and Team Leader (Systems), Debt Management Unit, Commonwealth Secretariat
Earlier this year, when I worked on a project in Eswatini to digitise applications for credit guarantees and private sector borrowing, I was reminded of the important role small businesses play in the country’s economy.
From market traders and transport providers to farmers and aspiring entrepreneurs, many people rely on loans to start, sustain and grow their businesses. But for banks to lend confidently, and for governments to manage financial risks properly, robust financial systems are critical.
To support this, the Central Bank of Eswatini has introduced the credit guarantee scheme to help small businesses improve their credibility with lenders and access finance more easily.
Over the past 18 months, we worked closely with the Central Bank to add new features to the Commonwealth Secretariat’s flagship debt management system, Commonwealth Meridian so the scheme could be managed more efficiently through an online platform.
The upgraded platform helps the Central Bank process loan applications seamlessly, monitor private sector cross-border transactions effectively and strengthen financial oversight.
While this may sound technical to some people, it leads to real benefits. A centralised system can make it easier for businesses to access finance and give investors greater confidence through more reliable data. This helps create the conditions for small businesses to grow, create jobs and support economic growth.
Why this matters to people
In many countries, small and medium-sized businesses struggle to access loans because they often do not have enough collateral or financial history.
To help solve this problem, governments sometimes create credit guarantee schemes. These schemes reduce the financial risk for banks by guaranteeing part of the loan to minimise the impact on the financial sector in case the borrower cannot repay the loan.
In Eswatini, the Central Bank manages the Small-Scale Enterprise Loan Guarantee Scheme, which helps encourage banks to lend to small businesses.
This is especially important for young entrepreneurs, women-owned businesses and smaller enterprises trying to grow.
The challenges before the system
Before the new upgraded Meridian system was introduced, much of the work was done manually.
Applications linked to credit guarantee schemes and private sector cross-border transactions relied heavily on emails, spreadsheets and paper-based processes. Monitoring loans and preparing reports was time-consuming, fragmented and difficult to track in real time. Handling sensitive information manually also raised security concerns.
To address this, the Central Bank approached the Commonwealth Secretariat in August 2024 for dedicated support.
A solution built with Eswatini
Over the last year and a half, the Commonwealth Secretariat worked closely with the Central Bank of Eswatini to understand the challenges staff faced in managing financial data, monitoring loans and overseeing the credit guarantee scheme.
Together, we integrated these insights into an upgraded Commonwealth Meridian platform that consolidated these processes into a single, secure, modern and integrated system.
Now, instead of relying on spreadsheets and manual approvals, Central Bank staff can process applications more efficiently, monitor loans and repayments more easily, access information in real time and generate reports much faster.
The upgraded platform also improves the secure handling of sensitive financial information and strengthens oversight across the system.
The system went live in February 2026 and is now being actively used by Central Bank staff.
Supporting investment
According to the Central Bank, the new platform will help improve oversight, transparency and access to real-time financial data.
This matters because stronger financial systems can increase confidence among investors, banks and businesses.
At the launch of the new system in Mbabane in February 2026, Central Bank Governor Dr Phil Mnisi said: “Foreign Direct Investment and domestic credit availability are critical for economic growth. This new system marks the beginning of a new era that seeks to transform the country.”
Lessons for other countries
Although the upgrades were developed for Eswatini, the benefits extend far beyond one country.
Many Commonwealth countries face similar challenges in monitoring private sector cross-border transactions, managing the credit guarantee scheme and strengthening financial oversight.
Because Commonwealth Meridian is a shared online system used across multiple member countries, improvements developed for one country can also benefit others. This saves time, reduces costs and allows countries to learn from each other’s experiences.
We hope other countries will also be able to integrate similar features into their Meridian systems in the future.
Smarter decision-making
By moving away from manual paperwork and fragmented systems, the Central Bank is now better placed to oversee financial activity, respond to risks more swiftly and support a more conducive environment for businesses and investors.
This collaboration was not about upgrading software features installed at the Central Bank but rather improving systems that small business owners often rely on to grow their businesses. This means a young entrepreneur could face fewer delays when applying for a first business loan, while banks can make lending decisions with greater confidence using more reliable data. That is why this work is so important.
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