A bank with branches and employees could still be unable to bank

Farmers Bank had premises and staff in Eswatini, but employees described being unable to authorize transactions, open customer accounts, or issue loans. Its proposed banking business remained caught in a dispute over licensing.

Leaked records showed the central bank raising concerns about the application while the venture attracted support around the monarchy. ICIJ examined the relationships and possible conflicts that complicated the regulator’s position. The article distinguishes suspicious financial intelligence from proof of a crime.

Its striking feature is the institutional stalemate. The visible shell of a financial institution existed, yet the permission required to operate it remained contested. Formal independence on paper did not settle whether a regulator could enforce its judgment when influential interests wanted a different result.