FAST TRACK IMPLEMENTATION OF NATIONAL PAYMENT SWITCH

MBABANE – A recommendation has been made, calling for fast tracking the implementation of the national payment switch.

The national payment switch will, within the Central Bank of Eswatini (CBE), ensure seamless integration between banks, mobile money operators and fintech platforms and further facilitate easier transactions and broader service options. This recommendation forms part the key economy recommendations meant to promote the development of e-commerce platforms and products. It was recommended that government should provide tax breaks, grants or subsidies for start-ups and small businesses engaged in innovation-driven projects. Government has been encouraged to introduce procurement preferences for locally-developed innovative solutions to encourage entrepreneurship.

Encouraged

It was further encouraged to assist local micro, small and medium enterprises (MSMEs) to develop bankable projects. Another recommendation has been made to government to provide skill- development initiatives tailored to innovation, including design thinking, business modelling and intellectual property management. There is also a call to support fintech start-ups to co-create innovative financial solutions and extend service reach by creating innovative low-cost products and services for individuals and SMEs to encourage saving, lending, insurance and investment for wealth-building. Government is also called to incentivise large corporations to mentor and fund innovative start-ups through corporate social responsibility (CSR) initiatives.

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