CONFERENCE OF CHURCHES SELLING SHARES TO PUBLIC

MANZINI – Do you want to cruise to a state of financial freedom?

The Swaziland Conference of Churches (SCC) through SWESI, is offering the nation unlimited shares for E1 000 each at an annual rate of seven to eight per cent. SWESI is the Sichwaga Wealth Solutions Investments, a private company which is 100 per cent owned by SCC. It was established to be a vehicle of financial sustenance for SCC and empowerment of their members and the nation at large, through profit-making business operations.
Speaking during the launch of SWESI at The George Hotel yesterday, Alex Mngomezulu, the Chairman of the Board, said their long-term was to establish a Christian Bank, while their short-term plan was to have a number of business ventures aimed at ultimately reaching the Christian Bank desire.

The first three and main business ventures for the short-term plan include the establishment of a Micro Finance Provider, Insurance Brokerage and Music and Sound retail and rental. At a later stage, Mngomezulu said they would also venture into the business of investment property, Christian books and stationery, catering and decoration, together with printing and design among others.

He said after intensive consultation with relevant stakeholders, including regulators, they have come up with a resource mobilisation strategy to help raise a minimum of E20 million to be capital for the first three projects they were starting with.  However, the initial target is E160 million but could go beyond if Swazis are interested. He said in the first E20 million, E15 million would be for the micro finance provider, E3 million for insurance provider and E2 million for music and sound.

Mngomezulu said the resource mobilisation strategy was the syndicated lending project where individuals from the Christian community, irrespective of their church affiliations, churches and institutions, would buy shares at E1 000 each. However, Steven Masilela, the President of SCC said the investment was also open to members of the public.

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