EZULWINI – FNB Eswatini has unveiled its 2030 strategy anchored on six key strategic pillars designed to position the bank for growth in a rapidly changing and competitive financial sector landscape.
This was revealed by the bank’s Chief Executive Officer, Thokozani ‘TK’ Dlamini, during the presentation of the 2024/25 financial results held last Thursday.
Dlamini noted that the local banking industry faces increasing competition as new players enter the market and regulatory requirements become more stringent.
Among the latest developments shaping the sector, Dlamini pointed to the recently announced provisional digital banking licence granted to Letsego Financial Services, as well as the Swaziland Building Society’s ongoing conversion from a building society to a fully-fledged commercial bank.
He emphasised that these shifts are reshaping the financial services landscape, compelling established banks to innovate and adapt to retain their competitive edge.
“Local banks will need to up their game in order to stay competitive by introducing new and innovative banking services,” Dlamini said.
He noted that the heightened competition ultimately benefits consumers as it could lead to reduced banking costs and improved service delivery.
“The increased competition among banks is an advantage to customers because it encourages innovation and better service standards,” he added.
Dlamini said the bank’s 2030 strategy is anchored on six core pillars designed to drive growth, innovation and long-term sustainability.
These are:
- Customer experience
- Employee experience
- More customers
- More to customers
- More efficiently
- Shared prosperity
He explained that shared prosperity reflects the bank’s belief in leveraging its core business activities to add value to society profitably and at scale.
“As we enter this new financial year, we remain guided by our true north. To succeed in a highly competitive and well-regulated environment, our strategy is anchored on these six key pillars,” Dlamini said.
The bank’s strategic approach has already delivered measurable outcomes. For the 2024/25 financial year, FNB Eswatini achieved a 7 per cent year-on-year growth in its customer base across all segments.
Breaking down the growth figures, Dlamini revealed that the retail customer base grew by 7 per cent, the commercial base by 10 per cent and the corporate base by 1 per cent.
He noted that this expansion aligns closely with the bank’s focus on customer experience and innovation as critical drivers of future success. “We will continue to prioritise innovation and customer experience towards the achievement of our 2030 vision,” he said.
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