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FinTech to reduce cash reliance

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Minister for Finance Neal Rijkenberg in conversation with the UNDP Resident Representative Henrik Franklin (C) and the Central Bank of Eswatini Governor Dr Phil Mnisi. (Pics: Nhlanganiso Mkhonta)
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MBABANE – Financial technology is expected to reduce Eswatini’s dependence on cash while expanding access to credit, savings and insurance for underserved populations.

This is according to Central Bank of Eswatini (CBE) Governor Dr Phil Mnisi. Speaking at the launch of the Eswatini National FinTech Strategy (2025–2030) yesterday, Dr Mnisi said FinTech presents opportunities to unlock broader economic participation and support job creation.

He said technology: “Can help us reduce reliance on cash, expand credit for MSMEs, bring savings and insurance closer to underserved communities and create new jobs for our youth.

 “Most importantly, it allows us to leapfrog, adopting digital solutions without being constrained by legacy systems.”

He added that although Eswatini has recorded progress in financial inclusion – now at 87 per cent – cash continues to dominate day-to-day transactions, limiting the growth of modern payment channels and efficient financial services.

Dr Mnisi said the new strategy is a result of extensive national collaboration across regulators, government ministries, industry players, academia and development partners.

*…

‘Technology strengthens efforts against corruption’

MBABANE – Minister for Finance Neal Rijkenberg says technology remains the strongest tool available to government in reducing corruption, improving transparency and controlling public expenditure.

He revealed that fuel consumption by government fleet vehicles has fallen by about 40 per cent, enabled by technology that tracks refuelling activity. Many of these vehicles were procured through a partnership with Standard Bank, and the tracking systems provide real-time data that prevents misuse and strengthens accountability. Rijkenberg announced that the upcoming national budget will be processed through the latest Integrated Financial Management Information System.

The system will reduce paper-based processes, limit opportunities for document manipulation and enhance controls across government ministries. He said digital workflows would help ensure that public funds are managed efficiently, and that the transition will support efforts to limit corruption by logging transactions and approvals in a traceable manner.

*…

FSRA highlights risks, opportunities

EZULWINI – FSRA CEO Ncamiso Ntshalintshali said the strategy represents a ‘landmark moment’ aligned with national goals on economic recovery, job creation and digital transformation.

He emphasised that although FinTech brings benefits such as broader access to financial services and improved efficiencies, it must be implemented safely and responsibly.

He said the Eswatini FinTech Working Group, made up of regulators and technology institutions, was created to ensure coordinated oversight and early identification of risks.

Alliance for Financial Inclusion Africa Regional Office Head Nomcebo Hadebe said the strategy marks the culmination of a three-year process involving landscape studies, regulatory assessments, peer learning visits to Ghana and Egypt, and national consultations.

*Full article available in our publication

Head of the Africa Regional Office at the Alliance for Financial Inclusion Nomcebo Hadebe.
Head of the Africa Regional Office at the Alliance for Financial Inclusion Nomcebo Hadebe.

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Written by
Nhlanganiso Mkhonta

Nhlanganiso Mkhonta serves as Business Editor at the Times of Eswatini. He reports on business, economics, finance, investment, entrepreneurship and public policy, producing insightful coverage and analysis of the issues driving Eswatini’s economy and the wider African business environment.

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