MBABANE – Government has unveiled a bold and comprehensive National FinTech Strategy that is expected to redefine how emaSwati access and use financial services over the next five years.
This is described as one of the most significant policy shifts in Eswatini’s digital development agenda.
The strategy, launched on Friday by the Minister for Finance, Neal Rijkenberg, provides a detailed roadmap for building a digitally enabled, innovative and inclusive financial ecosystem by 2030.
It outlines not only the reforms government will prioritise, but also the specific benefits the public and private sectors stand to gain as the country positions itself as a competitive regional FinTech hub.
Speaking during the launch, Rijkenberg said the strategy comes at a decisive moment, as global financial systems undergo rapid technological change. He said Eswatini cannot afford to lag behind when digital finance presents opportunities for job creation, economic diversification, improved service delivery and enhanced financial inclusion.
“FinTech 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,” the minister said.
“Most importantly, it allows us to leapfrog, adopting digital solutions without being constrained by legacy systems.”
Eswatini has achieved an impressive 87 per cent financial inclusion rate, largely driven by the rapid uptake of mobile money.
However, despite the high number of emaSwati with access to accounts, cash remains dominant for daily transactions, meaning the full benefits of digital finance have yet to be realised.
The new strategy aims to close this gap by strengthening digital infrastructure, promoting innovation and improving the regulatory environment so that financial technology can be used more effectively across all sectors of the economy.
By 2030, Eswatini aims to achieve seven national outcomes:
- A digitally enabled and inclusive financial ecosystem
- Robust digital and financial infrastructure
- A trusted, secure and well-regulated FinTech environment
- Skilled and innovative human capital
- An enabling policy, regulation and coordination framework
- Eswatini positioned as a competitive regional FinTech hub
- Sustainable and inclusive economic growth powered by FinTech
These outcomes speak directly to the challenges that affect ordinary citizens—such as long queues, expensive transactions, limited access to credit and rural exclusion.
The strategy is not simply a government blueprint–it directly targets issues that affect households, businesses, youth, farmers and entrepreneurs.
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Enable 500 000+ digital KYC onboardings
MBABANE – The strategy sets an ambitious target of enabling over 500 000 digital KYC registrations and achieving 80 per cent interoperability of digital transactions by 2028.
Such reforms will reduce costs, increase efficiency and expand financial access across the country.
Trust is essential for digital systems to thrive. Recognising the increasing risks of cyberattacks, fraud and data breaches, the strategy outlines strict consumer protection measures and enhanced cybersecurity frameworks.
Government plans to develop digital financial services (DFS)-specific consumer protection rules within the next 12 months and reduce related consumer complaints by at least 30 per cent in the next two years.
A dedicated digital consumer protection framework will address transparency, pricing, dispute resolution, data privacy and ethical use of artificial intelligence.
Eswatini’s FinTech ecosystem faces a shortage of digital skills, particularly in emerging technologies. The strategy intends to close these gaps by introducing training programmes for regulators, industry staff and the public.
The plan includes certifying 5 000 digital financial services agents, integrating digital and financial literacy into national curricula, and establishing partnerships between universities and the private sector to develop a pipeline of digital talent.
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A regional FinTech hub in the making
MBABANE – With its geographic position and strong institutions, Eswatini aims to position itself as a regional hub for cross-border financial innovation.
By engaging in SADC-level harmonisation efforts and partnering with regional central banks, the country intends to lower the cost of remittances and attract investment from regional FinTech firms.
An annual Eswatini FinTech Showcase is planned to promote local innovations and connect them with global markets.
The Central Bank of Eswatini will establish a FinTech Coordination Office to oversee implementation, monitor progress and coordinate with the private sector and development partners. The implementation roadmap is divided into three tiers:
2025–2027 (Foundational): Establishing a coordination office, expanding the regulatory sandbox, finalising digital ID, strengthening consumer protection.
2027–2029 (Catalytic): Achieving interoperability, scaling digital government payments, rolling out digital literacy.
2029–2030 (Sustaining): Strengthening cybersecurity, growing local FinTech firms, attracting foreign investment.
Annual progress reports will be issued, with a mid-term evaluation planned for 2027.
The National FinTech Strategy marks a turning point for Eswatini’s financial sector. It provides a clear path towards a digital economy, where all citizens–regardless of income or location–can benefit from modern, efficient and secure financial services.
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