EZULWINI – FNB Eswatini has unveiled a specialised retirees savings account designed to convert lump-sum payouts into predictable monthly income.
This is a move aimed at restoring confidence among pensioners and safeguarding retirement benefits.
The product, which targets both private sector and civil service retirees, comes at a time when concerns continue to linger over the safety of retirement savings, particularly following past incidents where emaSwati lost millions of Emalangeni through fraudulent investment schemes.
The newly-launched FNB Retirees Savings Account is structured as a fixed investment that guarantees 100 per cent capital protection over a three-year term, offering an annual interest rate of 7.25 per cent, paid out monthly.
The product is expected to provide retirees with a stable and reliable income stream, addressing one of the most pressing challenges faced after exiting formal employment.
Speaking during the launch yesterday at Happy Valley Hotel, FNB Eswatini Executive Head of Retail, Dr Mncedzi Ngomane, said the initiative was a deliberate response to the financial vulnerabilities experienced by retirees in the country.
Dr Ngomane noted that the bank had observed, with concern, how some emaSwati had fallen victim to ponzi schemes, losing their hard-earned retirement savings in the process. He said this had reinforced the need for credible, secure and transparent financial solutions tailored specifically for retirees.
“A year ago this month, we launched our 30th anniversary celebrations with one clear promise, ‘Sitintile Eswatini futsi asiyindzawo.’ The essence of this promise is clear: While we remain proud of the innovative firsts we have brought to Eswatini, we are equally committed to building on our more than 30 years of presence by delivering contextual solutions to the needs of emaSwati,” he said.
Dr Ngomane explained that over the past year, the bank had challenged itself to ensure that its ‘HELP’ promise remained relevant, not only for present-day customers but also for future generations.
“The product we are gathered to launch this morning is a direct response to that commitment. As FNB Eswatini, we are proud to walk life’s journey with our customers – from birth through the Future Account, through education funding via our Tertiary Loan, helping our people settle into their first jobs through the Lifestarter Loan and through asset protection with FNB Insurance,” he said.
He added that the retirees savings account was a natural extension of this lifecycle approach, ensuring that customers remain supported even in their post-employment years.
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(L-R) FNB Eswatini Executive Head of Retail Dr Mncedzi Ngomane, FNB Eswatini’s Head of Transact and Liabilities, Nosizwe Sigwane and FNB Eswatini Sales Manager Ronelle Rennie.