Nedbank pays E103m dividend to govt
BUHLENI – In its 26 years of existence in the country, Nedbank Eswatini has paid E103 million to government.
This was disclosed by Minister of )inance Neal 5iMkenberg, when he officially opened a new Nedbank branch at %uhleni 3la]a on Saturday.
³$s a shareholder of Nedbank Eswatini, government is impressed with the continued good financial performance of the bank. Nedbank has paid a dividend of E 03 million to government since establishment in the kingdom. Such contributions by the bank, including the corporate ta[es paid annually, help in ensuring that government continues providing the much-needed essential services to the economy, such as infrastructural development, health, education and is able to meet other socio-economic needs,´ said the minister.
Taxes
5iMkenberg said they did not take lightly that Nedbank employed over 300 staff members, who were all emaSwati, paid ta[es and were providing for their families.
+e said government regarded Nedbank as a valuable development partner, by virtue of being listed on the Eswatini Stock E[change, as well as government being a significant shareholder in the bank.
³$s a service delivery driven government, with a strong desire to bring services closer to the people, we note with pride that Nedbank is aligned to this noble government policy. To ensure that emaSwati get the same services in all towns, and particularly in rural communities, , applaud Nedbank for what they have done to uplift the living standards of our people,´ he said. The legislator said it was a brave display of confidence by the bank in particular, and the private sector in general, which showed that businesses were growing in Eswatini.
Variety
³:ith economic activities being so widespread into the rural areas, we are happy that Nedbank provides a variety of banking and digital products that target the unbanked members of the society. Through availing such digital services, some of which can be accessed with phone features, at the comfort of one’s home, it is ama]ing that a client can now purchase electricity, buy airtime and data, make payments and many more such services on their cellphones.
³:hen people no longer have to travel long distances to access such services, there is no doubt that the time and money that they save is channelled to other needs. The bank has also provided funding and financial advisory services to businesses in key sectors of the economy such as construction, manufacturing, franchising, agriculture as well as the services sector, to name a few,´ he said.
Banks
Deputy *overnor of the Central %ank of Eswatini, )elicia .unene, who represented the *overnor Dr, 3hil Mnisi, said Nedbank established its presence in the kingdom in the year and had over the years grown to become one of the maMor banks in the kingdom.
The bank currently offers banking services through full-fledged branches and two agencies located across the country.
³The revamping of the %uhleni branch confirms the bank’s commitment to the Eswatini economy. , am aware the branch was inaugurated in 20 . ,t was then renovated, e[panded and repurposed in 2022, to accommodate the innovative digitalised platform and other services,´ she said
.unene said the balance sheet of the bank had strengthened over the past
0 years and assets accumulated to E . billion as at December 2022, compared to E2. 3 billion in December 20 2 ( . per cent growth).
She also noted that Nedbank Eswatini continued to introduce banking products and services since established.
Activities
³)rom the central bank point of view, this is commendable and plays a pivotal role in mobilising savings and channelling financial resources to economic activities. C%E continues to support endeavours and innovations that will broaden financial inclusion for the maMority of emaSwati,´ she said.
.unene said it was on record that Nedbank Eswatini was the first South $frican subsidiary hosted in the Murisdiction to appoint a local managing director (MD) in 2003 and the first to appoint a local female MD in 20 0. She added that she was glad to share that all the banks operating in Eswatini were all headed by emaSwati. She said banks including Nedbank Eswatini had the responsibility to provide employment to emaSwati and was hopeful that the repurposed %uhleni branch would provide employment opportunities for the youth, especially young graduates from the area.She said some people attach sentimental value to physical banking branches and that may still be a case for physical branches in their system to bring banking services to remote geographical areas. +owever, she said innovation and use of technology had transformed banking and they were happy that the new branch would provide convenience and a self-service digital banking platform for the %uhleni community.
Meanwhile, Nedbank Eswatini MD )ikile Nkosi said they were proud to have been the first financial institution bank to establish a branch at %uhleni in 20 .
Queues
³:e are happy that we foresaw the great potential of this fast-growing town and we set-up a shop to ensure we grow together with the people of %uhleni. $s years went by, we started realising the space constraints at the old premises with long Tueues at the $TM and in the branch, as %uhleni people continue to support Nedbank. Our prayers were answered with the construction and completion of %uhleni 3la]a. :e are e[cited that the new branch provides full banking services, which will now include some services that were not offered before such as digital banking and support, small and medium-si]ed enterprises (SME) banking, fore[ and insurance,´ she said.
She added, ³The new branch also includes a new digital self-service banking platform provided via inbranch digital access computers as we continuously provide simplicity, convenience and cost effectiveness to our clients. 3lease note that we have kept the $TM at the old branch premises operating in response to and to cater for the increased client numbers we are getting from %uhleni and to minimise the Tueues.