10 awarded in FSRA’s financial literacy competition
MBABANE – The financial services regulator has facilitated financial literacy growth in the county by hosting annual competitions.
The Financial Services Regulatory Authority (FSRA) of Eswatini hosted the third financial literacy competition this year, and over 600 participated.
FSRA then proceeded to shortlist 300 participants for a draw which was held yesterday at FSRA’s head offices in Mbabane.
During the draw, FSRA Chief Executive Officer (CEO) Ncamiso Ntshalintshali urged the public to participate more in these competitions. He said the turnout of this competition decreased exponentially when compared to the previous one.
Successful
“We urged the public to participate more and for those who are successful in the competition to utilise funds purposely,” he said. Meanwhile, Technology innovators to introduce enhanced financial services were invited by the regulator to participate in the FinTech Arch.
The Arch is a controlled environment that offers regulatory relief for participants to test innovative products and services within predefined parameters. It is managed by the FinTech Arch.
To acquire these services, innovators were advised to submit applications last month. FSRA said the main purpose of the Arch was to assist innovators with their FinTech ideas to access financial services and inter alia to ensure financial inclusion.
Ntshalintshali mentioned that they attached great importance to innovation; he said the end of the pandemic shaped the social and economic reality, primarily the importance of digital operating space, in which knowledge, research, technology and innovation are the main drivers of prosperity and financial inclusion.
The CEO said digital transformation can strengthen competition and the supply of innovative products and services, often across borders.
“This means that businesses in smaller countries like Eswatini can penetrate international markets and obtain financing for their innovative ideas.
The winners were:
◗ Zodwa Chirwa
◗ Colane Celucolo
◗ Samkeliso Magagula
◗ Nontsikelelo Dlamini
◗ Sibongumenzi Mabuza
◗ Bongi Nhlabatsi
◗ Tebenguni Nxumalo
◗ Sacolo Sanele
◗ Stanley Shongwe
◗ Phendulile Manana
Furthermore, the new financial technology ecosystem can function as an incubator for cooperation between incumbents and start-ups, benefiting all participants across financial sectors,” he added. Ntshalintshali mentioned that the FinTech Arch was part of the regulators’ consultations to gauge FinTech advancement and the needs of innovators in anticipation of a regulatory sandbox for the Non-banking Financial Institutions (NBFI) sector.
Concepts
He said it would explore the concepts and the evolution of FinTech in the Eswatini NBFI landscape, by connecting FSRA to industry innovators in technological and digital information and transformation.
“The Authority will follow a twophased approach in determining the innovation facility in NBFI; first to carry out a study to learn about market developments and determine if there are regulatory barriers to innovation.
Results
‘‘Based on the results of the study, the authority will move to the second phase which is the determination of the validity of developing the sandbox framework or the adoption of another type of innovation facility,” he added. Speaking during the official launch of the Arch, Mathalea Lukhele, FSRA Manager of Research, Policy and Innovation said applications will be assessed against the Arch’s eligibility criteria. FSRA requested media houses to conduct the draw.