Banking sector fully supporting Financial Inclusion Strategy
THE Banking sector has vowed its support towards newly launched Financial Inclusion Strategy; this is according to the Governor of Central Bank of Swaziland (CBS) Majozi Sithole who was represented by Financial Stability Manager Wellington Motsa.
“I am quite happy that the Central Bank has embarked and supported initiatives that enhance financial inclusion in the country and a range of developments are already taking place.
“The reduction of banking fees should enhance better access and affordability of banking services.
“The CBS has also encouraged local banks to come up with “Low Cost Transaction” bank accounts with less KYC requirements, undertaking to promote financial education by the banks to enable consumers to know about available financial products and services and the support of the mobile money payments,” he said.
In addition, Motsa said the CBS appreciates and supports the efforts to promote financial inclusion as financial inclusion continues to assume increasing recognition across the globe among policy makers, researchers and development-oriented agencies.
According to Motsa, the importance of financial inclusion derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.
“The launch of the National Financial Inclusion Strategy (NFIS) shows our commitment as a country to ensuring that the legal frameworks conducive to increased financial inclusion are implemented.
“This launch also signifies the steps the country is making towards the fulfilment of the targets under the Maya Declaration as well as the achievement of sustainable development goal number nine of building a resilient infrastructure, promoting inclusive and sustainable industrialisation and foster innovation,” he said.