Banking sec­tor fully sup­port­ing Fi­nan­cial In­clu­sion Strat­egy

Swazi Observer - - BUSINESS -

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.

Im­por­tance

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.

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