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FNB ESWATINI PIONEERING NON-BANK SOLUTIONS

By Nomfanelo Maziya | 2024-11-27

Under the leadership of newly- appointed CEO, Thokozani 'TK' Dlamini, First National Bank Eswatini (FNB Eswatini) is poised to redefine the boundaries of traditional banking, exploring and leveraging non-banking capabilities to offer a wider range of financial solutions.

In a snapshot of FNB Eswatini’s vision under his leadership, Dlamini said the bank would be embarking on an ambitious journey to explore and leverage non-banking capabilities, a new era of innovation and diversification.

This transpired during the inaugural ‘ Press Play’ event, a platform designed to foster open dialogue between the bank and the media.

“You will see us continuing to evolve in the banking world, but also start seeing us knocking down doors in non-banking capabilities,” said Dlamini. By venturing into non-banking sectors, FNB

Eswatini aimed to offer a wider range of services and solutions to its customers.
This strategic move would not only enhance customer experience but also position the bank as a leading financial services provider in the region.

“I think there is still some room to provide contextual solutions as a bank, but where I diverge is that I feel as FNB Eswatini, there are also opportunities to provide non-bank solutions.”

According to Dlamini, these solutions aimed at enhancing business efficiencies, streamline operations and improve overall performance.

FNB Eswatini recognised that the evolving needs of businesses extend beyond traditional banking services.

By introducing non-bank solutions, the bank wanted to provide comprehensive support to its clients, addressing challenges and unlocking new opportunities.

"Traditionally, we have been FNB Eswatini, a bank. However, we need to evolve into a platform-based financial institution that offers both banking and non-banking capabilities. By doing so, our contextual solutions will appeal to a broader range of clients," added Dlamini.

One such example, according to Dlamini would be the development of advanced cash registers for food retailers. These devices would not only process payments but also offer features like inventory management, stock control and sales analysis.

By gaining insights into product performance, businesses could make informed decisions, optimise stock levels and identify seasonal trends. “It is not directly related to payment capabilities but adds significant value to the business,” said Dlamini.

In addition to operational benefits, these technological advancements would also contribute to improved compliance with Eswatini Revenue Service regulations. “By automating processes and generating accurate records, businesses can streamline tax reporting and reduce the risk of errors,” he said.

Furthermore, FNB Eswatini's non-bank solutions would benefit import businesses by enabling greater visibility and control over their supply chains.

"What is important is that we always engage with our clients and find that they still face the same challenges. These are the challenges we will use to develop these non-payment-related capabilities for the businesses," said Dlamini

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