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SBA SETS ASIDE E300 000 FOR FINANCIAL LITERACY

By Majaha Nkonyane | 2018-03-13

Swaziland Bankers Association in advancing financial literacy in the country, has set reserved E300 000 for this purpose.

 This is according to SBA Chairperson Dennis Mbingo, who was speaking during the launch of the second annual Global  Money week which was held at The George Hotel in Manzini.

“As SBA, we have a significant role to play in raising awareness about financial literacy and are committed to letting the public know, especially the younger generation, We have set aside E300 000 budget on financial literacy which will help spread the word,” he said.

The public relations and education sector has been challenged on the issue of educating people on financial literacy. Mbingo noted that there is more that needs to be done in letting the people know, especially because customers are now driving the agenda as times are changing.

On another note, the licensing regime was further challenged on easing the flexibility on bank licensing as there are equal expectations on commercial banks and development banks. “The yokes should be different on development banks like Swazi Bank when compared to commercial banks, as this puts pressure that could be eliminated. There is also an issue of banking costs in Africa which should be lower in order to accommodate the non-banked in society,” he said.

Furthermore, Mbingo noted that the cost of doing business in the country should be considered as there are smarter ways of doing business nowadays which could eliminate some unnecessary costs and help individuals grow businesses. SBA also mentioned that there is a lot they will do as a banking sector on financial literacy which will help those who lack information to be better informed about the importance of handling money.

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