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Financial Inclusion Technical Committee Launched

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The Government of Swaziland has launched a Financial Inclusion Technical Committee, aimed at providing technical guidance to the Financial Institutions Council Association (FICA) on matters related to financial inclusion.

Committee Objectives

  • The committee will meet on a quarterly basis to discuss key activities and provide input on how to improve access to financial services for all segments of society.
  • FICA will establish working groups to assist in key activities depending on demand and need.

Significance of the Launch

The launch of the Financial Inclusion Technical Committee is seen as a major step towards achieving the government’s vision of affording appropriate and quality financial services and products accessible to all categories of the population, including micro, small and medium enterprises (MSMEs).

Progress in Promoting Financial Inclusion

In recent years, the country has made significant strides in promoting financial inclusion, with initiatives such as:

  • The establishment of a Micro Finance Unit under the Ministry of Finance
  • Active collaboration with relevant institutions to improve linkages with financial services and markets

National Financial Inclusion Strategy

The government’s National Financial Inclusion Strategy aims to remove constraints preventing some strata of the population from having access to and use of financial services and products. The strategy proposes a series of measures that require a commitment on the part of the country’s authorities and participation of all key relevant stakeholders.

Recognition as a Leader in Financial Inclusion

Swaziland has been recognized as one of the countries leading the charge in promoting financial inclusion in Africa. According to recent reports, the country has made significant progress in increasing access to financial services for low-income groups, with a growing number of citizens now able to access financial products and services.

Conclusion

The Financial Inclusion Technical Committee is seen as a key initiative that will help to drive this progress forward and ensure that all segments of society have equal access to financial services and products.