Technical Committee Established to Drive Financial Inclusion in Swaziland
Mbabane, Swaziland - The Government of Swaziland has established a Technical Committee on Financial Inclusion (TCFI) to provide technical guidance to the Financial Inclusion Council (FICA) and drive financial inclusion initiatives across the country.
Establishment of TCFI
The TCFI will meet quarterly to discuss key activities and provide recommendations to the FICA. The committee will also establish working groups to assist on key activities depending on demand and need. This comes as Swaziland continues to grapple with financial exclusion, which remains a significant challenge in the country.
Financial Exclusion in Swaziland
According to a recent report by the United Nations Capital Development Fund (UNCDF), 60% of the adult population in Swaziland lacks access to formal financial services. The FICA has identified several key areas that require attention, including improving access to financial services, increasing usage rates, and enhancing the quality of financial products and services.
Goals and Objectives
“We are excited about the establishment of the TCFI,” said [Name], Director General of the Ministry of Finance. “This committee will provide us with technical expertise and guidance as we work towards achieving our goal of increasing financial inclusion in Swaziland.”
The FICA has identified several key areas that require attention, including improving access to financial services, increasing usage rates, and enhancing the quality of financial products and services.
Impact and Expectations
“We believe that by working together, we can create a more inclusive financial system that benefits all segments of society,” said [Name], Chairperson of the FICA. “The TCFI will play a critical role in helping us achieve this goal.”
The establishment of the TCFI is seen as a major step forward in Swaziland’s efforts to promote financial inclusion and reduce poverty. With the support of international organizations such as the UNCDF, FinMark Trust, and Cenfri, the country is well-positioned to make significant progress in achieving this goal.
What is Financial Inclusion?
Financial inclusion refers to the delivery of financial services and products that are available, accessible, and affordable to all segments of society. It is a critical component of economic development and plays a key role in reducing poverty and income inequality.
In Swaziland, financial exclusion remains a significant challenge, with many individuals and small businesses lacking access to formal financial services. The establishment of the TCFI is seen as a major step forward in addressing this issue and promoting financial inclusion across the country.
References
- [Name], Director General of the Ministry of Finance
- [Name], Chairperson of the FICA