Africa-Press – Eswatini. The new Centre for Financial Inclusion (CFI) Council has been with to taking business to rural areas where government has land available.
The council was tasked by Minister of Finance, Neal Rijkenberg, who said helping the nation to get land would be more productive and would further ensure the productiveness of that land commercially.
Rijkenberg was speaking at the ministry of finance board room during the unveiling of the as council.
He stated that function of the council was to provide oversight and support on the implementation of the National Financial Inclusion Strategy among others.
The eight member council led by David Myeni consists of Vice Chairperson, Dumisani Msibi, Bukhosi Dlamini, Kate Mamba, Sonia Paiva, Sithembile Mabuza, Sydney Simelane and Nomfanelo Kunene.
Rijkenberg said he believed that the council was well put together with everyone being specifically selected to ensure financial inclusion and to also develop businesses at grass root level.
He said his wish was for the council to empower people to do more that just open accounts but to have access to finance, run their businesses and generate income at grassroots level.
“I believe the council is very well structured and we have the right brains and skillsets so I would be happy if they can focus on that and drive that agenda,” said Rijkenberg
He added that a large part of the council’s work would be briefing government and the minister of finance to advice on areas of focus that would help unlock a whole lot more potential in the country.
“It is about finding where we have potential and unlocking that potential. That is really where we believe we having low hanging fruit in our economy,” added Rijkenberg
He stated that in 2010, the ministry established the Micro Finance Unit to implement the Rural Finance and Enterprise Development Programme (RFEDP), which was funded by International Fund for Agricultural Development (IFAD).
“When the implementation of the programme came to an end Cabinet approved the transforming of the MFU to the Centre for Financial Inclusion as a way of continuing with the implementation of the Financial Inclusion Agenda,” said Rijkenberg.
He stated that the core mandate of the centre was to coordinate and monitor the implementation the National Financial Inclusion Strategy (NFIS) for the Kingdom of Eswatini, which was launched in 2017.
“The NFIS indicates that a Financial Inclusion Coordination Council will be established to provide strategic guidance to the CFl on the implementation of the strategy,” said Rijkenberg.
He said it was with that background that the CFI Council was appointed and unveiled yesterday.
Rijkenberg added that the council was to play a supervisory role on the Financial Inclusion and Cluster Development Project and also the development of the Financial Inclusion Policy
“They will act as the advisory body to the CEO on the appropriate strategic objectives, approving any major adjustments to the level or structure of staff salaries and wages or other terms and conditions of service of its staff,” he said.
Rijkenberg further stated that the council would conduct quarterly meetings to monitor management in the implementation plans and strategies as approved.
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