Africa-Press – Eswatini. In support of local business community, the FNB Eswatini has reported to have increased their local procurement spending to at least 85 per cent.
FNB Eswatini Chief Executive Officer (CEO) Dennis Mbingo said there was something that could be done to support the local business sector. “We had a conversation with some of our colleagues in the private sector on how we can increase our local procurement spend,” said Mbingo. Mbingo was speaking during the launch of the Entrepreneur of the Year Awards (EYA) 2024 on Wednesday. He said when they started this conversation as a bank, they were spending around 45 per cent of their procurement spending locally.
Spending
“Today, we are at around 85 per cent of local spending. It is a deliberate effort. In the next few years the plan is to spend more than 6 per cent of our budget locally,” he said. Last year, the bank reported to have localised more than E330 million in procurement spending through a ‘Buy Swati’ initiative. In the financial year 2022/23, the bank reported to have spent at least E195.5 million on non-technology procurement. This was a decline when compared to the one spent in the previous year which was E173.1 million.
The bank spent at least E181.8 million on Swati-sourced supply, which was an increase from the E151.8 million realised in the 2022 financial year.
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