On 28 April, AFI joined the Central Bank of Eswatini, the Ministry of Finance, the Financial Services Regulatory Authority, and other stakeholders for a National Fintech Strategy Workshop, initiating a consultation and engagement process that will serve to develop Eswatini’s first National FinTech Strategy. 

The two-day Stakeholder Workshop followed on from an AFI-supported national FinTech landscape assessment in 2023, which provided a comprehensive overview of the state of FinTech in Eswatini, covering market demand, supply-side dynamics, the regulatory framework, infrastructure readiness, and ecosystem enablers. 

“The potential benefits of a cohesive FinTech strategy are immense,” said Abner Dlamini, Director Fiscal and Monetary Affairs, in his remarks delivered on behalf of Vusi Dlamini, Principal Secretary, Ministry of Finance. “From empowering small and medium enterprises with easier access to capital to providing unbanked populations with essential financial services, we stand at a threshold that could lead to unprecedented economic empowerment.” 

“This marks a critical moment in our collective effort to modernise the financial sector, deepen financial inclusion, and enable innovation that is both impactful and sustainable,” said Dr. Phil Mnisi, Governor of the Central Bank of Eswatini, in his remarks delivered by Lungile Dlamini, Director Operations. “Today’s gathering reflects the strength of our shared commitment to advance digital financial transformation in a manner that is inclusive, contextually relevant, and forward-looking.” 

“From the vantage point of non-bank financial institutions, our vision for this national fintech strategy is one of inclusive growth and transformative efficiency,” said Financial Services Regulatory Authority CEO, Ncamiso Ntshalintshali,. “We see fintech as a powerful catalyst to broaden financial inclusion, deepen market participation, and enhance the overall resilience and dynamics of our financial ecosystem. 

“The development of dedicated FinTech strategies is an increasingly important trend and priority among AFI members,” said AFI Policy Manager, Adeyemi Omotoso. “These strategies not only position FinTech and innovative digital financial services at the heart of financial sector development but also empower broader ecosystem collaboration and development to advance financial, digital, and inclusive economic growth.” 

The work in Eswatini builds on the technical guidance provided through AFI’s Digital Financial Services Working Group’s Policy Framework for Developing a National FinTech Strategy.