Speech delivered at the Central Bank of Eswatini, 19 May 2025

‘Reaching the Last Mile’ is at the very heart of our mission at the Alliance for Financial Inclusion. It is also fundamental to achieving inclusive and sustainable development.

Today, we gather as a community of leaders, policymakers, regulators, and industry pioneers – all united by a common purpose: to ensure that every individual, every entrepreneur, every community in Eswatini can access, and can meaningfully use, financial services which can transform their lives and livelihoods.

Eswatini has made commendable strides in financial inclusion, thanks to the commitment of the Central Bank, government, private sector and other stakeholders. The revealed that the financial inclusion rate had reached 87%, largely driven by the success of mobile money services. This is significant progress.

There has been a proactive approach to fostering innovation, through initiatives such as the establishment of the FinTech Unit at the Central Bank in 2018, the launch of the FinTech regulatory sandbox, and the formation of the Eswatini FinTech Working Group.

However, as the recently released reveals, and as the FinTech Landscape Report also highlights, the journey to reach that “last mile” and deepen the usage of financial services is ongoing. It will require renewed vigor and innovative, data-driven approaches.

The MSME survey is particularly revealing:

Yet the data sources also illuminate the challenges we must collectively address:

These numbers and findings are not just statistics; they represent untapped potential, dreams deferred, and missed opportunities for growth, which will remain unrealized until we can reach the last mile.

In this respect, I want to highlight the critical role that the financial industry, including Banks, MFIs, and burgeoning Fintech companies, can play.

The FinScope MSME survey found that 90% of MSME owners funded their start-ups using personal savings, or support from family and friends. This gap can be filled with appropriate products informed by appropriate data.

To enhance FinTech and financial innovation in Eswatini, and to foster a vibrant ecosystem that can effectively serve the last mile, we need robust data. In this regard, I have six recommendations, based on observations from across the global AFI network.

These actions can significantly enhance the FinTech ecosystem through:

No single institution, no single sector, can achieve comprehensive financial inclusion alone. Fostering collaboration is therefore critical. We need a concerted, collaborative effort involving all stakeholders. The FinTech Landscape Report highlights that the Eswatini FinTech Working Group collaborative efforts are a positive step, but it also suggests expanding this collaboration to include actors from ICT, digital entrepreneurship, start-up communities, consumers, and market actors.

This collaboration can be:

AFI itself is a testament to the power of collaboration and Eswatini is actively embracing this spirit. I can only encourage you further.

In order to reach the last mile, we must be intentional in empowering everyone through accessible and relevant FinTech solutions. I want to say a few words about some critically important groups.

Distinguished guests, reaching the last mile through a vibrantm data-driven FinTech ecosystem will take hard work, but it will be worth it. It opens the door to a more equitable, innovative, and prosperous Eswatini.

Getting there will require vision, commitment, innovation, and above all, collaboration. The financial industry, supported by enabling policies, better data management, and a spirit of partnership, will be at the heart of this activity.

The Eswatini FinTech Landscape Report points the way forward. It calls on us to:

Let us leave this symposium with renewed determination and concrete strategies to:

• Forge strong, actionable partnerships across the entire ecosystem.

Together, we can ensure that the financial system and the burgeoning FinTech landscape in Eswatini serve everyone.

AFI is proud to count the Central Bank of Eswatini, the Ministry of Finance, and the Financial Services Regulatory Authority as valued members of our global network. We stand ready to support you, as you continue to champion financial inclusion and develop your FinTech ecosystem.