Central Bank developing financial literacy strategy

By Ntombi Mhlongo

A National Financial Literacy Strategy is currently being developed by the Government of Eswatini in collaboration with the Central Bank (CBE), the Financial Services Regulatory Authority (FSRA), and other relevant stakeholders.

The stakeholders include those in the private sector. This was communicated by the CBE which highlighted that the strategy seeks to pioneer a comprehensive, sustainable, and effective range of financial literacy programmes in the country.

The CBE mentioned that the roll-out of the strategy will benefit individuals, financial service providers, and the Kingdom of Eswatini at large. The benefits to individuals will include helping them manage their finances well plus ensuring that more people are included in the financial cluster.

Another benefit articulated by the CBE is that the roll-out will ensure that consumers can compare financial products before buying them.

“There will be a larger market to compete in. Consumers will be better informed about available financial products,” the CBE highlighted.

Meanwhile, for the Kingdom of Eswatini as a whole, the benefits will include improved financial inclusion as more consumers use financial products.

It will also ensure the alleviation of poverty through increased financial literacy.