By Silindzelwe Nxumalo
Since its inception, the Eswatini Development Finance Corporation (FINCORP) has created 15 000 jobs and contributed E1.5 billion to the country’s Gross Domestic Product (GDP).
This was revealed by FINCORP Manager Business Development Support Manqoba Mazibuko during the Financial Wellness Seminar hosted by MTN Eswatini at Mountain View Hotel on Tuesday.
Mazibuko mentioned that FINCORP was established in November 1995 and started operations on April 1, 1996, under the mission to empower Eswatini citizens through the provision of meaningful access to credit, job creation, and poverty alleviation.
He stated that through the financing of businesses they had been able to provide financing for businesses in different sectors such as agriculture, general business, transport, and microloans. Mazibuko mentioned that their main objectives included financing and promoting the development of enterprises owned by emaSwati, supporting the expansion of loan financing to SMEs, creating jobs and alleviating poverty, and supporting the provision of business advisory services, training, monitoring, technical transfers and development of other products and services for SME’s.
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He also stated that they had different loan products which were only approved once they had gone through the loan processes. “These products include start-up capital or working capital, asset lease finance, invoice or order finance, line of credit, contract finance or long-term contract, and commercial property development,” he said.
He further shared that FINCORP was a leading provider of financial services in Eswatini.
He mentioned that they offered a wide range of products and services to meet the needs of all emaSwati, regardless of their income level or social status.
“FINCORP is committed to providing accessible financial services to all, and it has a nationwide network of branches and agents to make it easy for people to access its services,” he said.