By Delisa Thwala
The 18th edition of the Entrepreneur of the Year Awards (EYA) has bounced back with bigger prize packages and new additions.
A staggering E 1.7 million has been put forward by sponsors which will go towards the award ceremony prizes.
This took place during the launch of the Entrepreneur of the Year Awards (EYA) that took place on Wednesday at the Royal Villas Hotel in Ezulwini.
First National Bank Eswatini announced on Wednesday that they have doubled the sponsorship for the 18th edition of the awards to E1.6 million plus a car worth E 500 000 for the overall winner.
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FNB Eswatini Chief Executive Officer (CEO) Dennis Mbingo said they had been supporting the program for a decade now, having started as a category sponsor before becoming the title sponsor.
He further announced the new additions that Regional winners will now walk away with cash prizes unlike before when they were awarded certificates and trophies.
Meanwhile, Minister of Commerce, industry, and Trade Manqoba Khumalo sent a special to the title sponsor, FNB. He said their steadfast commitment to this cause has been nothing short of remarkable.
“FNB has invested millions into this competition, a testament to their unwavering dedication to the growth and development of MSMEs and the economic prosperity of Eswatini.
Your continued support not only fuels the dreams of our entrepreneurs but also plays a pivotal role in driving the economic development of our nation,” he said.
The Minister further thanked other sponsors FINCORP, Old Mutual Eswatini, Eswatini National Provident Fund, and Eswatini National Petroleum Company for their invaluable financial support.
Meanwhile Mbing mentioned that the collaborative program had stood the test of time, and had even grown under the leadership of the minister, despite the forced gap during the most difficult years of the pandemic.
“Today, we are committing E1.6 million, it is very easy as a corporation to work with an active Ministry like Commerce. We are committed to making this work in collaboration with other sponsors,” said Mbingo.
He said that this was in no small part due to the not-so-subtle urging of major stakeholders, who were not present, who had pushed all the sponsors to demonstrate a lot more ambition in supporting small businesses.
Mbingo said as a member of the banking sector they recognize that when small and large businesses did well, everyone else got lifted.
“We also know that when the business sector coughs, banks are expected, by regulation and international practice, to take medication through impairment charges or what is commonly known as provisions for credit losses.
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That is why we are invested in initiatives that encourage and recognize business excellence. We are simply helping to water the fields we also glean from,” emphasized the CEO.
He further acknowledged the visible efforts of the minister of commerce industry and trade in encouraging business and trying hard to resolve the employment question.
“That is the leadership we seek. May I also pay respects to our predecessors from all these sponsors who had the foresight for such a brilliant initiative, and to the government which had remained vocal in promoting business growth,” Mbingo stated.
He acknowledged the different umbrella bodies for businesses in Eswatini, in particular, Business Eswatini and the Federation of Eswatini Business Community and others for their role in helping businesses connect and grow.
“I hope they will at some point in this journey, be partners to EYA and help promote businesses that are successful in this program,” he concluded.
Khumalo, on the other hand, said the promotion of entrepreneurship served to be a catalyst for economic growth by creating employment, reducing poverty, and generally improving the livelihoods of the citizens of the Kingdom of Eswatini.
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The Entrepreneur of the Year Awards (EYA) 2023 winner who wailed in front of His Majesty last confessed to the awards putting him on the map.
Thamsanqa Mdluli said the awards also showcased that in the local market, there is high growth in entrepreneurs.
“The awards helped my business grow and we never had to brand ever again because we’re instantly known worldwide. We have also established more branches thanks to EYA,” he said.
He further urged all emaSwati to support the local entrepreneurs in both the goods and services sector.
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“Let us become conscious consumers and buy locally produced goods. When shopping, make it a habit to always reach for the locally produced goods as that is how we will grow our businesses and the economy at large,” said Mdluli.
Meanwhile, Small Enterprises Development Company (SEDCO) CEO Khethiwe Mhlanga said the 17th edition of the EYA came with a lot of growth in the space of Micro, Small and Medium Enterprises (MSME) development and Small Enterprises Development Company (SEDCO) continued to be committed to entrepreneurship development.
“We appreciate His Majesty’s Government for the support that they have given us in our endeavor to promote entrepreneurship throughout the Kingdom of Eswatini,” said the CEO.
Mhlanga acknowledged all partners who worked closely with SEDCO as they developed the capabilities of MSMEs.