King hails SMVAF growth to E700 million, targets E1 billion

His Majesty King Mswati III has commended the Sincephetelo Motor Vehicle Accident Fund (SMVAF) for growing its financial position from E500 million last year to E700 million by year-end, and expressed optimism it could reach E1 billion by year-end.
The King attributed the growth to teamwork, hard work and sound management, while urging the Fund’s leadership to sustain the progress and ensure that its resources continued to serve emaSwati. Speaking during the Ingwenyama Cup presentation, His Majesty said the achievement reflected the collective efforts of the ministry, board, management and staff in strengthening the fund and ensuring that it fulfilled its mandate.
“I commend the Sincephetelo Motor Vehicle Accident Fund (SMVAF) for its impressive growth, from E500 million last year to E700 million even before the end of this year,” the King said. He said the progress demonstrated the value of cooperation and responsible stewardship, adding that continued commitment and prudent management could help the Fund grow further.
“With sustained commitment and prudent management, we look forward to further growth to E1 billion as the year draws to a close,” His Majesty said.
The King noted that SMVAF played an important role in national development, particularly through its assistance to road accident victims and its road safety initiatives. He encouraged those responsible for the fund to maintain the momentum and ensure that it remained financially sustainable and responsive to the needs of emaSwati. His Majesty also congratulated Chief Executive Officer Khangeziwe Mabuza and the entire SMVAF team, crediting their progress to unity, hard work and sound management.
The King singled out the contribution of women to economic development and organisational leadership, encouraging Mabuza to continue working closely with the Board, management and staff to advance the Fund’s mandate. “Women play a crucial role in growing our economy and leading organisations towards greater achievement,” he said.
He further urged other public enterprises and companies to learn from SMVAF’s example, particularly in fostering cooperation, accountability and responsible management.
On governance, His Majesty stressed the need to strengthen transparency and ensure that the money entrusted to the Fund was managed prudently. “The absence of reported cases of corruption or embezzlement is an important matter, and we must continue strengthening transparency and good governance,” he said.
The King said the Fund’s growth should be accompanied by sound financial management to increase its capacity to assist road accident victims and contribute to national development.
He emphasised that the resources managed by SMVAF should be protected and used responsibly to ensure the institution remains sustainable and continues fulfilling its obligations to the public.