Of the E116.5 million spent on procurement, 98% of the total spend was on Eswatini businesses in line with the bank’s ‘Buy Swati’ initiative.
FNB Eswatini’s preferential procurement strategy through the ‘Buy Swati’ program saw E114 17 0000 million paid to Eswatini in its June 2024 financial year, making up 98% per cent of operational procurement spend.
This is an ultimate increase from the E277 million they spent last year, which was 80 per cent of their procurement spend.
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As part of its shared value creation intent, the bank has over the years prioritized Eswatini suppliers to help support local economic growth and job creation.
According to the bank’s annual report to society 2022, the single biggest spending was E60 million paid to contractors for its new head office at Ezulwini and this E250 million project targeted at least two-thirds of the final spending to go to Swati companies.
In his commentary, FNB Eswatini Chief Executive Officer (CEO), Dennis Mbingo mentioned that this remained an important part of their shared value creation strategy, but it was harder to achieve than when the program was first rolled out.
“We have had some success with localization, but I am still of the view that it could be better, especially where local prices can be better managed, even with the costs of logistics built in.
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We even have the quality of local workmanship for basic business needs to improve due to this focus,” he said.
Mbingo said the bank had taken a special interest in two areas which were activities that could help unlock opportunities for young people to sustain themselves and broad-based actions that could help fight the scourge of gender-based violence.
