FINCORP sustains 15 000 jobs
By Delisa Magagula
The Eswatini Development Finance Corporation (FINCORP) has sustained more than 15 000 jobs in the past 15 years through its financing initiatives, Group Managing Director Dumisani Msibi has announced.
Speaking during the launch of the third Junior Achievement (JA) Business Shower at the Mavuso Trade Centre in Manzini, Msibi said the corporation remained committed to empowering entrepreneurs and building communities through access to finance and training.
He revealed that FINCORP had injected E300 000 into this year’s business shower, bringing the total investment into JA programmes to about E1 million. Over the past two years alone, the company invested E600 000 into the same initiative.
“These resources are not just numbers. They are transforming lives, uplifting families, and empowering communities across the Kingdom,” he said.
According to Msibi, the impact of FINCORP’s work could be seen in the growth of enterprises and jobs created.
He disclosed that about E1.5 billion is currently circulating in the hands of Emaswati entrepreneurs supported by FINCORP’s products and services.
“This is capital that is developing individuals economically and ensuring that their families and communities’ benefit,” he noted.
Msibi further highlighted the findings of the 2023 Blended FinScope MSME Survey, which showed that Eswatini is home to approximately 70 000 enterprises employing over 90 000 people and contributing nearly 50 percent of the country’s gross domestic product (GDP).
He said the statistics demonstrated the central role played by micro, small and medium enterprises (MSMEs) in the national economy.
He pointed out that the MSME Policy 2024–2029 had acknowledged FINCORP’s contribution in addressing financing barriers, especially for micro and rural enterprises.
“Young people are the heartbeat of our nation, yet too often, they face one of the greatest barriers to entrepreneurship and access to finance due to lack of collateral,” he stated.
To address this challenge, Msibi explained that FINCORP had signed an agreement with the Centre for Financial Inclusion (CFI) to provide additional support for young entrepreneurs.
The agreement covers 20 per cent per borrower and supports loans of up to E250 000 for youth between the ages of 18 and 35. Beneficiaries include those already running, or willing to start, farm and non-farm enterprises in selected cluster locations.
“Finance alone is not enough, and we believe that this initiative is more than just a program, but a Launchpad for young entrepreneurs,” he said.
In addition, he said, mentorship to take their first bold steps into business with confidence. E50 000 will go directly to support the top five winning businesses with E10 000 seed capital each to help them launch their new ventures.”
Msibi also said the Citizen Economic Empowerment Act and the Business One Stop Shop (BOSS) had set the stage for MSMEs, especially youth-led businesses, to enter the market with fewer barriers, greater support and more confidence.
“The future of Eswatini’s economy cannot be reinvigorated by a few large companies here and there, but by thousands of existing and future entrepreneurs including those gathered here today,” he added.
He reassured young entrepreneurs that FINCORP remained committed to expanding partnerships, innovating services and walking alongside them.
“When you succeed, communities prosper; when you thrive, the nation thrives,” he said.
Meanwhile, the Minister of Commerce, Industry and Trade, Manqoba Khumalo, described the JA Business Shower as instrumental in enhancing MSME growth and encouraging investment.
He commended Junior Achievement Eswatini for creating opportunities for young people to participate in meaningful economic activity during the Eswatini International Trade Fair (EITF).
Khumalo said youth empowerment remained a government priority, stressing that platforms such as the trade fair offered traders the opportunity to promote themselves in the local market.
“The EITF serves as an excellent platform for traders to introduce or promote themselves, complemented by various value-adding activities such as business seminars that run throughout the duration of the show,” he said.
The minister assured young entrepreneurs that government support would continue.
“Government shall continue to support JA Eswatini through an annual subvention of E500 000 for promoting youth MSMEs and cooperatives in schools and out of school,” Khumalo said.
He explained that the Ministry of Economic Planning and Development had worked closely with his ministry to ensure financial support for programmes such as JA financial literacy and entrepreneurship, as well as cooperatives development.
He further encouraged young people to make use of existing support mechanisms.
These include the Youth Enterprise Revolving Fund (YERF), Informal Traders Revolving Fund, Regional Development Fund (RDF), the E45 million MSME Revolving Fund,
Women Micro Finance Revolving Fund, Eswatini Agricultural Development Fund (EADF), Small Scale Enterprise Loan Guarantee Scheme (SSELGS) and the Export Credit Guarantee Scheme (ECGS).
Meanwhile, JA Eswatini Executive Director Phetsile Masilela said the annual government subvention had enabled the organisation to implement financial literacy and entrepreneurship training for both in-school and out-of-school youth.
She noted that the support came at a time when JA Eswatini was affected by the termination of USAID grants to the country.
Looking ahead, Masilela said JA would host a Business Masterclass facilitated by different stakeholders. She revealed that 35 applications had been received from young entrepreneurs seeking to pitch their businesses for seed capital support through the business shower.
Out of these, 10 business plans were shortlisted, with five set to receive funding as determined by judges.
She emphasised that the business shower had grown into a platform where youth could not only access financial support but also gain mentorship and skills that would allow them to grow sustainable enterprises.
With 15 000 jobs sustained over the past decade and a half, and billions of Emalangeni circulating among small businesses, FINCORP’s role as a key driver of economic empowerment was underlined during the ceremony.
As the business shower progresses alongside the trade fair, organisers expressed hope that more young people would seize the opportunity to position themselves as the next generation of business leaders.
