BY DELISA THWALA
MBABANE – Billions of people do not have access to the financial products and services that can help build businesses, pay for health and education expenses, and more.
It is for this reason that Minister of Finance Neal Rijkenberg has appointed a Center for Financial Inclusion Coordination Council.
The Council is led by Sincephetelo MVA Fund CEO David Myeni. Other members are: Dumisani Msibi, Nomfanelo Kunene, Bukhosi Dlamini, Kate Mamba, Sydney Simelane, Sonia Paiva, Nomcebo Hadebe and Sithembile Mabuza.
Financial exclusion refers to individuals and populations without access to common financial services. These can include savings accounts, loans, cashless transactions, credit, and other traditional banking services.
Among other things, the Council is expected to provide oversight and support on the implementation of the National Financial Inclusion Strategy and ensure that the Centre complies with all relevant laws, regulations and codes of business practice to ensure that effective audit, risk management and compliance systems are in place.
It is also expected to review policies, processes and procedures regularly to ensure effectiveness of internal system controls as well as make recommendations on how the Government can have more influence and deliver better on the financial inclusion mandate.
Neal said, in this situation Financial inclusion would mean businesses and individuals. “ This means that individuals and businesses have access to useful and affordable financial products and services that meet their needs, transactions, payments, savings, credit and insurance delivered in a responsible and sustainable way,” said Neal.
