MANZINI – His Majesty King Mswati III has said that King Sobhuza II was probably smiling down at the Eswatini National Provident Fund (ENPF), which 50 years ago he started with an E100 000 seed-funding which has now become a E6.8 billion-worth institution.
“Today we have been reminded of the history and the impact that King Sobhuza II did in 1974,” the king said to the ENPF well-wishers at the Mavuso Trade and Exhibition Centre on Friday night.
“I have no doubt that King Sobhuza II is with us here today, beaming with a great smile in appreciation of what he observes here today. When King Sobhuza forged this great vision, he saw the desperation and the suffering of many workers who would work and retire without a thing. This vision was forged in a way to enable Emaswati to retire with dignity,” His Majesty said.
The king said it was visible that the E100 000 seed has blossomed into billions.
Recapping, the ENPF Chief Executive Officer, Futhi Tembe, said the fund was fortunate to have had visionary CEO. She said the leadership traits show that it has not only been to serve at the pleasure of King Sobhuza II’s launched fund, but such was carried through at the wisdom of His Majesty King Mswati III.
Tembe said in 2007, His Majesty gave ENPF a directive, challenging them to invest in their members, grow the fund and pursue impact, not just returns.
“At that time, Your Majesty, the Fund’s total assets were just E1.1 billion, with local investments constituting only 29 percent. Angisho siloskhulu kutsi sabuyela emuva ehhovisini, ngekuholwa nguMtfwanenkhosi Lonkhokhela, (We returned to the office under the leasdership of Prince Lonkhokhela) who was then CEO, under the direction of the Board, we revisited our strategies and aligned ourselves to your visionary guidance. Today, Your Majesty, I’m proud to say that the Fund’s total assets have grown to E6.8 billion,” Tembe said.
The king said that ENPF has contributed in enhancing the lives of many Emaswati who after retirement can maintain their lifestyle, also adding that the fund should make it its responsibility to take care of every Liswati’s welfare.
The king every Liswati must get a reward for their service in their jobs. He appreciated that ENPF designed new strategies other than relying only on contributions from employees and employers in order to grow the fund.
“They have done a great job. The leaders have stirred and nurtured this organisation to the level that it is here today. Planning for investments and utilising collections and contributions of members is not an easy task,” the king said.
The king also said all financial institutions have got to put in their weight in pushing national growth.
His Majesty said it was commended that ENPF substantially invested locally other than outside which he said does not only show compliance to the investment policies but also contributes to economic growth.
The king also shared that in his Seville, Spain, visit to attend the 4th International Conference on Financing for Development, the gathering appreciated the level of Eswatini growth.
“The summit resolved that countries of the world need over $4 trillion, annually, to be able to meet their obligation and to grow their economies. When this money has been availed, Eswatini must not remain behind. Eswatini must ensure that we have positioned ourselves well so that we tap into these funds,” he said.
His Majesty said that the E6.8 billion should not be assumed to be enough but ENPF must continuously grow.
The king said that other sister organisations in other countries talk of over hundreds of billions turnover which he said before ENPF turns 100, it should have reached such a peak.
His Majesty said it was his wish that no Liswati should live in poverty.
“Going forward, ENPF should not be a once-off but converted into a pension fund. We understand that strategies are needed to get there. We must include social welfare into the plan,” His Majesty said.
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