Manzini – FNB Eswatini has disbursed E250 million to support the growth of more than 1 000 small and medium enterprises through its latest automated scored lending approach.
The bank’s Head of SME Banking, Nombuso Mndzebele, revealed the figures during the FNB SME Seminar held at the Eswatini International Trade Fair on Friday. The event was attended by over 50 SME owners who received training on strategies to grow their businesses.
Mndzebele said the automated scored lending system uses behavioural data to determine lending facilities for clients. “Every business deserves the right tools to succeed. We have introduced automated scored lending, a solution that uses behavioural data to determine lending facilities for our clients. Through this solution, we have disbursed close to E250 million over the past two and a half years to our SME clients, and more than 1 000 SMEs have benefited. It is important that our customers experience us at the level they will be happy with,” she said.
FNB Eswatini’s Sales Manager, Dumsani Sikhosana, spoke about the bank’s Business Toolkit, which provides comprehensive support to address challenges faced by SMEs. “It is important to record all income and expenses, no matter how small. We encourage our SMEs to do this daily, weekly or monthly. In addition, we must separate our personal affairs from our businesses. As a business owner, set aside a standard salary that you will draw from your business,” he said.
Chief Risk Officer Gugu Matiwane cautioned business owners about rising scams that target entrepreneurs. “It is important for us as businesspeople to ensure our safety and avoid falling into scams. Some of the red flags to stay vigilant against include too good to be true deals. If an offer looks too good to be true, it is probably a scam. Another is urgency tactics where scammers push you to act fast before you’ve had time to think. Another one is unusual payment requests. Be wary of sellers asking for gift cards, cryptocurrency, or wire transfers. If you get scammed, cancel the card, report it immediately and contact your bank,” she said.
The Ministry of Commerce, Industry and Trade was represented by Philiswa Dlamini, who spoke about the Ministry’s new MSME Policy. She explained that the policy is built around five strategic pillars, namely Business Enabling Environment, Business Support, Human Capital Development, Finance, Markets and Value Chains, Entrepreneurial Culture, and Infrastructure and Technology. “I encourage you as entrepreneurs to join associations as it makes it easier for you to engage Government,” Dlamini said.
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