Ezulwini – FNB Eswatini has launched a new investment product called Retirees Savings, created to provide senior citizens with a secure way to manage lump-sum pension payouts.
The product was officially unveiled on Tuesday at the Happy Valley Hotel. FNB Eswatini Executive Head of Retail Dr. Mncedzi Ngomane stated that the bank developed this solution to address the financial vulnerability retirees face when transitioning out of the workforce. The account converts a lump sum into a predictable monthly income, allowing retirees to maintain their dignity and financial independence.
Head of Transact and Liabilities Nosizwe Sigwane outlined the technical specifications of the account, which requires a minimum investment of E10,000. The funds are locked for a three-year period, during which the capital is 100% protected. The account offers an annual interest rate of 7.75% paid monthly, while the original capital is returned in full at the end of the term.
The bank noted that this launch comes at a time when many Emaswati have lost their savings to unfaithful investment companies that failed to deliver promised returns. By providing a regulated alternative, FNB Eswatini provides senior citizens with the peace of mind that their lifetime savings are safe and managed by a trusted institution.
Dr. Ngomane explained that retirement is a transition that requires structure and support. He noted that the bank is prepared to visit various workplaces to engage employees who are approaching retirement about how to turn their savings into a reliable income stream.
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