The Ministry of Finance, in partnership with the Centre for Financial Inclusion (CFI) and the Ministry of Commerce, Industry and Trade, has officially launched the Blended FinScope Micro Small and Medium Enterprises (MSME) Survey Eswatini 2023. This survey is a follow-up to the initial FinScope MSME survey conducted in 2017.
According to Finance Permanent Secretary, Sizakele Dlamini, the newly launched survey aims to update the 2017 dataset while providing fresh insights that can be utilized by financial institutions, development partners, and policymakers. These insights will play a crucial role in developing tailored financial products, as well as designing effective development programs and policies specifically tailored for the MSME sector.
Dlamini stated, “The survey will build upon the 2017 findings to assess the progress made in ensuring that our MSMEs have access to and actively utilize financial services and products in their small enterprises. As a ministry, we are eagerly anticipating the outcomes of this significant national survey.”
The Ministry of Finance is currently in the process of developing a revised national financial inclusion strategy with new milestones and priority areas. Dlamini expressed her delight in announcing that MSMEs continue to be a key priority area in this new strategy. The findings of the survey will play a pivotal role in identifying suitable MSME financial inclusion interventions to be incorporated into the revised National Financial Inclusion Strategy.
Nomcebo Hadebe, CEO of the Centre for Financial Inclusion, highlighted the importance of financial inclusion for MSMEs, stating, “There is ample evidence that financially included MSMEs are better positioned to expand their small enterprises and grow them into larger businesses in the future. The small enterprise’s financial history and management of their business bank account become crucial factors when seeking credit from financial institutions.”
The launch of the Blended FinScope MSME Survey Eswatini 2023 underscores the commitment of the government and its partners to understanding the financial landscape of MSMEs in the country. By gathering comprehensive data and insights, policymakers and stakeholders can make informed decisions to foster a conducive environment for the growth and development of MSMEs in Eswatini.
The survey will be instrumental in identifying any gaps and challenges faced by MSMEs in accessing financial services. The ultimate goal is to create an enabling ecosystem that promotes financial inclusion, enhances access to credit, and supports the overall growth and sustainability of MSMEs.
The Ministry of Finance, the Centre for Financial Inclusion, and the Ministry of Commerce, Industry and Trade will work collaboratively to ensure the successful implementation of the survey. By leveraging the insights gained from the survey, they can collectively drive the formulation of strategies and policies that empower MSMEs, ultimately contributing to the overall economic development and prosperity of Eswatini.
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