CBE URGES FINTECH PARTICIPANTS TO UTILIZE LOAN SCHEMES
Central Bank of Eswatin Majozi Sithole

CBE URGES FINTECH PARTICIPANTS TO UTILIZE LOAN SCHEMES

The Central Bank of Eswatini (CBE) implores all 79 FinTech Challenge participants to take advantage of the small-scale enterprise credit and loans guarantee schemes, as set up by the Government, placed under CBE custody
within the Development Finance Division. The Development Finance Division can be of value to innovators as a source of funding and for consultation on pain points in the domestic facilitation of financial services for MSMEs as part of Government’s economic development objective and financial inclusion agenda. Speaking during the launch of the Fintech Award ceremony and launch of the FinTech Sandbox launch CBE Governor Majozi Sithole said the bank was committed to creating a regulatory environment that would enable the country to benefit from Fintech opportunities,
through attracting global investments and promoting financial inclusion, as mandated by the Minister for Finance
in the 2019 Budget Speech. The three-awarded start-ups are Digimage, Exedia Capital Management and E-world Technology Group. The Fintech Challenge was launched in August last year. The CBE, in partnership with the FSRA,
ESCCOM and RSTP launched the CBE FinTech Challenge as an initiative to stimulate financial sector innovations in
Eswatini. Applicants to the Challenge were tasked with identifying a problem in the financial services industry and propose or design a solution using technology, either existing or new, to solve it. The competition was open to individuals, teams of 1-5 and Eswatini registered start-ups. Twenty applications were shortlisted in the first
round of judgeship, with the 20 applicants or teams attending a boot camp training from the first to the 5th of October 2018. During the five-day training, applicants were taught on starting a business, innovation, data and regulation. After the training, the participants were given some time to refine their FinTech products and prepare business plans from which they were judged for the second round of judging which lead to the Top 10. The top 10 solutions were then announced in a cocktail event on October 31, 2018. The top 10 applicants were then given just over two-months to further refine their proposed solutions and develop prototypes.

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