ESWATINI BANK’S E27 000 TO TOP SIX SAVING SCHOOLS
Eswatini MD Zakhele Lukhele and JA Executive Director Siboniso Madlopha pose for a group photo with the top 6 schools representatives

ESWATINI BANK’S E27 000 TO TOP SIX SAVING SCHOOLS

In the quest to upscale and inculcate the culture of saving among the youth of the country and ensuring that financial literacy is achieved at all costs, Eswatini Bank has awarded the top five schools who have the most number of students with Siyakhula Account to a sum of E26 990. This was through an initiative which the bank was
running in collaboration with Junior Achievemnet (JA), whereby all member schools of JA have been encouraged to open the Siyakhula Account, which was earmarked for children and young adults between the age of six years and 21 years. According to Eswatini Bank Managing Director Zakhele Lukhele, the rationale behind this account is
to inculcate the culture of saving in children at a very young age. “We believe that when a child is taught
personal finance skills at an early age, he or she is likely to enjoy financial independence,” said Lukhele.
He was speaking during the award ceremony for the top five schools in the bank’s auditorium recently. It was learnt during the event that over 1, 500 students have opened the Siyakhula Accounts and have started saving, thanks to Eswatini Bank’s initial sponsorship of 5000 piggy banks valued at E150 000, which enabled the students to start
putting away money, which is then deposited into the students’ personal Siyakhula Accounts at a later stage.
Making it to the top five was Nyetane and St Philips schools, who were locked at the first spot, with Doropeni
High coming second and St Theresa coming third. Mjingo High and Mbeka High school cam efourth and fifth respectively. Nyetane got the lion’s share as they walked away with a whopping E7 500, while St Philips took home E5 400. Mjingo got E2 700 and Mbeka got E2 250. Lukhele said this initiative had a significant impact in empowering the children on financial transactions, in particular how to use their debit cards when withdrawing cash from
an ATM and swiping at a retail outlet when buying goods and services. On the other hand, JA Executive Director Siboniso Madlopha said this was surely a financial inclusion in practice for young people. He said he was sure that the Centre for Finacial Inclusion and other regulators in the industry would be pleased with the practical efforts that had been made by the bank to implement the country’s financial inclusion strategy and ensure it reaches the youth. Madlopha assured that this year his organozation was aiming to at least get 3000 new students to open
Siyakhula Accounts.

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