Swaziland's retail and commercial bank SwaziBank has partnered with electronics payments company, MasterCard, to become that country's first locally-owned bank to be licensed by MasterCard.
Swazibank announced that MasterCard branded debit cards would be issued to about 80,000 of its business and private customers.
According to a statement SwaziBank customers would be able to use their cards locally at ATMs and at merchants equipped with SwaziBank point of sale (POS) terminals.
"Swazi citizens need access to financial services that help them manage their income for daily essentials, save for future needs and protect themselves against unforeseen risks. There is a huge portfolio of micro and small enterprises that also need access to diverse financial services,” said Zakhele Lukhele, managing director of SwaziBank.
Lukhele added, “Meeting this demand through our collaboration with MasterCard will contribute to stimulating economic growth in the country at a time when Swaziland is actively developing its financial inclusion strategy.”
It was further revealed that cardholders would also be able to enjoy access to over 36.9 million MasterCard acceptance locations globally.
Charlton Goredema, vice president and area business head, southern Africa at MasterCard explained, “As SwaziBank enables its customers to benefit from MasterCard’s global payments network, we are assisting Swaziland to integrate its economy with those elsewhere in the world. Importantly, we are also contributing to the financial freedom of individuals.
“By reducing the dependence on and usage of cash, MasterCard and SwaziBank will advance the adoption of formal banking products, which ultimately drives financial inclusion,” says Goredema.
According to the Finmark Trust about 44% of Swaziland’s adults are formally banked.
Lukhele concluded, “Our government has recognised that increasing access to credit facilities, electronic payments, and formal savings, insurance and retirement products will significantly advance our social and economic development goals.”
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