Swaziland’s Ministry of Finance reportedly will present a National Credit Bill to “promote fair and non-discriminatory access to consumer credit and improve the standards of consumer information” and “curb unfair lending practices.” The regulation will also apply to “non-bank financial institutions such as capital markets, insurance companies, pension funds and cooperatives.”
The ministry also initiated a Rural Finance and Enterprise Development Program to develop microfinance in rural communities. About 35 percent of the rural population has bank accounts, while 38 percent obtain financial services from the informal sector. The program aims to incorporate rural residents into the formal financial sector and strengthen small and medium-sized businesses [1]. The scale of the budget or outreach of the program was not released.
By Brendan Millan, Research Associate
About the Ministry of Finance of Swaziland: The Ministry of Finance aims to promote macroeconomic stability in Swaziland through fiscal and financial policies that focus on economic growth and the welfare of its citizens. The ministry advises the government on fiscal issues, presents budgets to parliament and collects revenue.
Sources and Resources:
[1] The Swazi Observer: “National Credit Bill Underway” by Nomthandazo Nkambule. http://www.observer.org.sz/index.php?news=35675
MicroCapital.org Article, Janurary 24, 2012, “Merar Offers $3m Investment in Microfinance Project in Swaziland”, https://www.microcapital.org/microcapital-brief-merar-offers-3m-investment-in-microfinance-project-in-swaziland/
MicroCapital.org Article, July 23, 2008, “South African Microfinance Institution Blue Financial Services (BFS) Begins Operations in Swaziland” https://www.microcapital.org/microcapital-story-south-african-microfinance-institution-blue-financial-services-bfs-begins-operations-in-swaziland/
MicroCapital Universe Profile: The Ministry of Finance of Swaziland, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Ministry+of+Finance+of+Swaziland
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
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