Eswatini Launches e-KYC System to Boost Financial Inclusion
Eswatini is set to bolster its financial sector with a new national electronic Know Your Customer (e-KYC) system. Deputy Governor Felicia Dlamini-Kunene recently inaugurated a high-level stakeholder meeting to discuss its rollout, bringing together commercial banks, regulators, financial service providers, and government ministries.
The e-KYC platform aims to simplify identity verification for banking services, enabling secure access to government programs and social security benefits. This move is expected to expand financial inclusion, making formal financial services more accessible to Eswatini's unbanked population.
Looking ahead, Eswatini is exploring the possibility of a cross-border registry with the Southern African Development Community (SADC). This could lead to a more integrated payments infrastructure, boosting financial efficiency and security across the region. The e-KYC system itself is designed to enhance national security by aiding law enforcement and regulators in identifying and investigating financial crimes.
The e-KYC system, developed by the Central Bank of Eswatini, is poised to transform the country's financial landscape. By streamlining identity verification and potentially facilitating cross-border transactions, it promises to expand financial inclusion, improve security, and foster regional integration.
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