Digital transformation has been declared a “non-negotiable” priority for Savings and Credit Cooperatives (SACCOs) in Eswatini, as the sector faces increasing pressure to modernise, improve efficiency, and remain competitive in a rapidly evolving financial landscape.
This strong message emerged during the 7th SACCO Indaba held at the Esibayeni Lodge yesterday, where government and industry leaders urged cooperatives to urgently adopt secure and innovative technologies to enhance service delivery.
Delivering the keynote address, the Minister of Commerce, Industry and Trade, Manqoba Khumalo, said the future of financial services is being shaped by technology, making digital adoption critical for the survival and growth of SACCOs.
“SACCOs must embrace digital transformation to enhance service delivery, improve efficiency, and expand access to members,” said Khumalo. “Digital platforms such as mobile services, online loan applications, and electronic payment systems can significantly improve member experience and convenience.”
While emphasising the benefits of digital innovation, the Minister cautioned that technological advancement must go hand-in-hand with robust cybersecurity, data protection, and system reliability to safeguard member information and maintain trust.
“As SACCOs adopt technology, they must prioritise cybersecurity and risk management. Protecting member data and ensuring system integrity is essential in building confidence in digital platforms,” he said.
Meanwhile, the Eswatini Association of Savings and Credit Co-operatives (ESASCCO) Board Chairperson, Khaya Mavuso, noted that the financial environment is changing rapidly, leaving SACCOs with no option but to innovate and modernise their operations. He stressed that digital transformation is no longer optional, but a strategic necessity for institutions seeking to remain relevant.
“We are living in a rapidly evolving financial environment where digital transformation is no longer optional. SACCOs must innovate, adopt secure technology, and modernise service delivery,” he said.
Beyond technology, both speakers highlighted that digital transformation must be supported by strong governance frameworks and regulatory compliance to ensure sustainability. The integration of digital systems, they noted, should align with existing financial regulations and risk management practices.