By Inside Biz
First Finance Company, a subsidiary company wholly owned by FINCORP, had given out loans worth up to E940 million to assist Emaswati to meet their financial needs by the end of the 2022 financial year.
The latest figures, however, suggest that as of now the portfolio has crossed the E1.0 Billion mark.
First Finance was established by FINCORP in 2010 to provide a wide range of general-purpose financial services across the country to different segments of society.
According to the FINCORP 2022 annual report, First Finance’s gross loan portfolio increased to E940.1 million.
The company has three branches in Mbabane, Manzini, and Nhlangano. The Manzini branch disbursed the highest number of loans worth E471.9 million, Mbabane came second with E355.1 million, and Nhlangano with E112.9 million.
The company achieved decent financial sustainability posting decent profitability levels.
“Notwithstanding the operational and environmental challenges that were experienced during the period being impact related to COVID-19, the portfolio grew significantly. The board, management, and staff continued to push and exhibit resilience toward achieving greater heights under the circumstances,” reads the report in part.
The company’s clients include salaried employees of government, parastatals, and selected private companies.
“The 2018-2022 strategic plan came to an end in the 2022 financial year, and management and the board immediately embarked on the formulation of a new Strategic Business Plan covering 2022-2027 to be largely focusing on automation of processes and improved portfolio quality,” said General Manager, Thulani Dlamini.