Khangeziwe Mabuza is thinking big. Announced two months ago as the new Chief Executive Officer of the Sincephetelo Motor Vehicle Accident Fund (SMVAF), Mabuza has hit the ground running.
During an engagement with the Editors Forum on Thursday, where she was officially introduced to the media, Mabuza stated that, working with the MVA team, they are already discussing ways to ensure the Fund does not rely solely on the fuel levy. Without going into detail, as the ideas are still raw and have not yet been tabled before the Board, the CEO said the ideas are exciting and will make the Fund more innovative and sustainable.
She acknowledged that the institution faces mounting funding challenges, underscoring the importance of diversifying funding sources. “Funding is a major constraint we face, but we would like to reassure EmaSwati that we are exploring ways to improve the situation. In our internal discussions, we have noted that there is a lot that can be done to transform the Fund.” She stated that being the only entity in the country that is responsible for providing compensation to accident victims puts them in a precarious position, and they have no choice but to find more innovative ways.
Mabuza revealed that part of their turnaround strategy involves reducing costs. She said that with the Fund’s talented team, they believe they will find ways to reduce costs without resorting to retrenchments. The CEO concluded by stating that innovation is not only about generating more revenue but also about finding better ways of working and exposing the team to various opportunities. “Diversification in this sense also means strengthening the team, partnering with external organizations, and developing project proposals, among other options.”
Sam Mzileni, Corporate Executive, echoed the CEO’s remarks on diversity and sustainability, stating that they have come to realize that relying on the fuel levy is not practical going forward. He said they are benchmarking against similar international organizations to identify ways to be more financially innovative.