Better equipping personnel relevant for delivery of developmental mandate - Mr. Msibi: Page 7 of 9

  1. between large corporations and small & medium enterprises in order to enhance skills and technology transfers which will directly contribute to the sustainability of the small companies.  Furthermore such linkages tend to mitigate the incidence of credit risk and default.


  1. Low business acumen and ability to innovate as most entrepreneurs tend to do what is already being done by others (copy cat syndrome) leading to market saturation and very low chances of survival.


  1. Inability to separate business affairs from domestic affairs which often leads to failure of their enterprises.


  1. Poor record keeping; financial management and strategic management.


  1. Lack of access to long term funding for start-up businesses and for expansion of existing business.


  1. Low levels of value addition, manufacturing and beneficiation.


  1. High cost of doing business.


  1. I am mentioning all these problems because they will be directly relevant to your training course over the next five days.


  1. At this point please allow me to say a few words about the organization that I represent namely FINCORP. We are a Development Finance Institution owned by Swaziland Government and Tibiyo TakaNgwane holding 80% and 20% shareholding respectively. FINCORP is charged with the responsibility to provide access to credit for SMEs; create jobs; make a meaningful contribution to poverty alleviation  in Swaziland and lastly to facilitate access to business development support services.


  1. In 2016 FINCORP attained twenty (20) years of existence having first opened its doors to the public in April 1996 and looking back at the humble beginnings of a capital base of E44.0 Million back then, to the present total balance sheet of E1.1 Billion and the formation of two subsidiary companies FIRST FINANCE and FINSURE Insurance Brokers, we are quite pleased with what we have achieved but of course there is still great room for improvement. The most rewarding experience has been the realization of meaningful economic and social impact