As a unified response to disruptive technologies approaching the Eswatini financial landscape, the Central Bank of Eswatini (CBE), the Financial Services Regulatory Authority (FSRA), the Eswatini Communications Commission (ESCCOM), the Centre for Financial Inclusion (CFI) and the University of Eswatini (UNESWA) formed the EFWG to promote and co-ordinate greater engagement between regulators, innovators, financial service providers and policymakers about financial innovation - with the overall objective to deepen financial inclusion and improve productivity by reducing inefficiencies in the financial sector and subsequently drive economic growth. Partnership of the EFWG has been extended to the Eswatini Revenue Service (ERS) and Royal Science and Technology Park (RSTP).
Amongst other key objectives, the formulation of the EFWG seeks to harmonise understanding among regulators and policymakers on FinTech and develop a common approach to FinTech whilst gaining an understanding of risks, consumer protection concerns and regulatory challenges in order to come up with coordinated solutions. Central to the role of the EFWG is the need to bridge the skills gap by facilitating and developing grassroots innovation platforms that will nurture and connect financial innovators with challenges faced within the financial sector in the Kingdom.