SBS Bank Managing Director (MD) Mbali Sibanyoni revealed that they spent over E20 million for the conversion to SBS Bank Eswatini. She also said a few new positions would probably come through because of the offers they would have, that they did not have before.
This, she revealed during the entity’s engagement with the Editors Forum at the Mountain View Hotel yesterday.
| Eswatini Observer WhatsApp Channel
She was responding to Eswatini Observer Acting Managing Director (MD) Mbongeni Mbingo who had noted that the exercise was costly. He questioned how much investment was made and how much was spent towards the conversion.
Mbingo also questioned how many jobs would be created as part of the conversion and expansion by the time the new financial year is reached.
“Where are you on the investment aspect of it? How much have you needed to spend to get us to the promised land? And are you within the budget and how are you managing that aspect of it?” Mbingo asked.
Sibanyoni made an example of the small and medium enterprises (SMEs), stating that they previously did not focus on. She said these were some of the areas where some of the positions of employment would come from.
“Therefore, it is difficult for me to say how many positions, but our structure is in such a way that it was preparing us for this moment and we are focused on that right now. In terms of the budget, it is huge, but we are within the budget.
You will recall that we started in 2012. Each year we start with a budget and I can say that it is in excess of E20 million in terms of the whole thing because it has been a very long time.
With the consultants and all other things including several systems that we had to put in, it has been a huge amount, but I can assure you work has been budgeted well and we will deliver it in terms of what we wanted to achieve,” Sibanyoni stated.
Adding, she said they would not be spending more. She said when they move into the banking space, there are still some systems that they want to have.
The MD also revealed that they want to be part of the establishment payment switch. She said the Central Bank of Eswatini (CBE) would probably expand the amount because the establishment of payment switch because there would be things that require them to get a correspondent banking.
Eswatini Observer Press Reader | View Here
