Three University of Eswatini (UNESWA) students showcased their curiosity, problem solving and analytical minds in forecasting the headline inflation for September and October.
They championed the Eswatini Inflation Forecasting Challenge using big data and transformative technology as part of the IndabaX Hackathon.
The top three were Philile Mthethwa, Khayalethu Zwane and Brian Msane. They were awarded during a ceremony held at the Eswatini Revenue Authority (ERS) headquarters.
Central Bank of Eswatini (CBE) Governor Dr Phil Mnisi applauded their excellence and stated that they had proven to be ready to tackle future challenges. He said they demonstrated deep understanding of technology and the economic context that underpinned the challenge.
He said the challenge was designed to address a tangible question that matters to every household, business and policy maker in the country; where the inflation is headed.
He said the above question shaped the cost of food, price of fuel, affordability of education and the viability of businesses across the country.
Dr Mnisi described big data as solving real problems in ways that were unimaginable a decade ago. He said in the financial sector, it was used to detect fraudulent transactions in real time, access credit risk with greater accuracy, forecast macroeconomic indicators with precision that traditional models could not match and more.
The governor added that initiatives like the IndabaX and the hackathon were critical for learning, collaboration and for demonstrating that complex, real world problems could be tackled with the right combination of knowledge, tools and determination.
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“Banks and financial institutions worldwide leverage vast database to extract insights that drive better decisions and improve outcomes of their customers and economies. The work that has been done by the winners and participants in this hackathon matters because it reflects a broader transformation that is reshaping our world.
“Eswatini cannot afford to be left behind. We must equip our young people with the skills they need to participate in this economy. We must also foster a culture of innovation that encourages experimentation, rewards creativity and values problem solving,” he said.
Adding, he said the bank’s involvement in the hackathon reflected their strategic priority of building a financial sector that is innovative, resilient and inclusive.
The governor added that they took a proactive stance in empowering the youth as the future leaders.
He said their sponsorship and partnership was an investment in building skills, confidence and the ambition of young Emaswati who would drive the economy forward.
He said it was about demonstrating that CBE was not just about a regulator or a policymaker, but an active enabler of progress and innovation.
