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By Siphesihle Dlamini
Eswatini is proving that there’s still a place for coins. At the forefront of this resurgence is the Kingdom’s innovative approach to addressing the perennial challenges of coin shortages, hoarding, and the labour-intensive process of counting coins.
As the 2024 Coin Conference unfolded in Lisbon, Eswatini’s pioneering solution-coin vending machines—has garnered significant international attention. The impetus for this initiative arose from the Bank of Eswatini’s recognition of the growing frustrations among retailers and consumers alike, stemming from coin scarcity and inefficiencies.
Coin hoarding, defined as the accumulation of large amounts of coins by individuals and businesses, has exacerbated the issue. This behavioral trend, coupled with the cumbersome task of manually counting coins, has had a ripple effect on commerce and daily transactions throughout the Kingdom.
The first coin vending machine was strategically piloted at Ruchi Wholesalers, a popular retail destination. The results were nothing short of remarkable. In just minutes, the machine efficiently counted vast quantities of coins, delivering a significant time-saving advantage for both retailers and customers.
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With the ability to streamline operations, the machine has become a game changer in how transactions are processed at the point of sale.
Speaking at the Coin Conference, Zodwa Nkambule, Deputy Director of Operations for Currency and Banking at the Central Bank of Eswatini (CBE), presented compelling data to attendees.
“Since the introduction of the coin vending machine at Ruchi Wholesalers, we’ve observed a remarkable increase in coin deposits across the board. To date, Ruchi and FNB Eswatini, which operates its coin vending machine, have collectively accumulated E25 million in coin deposits,” Nkambule reported with palpable pride.
The success of the pilot program has set the stage for a broader rollout of these machines. The Bank of Eswatini is now planning to deploy additional vending machines across the Kingdom, while commercial banks are also investing in their coin vending systems.
his collaborative effort is aimed at ensuring a robust supply of cash, particularly in a landscape where digital currencies are gaining prominence.
Internationally, Eswatini’s innovative solution has sparked interest and admiration.
xperts at the Coin Conference lauded the initiative as a proactive measure that not only addresses local challenges but also serves as a model for other nations grappling with similar issues. The Kingdom’s approach exemplifies how technology can be leveraged to enhance financial systems and improve the efficiency of everyday transactions.
Furthermore, the initiative aligns with broader financial inclusion goals. By making it easier for individuals and businesses to convert their coins into usable currency, the coin vending machines are expected to stimulate economic activity.
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his increased liquidity can lead to greater consumer spending, ultimately benefiting the overall economy.
As Eswatini continues to pave its path toward modernizing its financial systems, the Kingdom’s efforts in coin recirculation highlight the importance of adaptability in an ever-evolving economic landscape.
With the global spotlight now on its innovative practices, Eswatini stands at the cusp of a new era in coin management—one that could redefine how currency is utilized in the future.
