— ENPF CEO Shares Experience at Africa Pensions Summit
CASABLANCA, MOROCCO – Converting provident funds into pension funds is gaining traction among African pension experts as one of the most viable solutions to extend social security coverage to more people, including informal sector workers.
This view formed a central part of the dialogue during the 6th Annual Africa Pension Funds and Retirement Summit 2025, held from May 13–16 in Casablanca, Morocco. Futhi Tembe, Chief Executive Officer of the Eswatini National Provident Fund (ENPF), attended the Summit as one of the key invited speakers. The summit was attended by CEOs, CIOs, fund managers, regulators, and thought leaders from across the African continent. Tembe is described by the organisers of the summit as part of a curated exceptional speaker lineup to provide actionable insights and drive meaningful dialogue.
This Summit programme focused on key areas for advancing Africa’s pension funds, including accelerating reform for local growth, navigating geopolitical uncertainties, addressing governance issues in defined contribution plans, reorienting asset allocation amid inflation and reassessing fixed income.
Tembe added valuable insights to this continental conversation during a panel discussion on May 15, where she presented Eswatini’s journey toward expanding social protection for informal workers. She shared that the Government has approved, in principle that the national provident fund be converted to a pension fund. She said that would represent a critical step toward achieving inclusive retirement security, especially as about 59% of the labour force operates in the informal sector. Also joining the panel was Regis Rugemanshuro, Chief Executive Officer, Rwanda Social Security Board, who also shared Rwanda’s experiences. This session aimed to address a significant policy and operational challenge faced by many African nations: extending funded pension funds to workers in the informal sector. Informality was highlighted as a defining characteristic of employment across the continent and presents structural obstacles to inclusive social security systems. By reviewing practical case studies from Eswatini and Rwanda, this panel intended to provide insights and actionable recommendations.
Tembe’s presentation shed light on proposed pension reform in Eswatini. Despite a population of 1.2 million and a labour force of around 400 000, only a small percentage less than 5% of informal sector workers are covered by any form of voluntary retirement savings scheme. The rest remain outside the formal social protection net, relying on national programmes.
In contrast, she noted that the proposed pension fund would enable monthly income at retirement, shifting away from the current lump sum system provided by the national provident fund to formal workers. The new structure is also expected to make participation compulsory for informal workers, introducing a formal safety net to a historically excluded group.
“A pension-based model ensures dignity in retirement and promotes intergenerational financial stability,” Tembe said.
ENPF’s Shares Inclusive Digital Approach with Africa
ENPF has once again shared its best practices in digital social security products at a continental stage. The ENPF CEO shared that Eswatini’s strategy in social security is not only policy-driven but also backed by a series of technological innovations and flexible contribution models. She informed the gathering that ENPF has put in place strategies to ensure increased participation to the Voluntary contribution that cater to irregular income patterns typical of informal workers. She also informed them of the ENPF mobile application which allows for self-registration, contribution tracking, and payments — reducing dependence on formal banking infrastructure. Furthermore Mobile money integration and automated reminders was introduced to encourage consistent saving behaviour. “We continue to reach out to workers through countrywide service centres and community partnerships, including outreach through local gatherings,” she said. Tembe noted that these features were designed specifically to remove barriers to entry and simplify access to retirement saving tools.
“We are not using a top-down design but rather user-friendly platforms built around the needs of the informal worker,” she added.
She emphasized that this is about the future of our people. “Immediate pay outs are tempting, but they do not provide security in later life,” Tembe explained.
To build trust and address concerns, the ENPF has adopted a transparent approach, including annual stakeholder forums, regular investment performance updates, and member education campaigns.
Regional Pensions and Cross-Border Lessons
Tembe’s remarks also resonated with other African countries facing similar structural challenges. She highlighted that regional cooperation through platforms like SADC and the Southern African Social Security Association (ISSA)could play a pivotal role in improving data sharing, portability of benefits, and regulatory harmonization across borders.
Eswatini’s plans align with international frameworks, including the ILO Convention 102, Article 22 of the Universal Declaration of Human Rights, and the Sustainable Development Goals (SDGs) — particularly Goal 1 (No Poverty) and Goal 8 (Decent Work and Economic Growth).
It was noted by other African experts that the planned transformation also supports Eswatini’s national development objectives to ensure social protection for all, especially the most vulnerable groups such as informal workers, domestic workers, and rural entrepreneurs.
