….. Fund Now Worth E702 Million, Reports Acting COO
….. Deficit cut by 29% as Assets Hit E702M
BY MBONGENI NDLELA
MBABANE- The Sincephetelo Motor Vehicle Accident Fund (SMVAF) has entered the new financial period on a strong footing, with Acting Chief Operating Officer Tengetile Msibi unveiling some of the Fund’s highest-performing financial and operational results to date.
Her Quarter 2 update, delivered during the ongoing Business Review Forum, painted an encouraging picture of growth, efficiency, and strengthened public service.
At the heart of the Fund’s progress is a robust financial base supported by disciplined management.
The Acting Chief Financial Officer, Cindy Dludlu, confirmed that revenue reached E159.87 million, while total assets climbed to an impressive E702.93 million.
The Fund also succeeded in narrowing its annual deficit by 29%, now standing at E24.05 million, thanks to stringent cost-control measures. Reserves have grown by 11.6%, adding further stability to SMVAF’s long-term financial outlook.
Msibi highlighted how these solid financials directly translate into public impact. During the July–September period alone, the Fund settled E29 million in claims, providing essential support to road accident victims when they most needed it. She emphasized that the Fund is not only focused on payouts, but also on improving service delivery. Enhanced customer experience systems, such as the new Query Management System and upgraded call-centre split lines, are already making client interactions smoother and more responsive.
Road safety remains a core priority, with intensified accident-prevention programmes targeting high-risk areas, particularly the Hhohho region. This proactive approach reflects the Fund’s broader vision of reducing accidents while strengthening restorative support for victims.
The Business Review Forum also spotlighted strategic achievements shared by Corporate Executive Sam Mzileni, who applauded SMVAF employees for their commitment to the Fund’s mission. He noted that progress on major strategic projects is accelerating, driven by unity and collective effort.
In addition, the Complaints Committee, guided by Head of Legal Senzo Masuku, continues to uphold transparency and fairness in claims resolution. By offering claimants a dignified and accessible avenue for redress, the committee reinforces the Fund’s compassion-centred service philosophy.
As the Fund forges ahead with ongoing reforms, including asset optimisation plans and support for the new SMVAF Bill, its leadership remains confident. With solid financial performance and strong operational momentum, the Sincephetelo Motor Vehicle Accident Fund is positioning itself as a model of responsible stewardship and impactful public service.
(Courtesy Pics)
