Malawi Microfinance Network says people need to adopt a saving culture if they are to improve their families’ well-being.
The network’s executive director Duncan Phulusa said the lack of financial management skills has resulted in a scenario where few individuals save and invest money to transform their families.
During the launch of National Financial Literacy Programme at Karonga Boma on Thursday, it was observed that only 39 percent of Malawians are conversant with good financial management skills.
He said: “We as Microfinance Network together with Reserve Bank have been conducting a survey since 2008 and we have found that only 39 percent of Malawians are able to plan how to spend their finances. During this sensitisation therefore, we want to enlighten communities to adopt a saving culture with the little finances they get to ensure they invest and develop their families.”
Reserve Bank of Malawi chief examiner for consumer protection and financial literacy Madalitso Chamba said the central bank is championing the programme to ensure people have good information to manage their finances properly.
She advised people to save their finances with available institutions.
Chanba said apart from enlightening the people to save, people have the right to know how financial institutions operate so that they are able to query in case they are not satisfied with the services offered. n