Reserve Bank of Malawi (RBM) will from today host the third National Financial Literacy Week in Mzuzu following a series implemented in Blantyre and Lilongwe in 2013 and 2014 respectively.
The Financial Literacy Week activities will be held at Mzuzu Shoprite car park and Minister of Finance, Economic Planning and Development Goodall Gondwe is expected to officially open the event.
Speaking at a press briefing in Mzuzu on Friday RBM director of micro-finance and capital markets supervision Hastings Mzoma said during this year’s financial literacy week, the central bank and financial service providers in the country will inform and educate people on effective personal finance management and general financial awareness.
Mzoma said the campaign commissioned in December 2013 is bearing fruit as the bank is now handling more consumer complaints than before adding that the numbers of the unbanked is declining.
He said: “RBM in collaboration with financial service providers will undertake efforts to inform and educate people of all walks of life on effective personal and household finance management in addition to promoting and increasing awareness of financial products and services among the public.
“It is envisaged that the increase in financial awareness will enhance uptake of financial services and products and, ultimately, achieve the broader goal of financial inclusion.”
RBM consumer protection and financial literacy chief examiner LanjesSinoya urged the public to consulting their financial advisers on financial issues whenever they have a problem.
He said the bank has produced brochures in Chichewa and Chitumbuka to reach to the masses with financial information.
Sinoya appealed to the media to grow interest in financial matters and disseminate financial information year round and not only during the financial literacy week.
Said Sinoya: “RBM has also rolled out financial education in the secondary school curriculum in an effort to reach to a wider audience.”
The week will be implemented with funding from the World Bank through the Financial Sector and Technical Assistance Project (FSTAP) in collaboration with stakeholders under the theme Budgeting and Saving: Foundation to Financial Freedom.