The Reserve Bank of Malawi (RBM) has urged Malawians to save for the rainy day and contribution to national economic growth.
RBM consumer protection and financial literacy chief examiner Madalitso Chamba said this on Wednesday in Nkhata Bay District during a financial literacy community outreach meeting.
She said most families lack financial discipline; hence, priorities are upside down.
“Let us use our savings accounts to invest, but what is most important is financial discipline,” said Chamba, citing investment avenues such as Treasury bills (T-bills).
Nkhata Bay district agriculture development officer (Dado) Yaz Nyirenda applauded the central bank for sensitising Nkhata Bay district executive committee (DEC) members to financial literacy which he said has helped them to be knowledgeable.
“Most banks in Malawi take advantage of our ignorance to abuse customers when it comes to access to their products such as loans,” he said.
After the meeting, Nkhata Bay DEC members formed a financial literacy task force which is being chaired by the district commissioner Rodney Simwaka, deputised by the Dado.