Financial Literacy Week offering rare opportunities to Malawians
Several
Malawians who patronised activities for the week long messages on ‘Financial
Literacy’ have described the event as a very important moment to learn various financial
matters that people don’t understand much on.
Reserve
Bank of Malawi (RBM) organized a Financial Literacy Week which began on Monday
27th October to Friday 31st of October 2014 where several
activities including drama, traditional dances and road shows were done in
various towns and villages of Lilongwe. There was also a pavilion at Wullian
Super Market premise where people interested in various finance management issues
had an opportunity to visit any kiosk that offer financial service of their interest.
One
person who visited almost every kiosk, Moses Likagwa who owns Ndamo Auctioneers
and Estate Agents said with contentment that he has greatly benefited from the
week because he has learnt where to go whenever there is an issue between him
and any financial institution.
“They
have enlightened me where to go once I get the problems with financial
institutions” adding “Courts are a waste of time.” He said
“I
told them that I quitted many accounts in the banks because I fed up with the
banks, and in the mean time I do all the things in my house, and not under
banks because of their mismanagement of conditions, they would change them and
say go anywhere.” But he said now with the proper information on the importance
of making right choices before engaging with financial institutions, he will go
back and research all the banks with their conditions,
“This
week is important to me and to my family even to all Malawians. We have been
lacking these introductions of finance particularly on how to manage money and
this time I have understood that everything is good.” He cherished
A
woman who visited Capital Markets kiosk but declined to be revealed her name
told this reporter that the Financial Literacy Week has significantly helped
her in understanding how to buy Shares and Treasury Bills.
“I
have always wanted to buy shares and Treasury Bills, but I did not know where
to go, at one point I went straight to Reserve Bank to buy Treasury Bills but I
was told that they cannot transact with me I needed an agent, now I know where
to begin.” She said
“I
have also learned that I cannot deal directly with Malawi Stock Exchange (MSE) when
buying shares, am supposed to go through a licensed Stock Broker that is a
member of the exchange. Now I need to find and choose a Stock Broker who is the
investor’s link with the Stock Exchange and place my buy”
According
to Mr. Lanjesi Sinoya Reserve Bank of Malawi (RBM) Chief Examiner responsible
for Consumer Protection and Financial Literacy said with the interest shown by
the public during the week to know financial issues, demands financial institutions
to do more in sensitizing Malawians on financial matters.
“I
see the interest growing among Malawians to know about financial matters. And
it is a right for every Malawian to have financial literacy messages because while
I agree to the fact that our capacity to generate income is low, but Malawians do
generate income and what is probably lacking is how to wisely use that income.”
“And
that’s what we (RBM, through Financial Literacy Week) are trying to address,
advising Malawians on how best to use their money, through saving, coming up
with a budget and revealing some investments opportunities to Malawians in the
event that they have resources to invest.” Said Sinoya
Sinoya
confidently said “Malawi can develop in a short period of time if everyone is
educated on financial issues.” And urged Malawians to develop interest “to know
more on financial matters and put in practice of information” that financial institutions
particularly RBM is giving them.
The
first event of National Financial Literacy Week was done in Blantyre last year,
throughout the week financial institutions sensitize the public on the importance
of managing funds using financial institutions. They make awareness of the available
information, opportunities, and services they offer just to enable people have some
information before entering into contract with them.
Several Banks, Insurance
companies, Capital Markets, Micro and Micro Finance companies, SACCO and Pension
institutions took part in this year’s event which was commemorated under the
theme ‘Financial Literacy: Building a Financially Literate Nation’.
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