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Thursday, June 13, 2024

RBM, Ministry of Gender in financial inclusion drive

Dr. Sopani Gondwe (M) – many people lack basic financial knowledge

Misheck Kauma

Reserve Bank of Malawi (RBM) is working in partnership with Ministry of Gender to empower communities in financial inclusion to achieve 2063 agenda.

During the opening ceremony of a 5-day Financial Educators Training on National Financial Literacy, in Mponera, Director of Community Development in the Ministry of Gender, Clotilda Sawasawa said the ministry is educating people to understand financial concepts and empower them to make good financial decisions.

“This training is in line with 2063 agenda to capacitate the extension staff with knowledge in the first place and use the knowledge to train others in issues of financial literacy which includes budgeting, savings, investment and on how to run business with the whole aim of reducing poverty at community level.” Said Sawasawa

Dr. Sopani Gondwe, RBM Director of Financial Sector Regulation said many people lack basic financial knowledge which leads to poor financial decisions, limited access to credit, and inefficiencies in resources allocation.

He said RBM wants to educate 20,000 households both medium and small macro finance enterprises, including 5000 farmers and 5000 youth in the first phase.

The participants for the training includes officers from the Ministry of Gender, industry association, insurance association, bankers association, and micro finance network.

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