By Dumisani Ngulube, contributor:
Stories of people stuck in debt, losing assets to money lenders or failing to clearly see the financial future are common.
Navigating the slippery economic terrain requires individuals, communities, organisations, and even countries to be intentional and forward-thinking in managing today to achieve a better tomorrow that is financially sound.
As Malawi continues to wrestle with economic instability and hazy financial future, players in the financial services sector continue to highlight the importance of financial literacy in promoting economic growth and development.
According to the 2023 Finscop Consumer Survey, 74 percent of Malawians have access to formal financial services, leaving a significant 26 percent vulnerable to exploitation and financial insecurity.
The report emphasises the need for financial education to equip Malawians with the skills and knowledge necessary to manage their finances effectively for today and tomorrow.
There is a need for enhanced financial education as the Reserve Bank of Malawi (RBM) has been advocating.
Players in the financial industry sector across Malawi are building and launching financial literacy programmes and campaigns aimed at promoting financial inclusion and economic empowerment.
One such initiative is the Financial Literacy Programme launched by the RBM in partnership with the Ministry of Finance. The programme aims to provide financial education to 500,000 Malawians by 2025.
Nico Group, a conglomerate with interests in insurance, banking, capital markets, pension, asset management, property management to mention a few.
Nico Holdings Group Head of Marketing and Customer Experience Lorraine Mlenga said the Nico Group remains committed to ensuring that all Malawians have financial knowledge and skills necessary to succeed in today’s economy.
“We are on a mission to educate Malawian households on financial matters this year; we are not leaving anyone behind”.
“By promoting financial literacy through the ‘Zikumveka Kumboyoko?’ campaign which we rolled out last year, we believe we will help the country to unlock economic potential and build a more prosperous future for all Malawians,” she said.
This comes as Malawi joins the rest of the world in commemorating global finance week.
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