The Reserve Bank of Malawi (RBM) on Monday launched Global Money Week at Bangwe Secondary School in Blantyre, aiming to equip students with essential financial literacy skills.
The initiative, which is an international event being implemented across Malawi, targets students nationwide through financial education programmes designed to instil money management skills in them from an early age.
Speaking during the launch, RBM Chief Examiner for Consumer Protection and Financial Literacy Madalitso Chamba said the country has made significant progress in promoting financial literacy among young people over the past decade.
However, she was quick to indicate that despite the progress, much work remains to be done, with only about 50 percent of Malawians being financially literate.
“In terms of financial literacy for children and youths, we can say we are now on track because as a country we have a number of initiatives that have been implemented targeting school children and children out of school.
“We still have a long way to go. We need to develop more strategies to improve this situation,” Chamba said.
MacCollins Petro, a form 4 student at Bangwe Secondary School, expressed enthusiasm about applying the financial literacy lessons to his daily life.
Global Money Week, activities will continue throughout the week with various financial institutions conducting outreach programs in schools across the country.
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