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Financial illiteracy level bothers NGO

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Save the Children, an international humanitarian organisation for children, has said financial illiteracy remains one of the factors frustrating efforts of women economic empowerment.

Save the Children Country Director Kim Koch made the observation on Tuesday at Manyamula Trading Centre in Mzimba when Financial Access for Rural Markets, Smallholders and Enterprises (Farmse) disbursed K571, 465,195 to ultra-poor graduation beneficiaries.

With funding from the International Fund for Agricultural Development, Farmse is providing seed capital to ultra-poor households in selected districts of the country.

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The project is aimed at contributing towards poverty eradication, improving livelihoods and enhancing resilience of rural households on a sustainable basis.

In the district, Save the Children is supporting 2, 220 families, which are receiving seed money under the Pathways for Successful Transition (Past) project.

Koch said lack of basic skills and access to capital were some of the barriers that contribute to the perpetuation of poverty in the country.

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“We also know that our mindset is often the greatest obstacle to achieving our potential. The Past project will look at these drivers of poverty, investing in mindset change and ensuring that families have capabilities to step out of poverty,” she said.

Traditional Authority Kampingo Sibande was optimistic that the project would help towards poverty alleviation.

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