By Benjamin Maona, contributor:
Expectations are high that the financial literacy gap in the country will be narrowed following an initiative by one of the country’s high street banks, National Bank of Malawi, to engage 10 secondary schools with financial literacy messages.
The initiative was held in observing the savings awareness week championed by the Reserve Bank of Malawi (RBM) in partnership with the German Savings Bank Foundation (DSIK).
NBM engaged students and teachers from secondary schools including; Bwaila, Dowa, Henry Henderson Institute, Chiradzulu, Mangochi, Liwonde, Kaseye Girls, Mnjiri, Ngabu and Mwanza.
The bank’s Lilongwe Service Centre Manager, Maureen Gwembere said the initiative provided a chance for them to grow their brand and open new accounts for the students.
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“We used different methods to disseminate the message to the youth and students. We interacted not only with the students but also teachers and other staff members in the schools, where we made presentations on Personal Finance Management, Savings for a better tomorrow and how to manage ones’ finances.
“Apart from the presentations, we used different approaches including a knowledge quiz based on the presentations, dance competitions and prize presentations. The dance competitions were designed to leave a lasting impression on the students that saving and partnering with financial institutions on this journey is not always formal and boring but can be mixed with fun and showcasing of one’s social talents as part of young people’s lifestyle,” Gwembere.
Mwanza Secondary School Headteacher, Henry Saka, commended NBM, saying most students were not aware that they can own a bank account and save money.
“The impact of the visit was positive because most of the students were not aware of the significance of saving money. Even teachers benefited from the visit as, apart from having accounts with various banks, they didn’t understand the importance of saving money for the future. We are growing and definitely one day we will not be as active as we are, therefore the money we save now will save us during retirement,” Saka said.
