Reserve Bank intensifies financial inclusion drive

By Blessings Kang’ombe Contributor:

The Reserve Bank of Malawi (RBM) has said economic transformation could be achieved if the citizenry are literate on financial matters.

This comes as RBM is engaging Malawians on financial literacy through the Rural Community Financial Literacy Programme.

The programme is aimed at addressing concerns of low access and usage of financial services among Malawians.

Speaking in Ntcheu District on Thursday, RBM Chief Examiner for Consumer Protection and Financial Literacy, Madalitso Chamba, said RBM wants to create and promote awareness on finance among citizens and institution.

“Malawians lack understanding of the principles of personal and household finance management like saving, budgeting and investing.” Chamba said.

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Chamba said the Central Bank targets to reach 54 percent of the population with financial services and products by 2020.

Currently, only 34 percent of Malawians have access to the services.

Ntcheu District Council Director of Administration, Hastings Mlambuzi, said financial literacy is paramount in reducing power imbalance between users and providers of financial services.

Through the community financial literacy programme, RBM has reached out to communities in 18 districts of the country.