MALAWI LAUNCHES NATIONAL FINANCIAL LITERACY AND CAPABILITY STRATEGY

A baseline survey conducted by RBM in 2014 revealed that only 17% of adults utilized formal financial services, while a significant 53% relied on informal options. This gap is largely attributed to a lack of understanding of formal financial products, reflected in a concerning financial literacy index of just 3.6%.

RBM Governor Wilson Banda emphasized that financial literacy extends beyond mere knowledge of products; it is about empowering individuals and communities to make informed financial decisions that enhance their livelihoods and support national economic growth.

Speaking at the launch of the National Financial Literacy and Capability Strategy 2024 to 2030 in Lilongwe, Banda outlined the strategy’s role in fostering collaboration among stakeholders to effectively deliver financial literacy programs nationwide.

Phillip Madinga, President of the Bankers Association of Malawi, echoed this sentiment, urging stakeholders in the banking sector to work together in implementing the new strategy.

He highlighted the importance of collective efforts in bolstering financial literacy, which is crucial for driving economic progress in the country.

As Malawi embarks on this ambitious strategy, the focus will be on empowering all citizens with the knowledge and tools necessary for making informed financial decisions, ultimately aiming for a more inclusive and economically stable future.