Maseru – Financial Institutions will collaborate to impart skills to ensure that people spend money wisely by teaching them the importance of budgeting, saving and accountability.
This was stated by Central Bank of Lesotho CBL Second Deputy Governor Mrs. ‘Mathabo Makenete at an official launch of Money Month campaign in Maseru, with the global theme, “Learn, Save, Earn”, while the local theme is “I take control of my money. Do you?”
She added that the local theme calls for concerted efforts to learn about personal finances in order to make wise and responsible decisions, saying this means that individuals should learn and implement wise spending habits and refrain from poor lending.
Mrs. Makenete said they have learned that most Basotho have not been spending money wisely, and reports from the Credit Bureau show that loan commitments take 40 percent of their income, adding that through the campaign, they intend to reach out to women, public officers, farmers, Heads of Departments, School Principals, business community, trainers of herdboys, school children and general public.
On behalf of the Bankers Association of Lesotho, the Chairperson, Mr. Mopeli Mokhachane said their main priority is to teach Basotho the importance of saving, and this initiative will assist the nation to improve their lives by teaching them to avoid over-spending as well as taking loans beyond their means.
He added that their plan is to emphasise the importance of responsible lending by ensuring that after taking loans there is still some disposable money to take care of other needs, and they encourage financial inclusion in the activities to be held throughout this month so that every Mosotho knows how to wisely spend their income.
Money Week is an annual public awareness campaign designed to equip consumers with skills to manage their personal financial resources effectively, and based on the decision of stakeholders, the campaign has been changed from “Money Week” to “Money Month Campaign” for more coverage of topics and audience.
During the campaign with the main activities to be held in Mokhotlong, the public will be educated on among others, managing money, becoming wise consumers, and managing risks and emotions associated with money.