Maseru – The business community should work with other financial institutions to ensure that every Mosotho is financially literate in order to make sound financial decisions.
The Director of Corporate Affairs at the Central Bank Lesotho CBL Mr. Napo Rantsane said this when officially opening the Business Forum in Maseru, saying most Basotho are over-indebted due to poor financial decisions.
Mr. Rantsane added that the Money Month Campaign is intended to assist the nation to make proper decisions, saying over the past year, the CBL implemented some reforms to improve the financial status through introduction of among others, Maseru Security Market, and they also continue to make significant strides in the Mobile Money Arena as they manage to compete with other developing countries in this sector.
In his presentation, the Credit Compliance Trainee Consultant Advocate Craig Sassman said most people have a lot of debts due to lack of financial discipline, saying however, there is good and bad credit.
Advocate Sassman said good credit is when one takes a loan to buy an asset, while bad credit is for consumable items or pleasure, and advised people to use credit as the last resort, adding that they should save monthly, create a cash reserve and cut out non-essentials among others.
The Money Week Campaign, which has been changed to Money Month Campaign, is an annual public awareness campaign designed to equip consumers with skills to effectively manage their personal financial resources.