RBM dates clergy on financial literacy

Reserve Bank of Malawi (RBM) has advised the clergy to follow principles of financial literacy as one way of attaining financial stability.

The central bank made thesentiments during a workshop with the clergy in Blantyre where they discussed anumber of issues such as how to attain financial stability.

During the discussions, the clergy was urged to prioritise budgeting, observe savings, make investments and engage in responsible borrowing as these are some of the key principles of financial management.

In his presentation, a motivational speaker, Esau Banda, said religious leaders need to prioritise practising financial literacy as they will be good examples to their flock.

“The work of God cannot be done without finances. Anything you want to do these days requires resources so money is needed to support the expansion of the work of God. Therefore, it is important that they are taken through such financial literacy,” said Banda after the presentation.

RBM director of financial sector regulation George Chioza said the central bank engaged members of the clergy as part of their ongoing efforts to reach out to communities with messages of financial literacy.

“In 2014, a survey was done which showed 17 percent of Malawians have access to financial services. In 2017, a follow up survey was done which showed the number at about 30 percent. So, we can observe that there is still a gap and these religious leaders will help in making sure people are aware,” he said.

On his part, one of the participants, Sheikh Dinala Chabulika, described the workshop as an eye-opener as issues of money are critical.