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RBM in door to door financial literacy campaign

Reserve Bank of Malawi (RBM) has embarked on a campaign of teaching communities in Mzuzu and surrounding areas financial literacy matters.

In an interview yesterday at RBM’s clinic in Mzuzu, the central bank’s consumer protection and financial literacy chief examiner, Lanjes Sinoya, said the bank is receiving an overwhelming response from the public.

He has rated the past four days of the campaign as a huge success.

“If we were just depending on this clinic, we would not have reached out to a wider audience,” said Sinoya.

He said the campaign has been an eye-opener to the general public because many had no knowledge regarding savings and investment.

Sinoya: The campaign has been a success
Sinoya: The campaign has been a success

The central bank official, however, lamented the absence of many financial institutions in the Northern Region.

RBM director of micro-finance and capital markets supervision, Hastings Mzoma, said the campaign, which was commissioned in December 2013, is bearing fruits as the bank is now handling more complaints than before.

Mzoma said the 2015 scope survey results showed that the banked adult population has increased from 19 percent in 2008 to 34 percent and general financial services have moved from 45 percent to 55 percent. n

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