Report financial complaints, RBM urges consumers
Reserve Bank of Malawi (RBM) principal examiner for consumer protection and financial literacy Madalitso Chamba has appealed to the public to report any financial consumer complaints.
She made the remarks when the central bank was addressing Njamba Secondary School students during the Global Money Week activities last week.
Chamba said every person with challenges, especially on financial matters should immediately report to RBM.
“Students and the general public that have financial consumers’ complaints should not delay but bring them to the attention of the bank and they will be helped accordingly. Each day, we do receive not less than 10 walk-in complaints and phone calls.
“When they come, we give them some time either three days or one week for us to respond to their queries properly. We are encouraging all those who have such complaints wherever they are to call us and we will respond to their problems. Our doors are open,” she said.
Chamba, however, described the Global Money Week as a success because a number of students showed interest in opening bank accounts through their parents.
She said the bank does not allow minors to open an account on their own but through their parents or legal guardians.
“During the week, we started with Ndirande Hill Secondary School where the students came to the bank, on Tuesday we went to Blantyre Girls Primary School. On Wednesday, the bank went to Malindi Secondary School in Zomba and then Thursday we were at Njamba Secondary school in Blantyre.
“In all these schools, we had positive response from the pupils. We had been sensitising them on budgeting, savings and how to open a savings account. It had been a successful week,” said Chamba.
A student at Njamba, Emmanuel Tsiga, described the Global Money Week as an eye- opener to the students, saying they had learnt why a minor cannot open an account.
“We have been encouraged to spend and save as well as budgeting for other eventualities so that we look wise in the future. We should budget before spending,” he said.
The Global Money Week ran from Monday to Friday.
