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RBM, Ministry of Gender drill Community Development Officers on financial literacy

The Reserve Bank of Malawi (RBM) in collaboration with the German Agency for International Cooperation (GIZ) and the Ministry of Gender, Community Development and Social Welfare is training Community Development Officers from across the country on financial literacy.

In her opening remarks in Dowa, Clotilda Sawasawa, Deputy Director of Community Development in the ministry, emphasised the significance of the training.

“This training aligns perfectly with the country’s aspirations as outlined in Malawi 2063,” she said.

“By equipping extension staff who interact directly with the rural masses, we are optimistic that financial literacy will permeate even the most remote parts of the country,” added Sawasawa.

Sopani Gondwe, Director of Financial Sector Regulation Department at RBM, highlighted the essence of the training.

“A significant portion of Malawians, currently at 35 percent, lack the necessary information and capabilities to access and manage financial resources effectively,” Gondwe stated.

“This statistic underscores the necessity for all of us, especially key stakeholders, to propagate financial literacy throughout the nation,” he said.

Gondwe also mentioned RBM’s collaborative efforts with the ministry to bolster financial education,“One of our goals is to ensure that at least two financial literacy officers are available in each district to expand financial education within their respective districts,” he said.

Statistics show that 85 percent of the the country’s population resides in rural areas. The Institute of Bankers in Malawi also reports that only 25 percent of the adult population utilizes banking services, underscoring the necessity of such training initiatives.

 

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