Africa-Press – Lesotho. The Central Bank of Lesotho (CBL) Governor Dr. Retšelisitsoe Matlanyane, speaking at the closing event of the Lesotho Money Month campaign, highlighted the
importance of engaging with members of the public to deepen their knowledge and understanding on how they can use their money wisely and avoid financial loss
due to scams. Matlanyane said financial literacy clearly has a role to play in overcoming several barriers to financial inclusion. She added that it can improve levels of
financial capability and help the country overcome financial vulnerability caused by poor management of personal and national resources. She further said it can also help people to learn about technological innovations aimed at
reducing geographical barriers. However, education will not work in isolation and financial consumer protection and well-designed regulation, as well as
incentive mechanisms to encourage behavior change should all be considered equally important parts of the overall policy toolkit to improve financial inclusion.
“I would like to say that in a small country like ours, with an aspiring population, financial literacy is a responsibility of us all and we highly
recommend a multi stakeholder led approach to achieve financial wellbeing of all. Going forward, increasingly, educational institutions, industry bodies and
other stakeholders should come forward to shoulder the responsibility of increasing financial literacy through appropriate awareness campaigns. I humbly
invite all Basotho to be associated with our mission of nation building through creation of a financially empowered and active Basotho,” she said. Matlanyane
said campaigns such as Lesotho Money Month are intended to increase financial inclusion and access to credit in the country. These two financial inclusion and access
to credit have been identified as some of the key ingredients for achieving accelerated and sustainable economic transformation of the country. She said in order for financial
inclusion to be a reality, it is necessary to inculcate financial literacy to businesses and households so that that they are able to utilize financial
services in an effective and responsible manner. Businesses and households require support in order to understand what savings and investment, transfer, loan, and
other financial services are available to them, and how much they cost, how to access and use them effectively and responsibly. “I was much impressed by these numerous events that focused on
the 2021 theme ‘Take care of yourself, Take care of your money’ that engaged Basotho and imparted critical financial literacy skills that are necessary to
build financial confidence in them and in the process help us build resilient society and economy,” she said. The Governor emphasized that businesses and households need to be
made aware of the risks that continue to emerge in the financial services sector, so that they are able to recognize fraudulent schemes and avoid losing
their hard-earned money. She said there have been incidents where the public lost money, some life-time savings to fraudulent schemes with devastating
consequences and they do not wish to see a repeat of that. “It is through initiatives such as the Lesotho Money Month Campaign that the Government of Lesotho, in partnership with all the participating institutions, seeks to
achieve this ideal. ” Lesotho Money Month Campaign is an extension of the Global Money Week Campaign. “The Global Money Week Campaign is a global celebration with events and activities aimed at inspiring children,
youth and adults to learn about money, saving, creating livelihoods, gaining employment and becoming entrepreneurs. It is an annual celebration that takes
place during the week of March, and it is celebrated through a number of activities worldwide such as events, activities, projects, launches and competitions,” states the CBL on their website.
