Knowledge = money

Knowledge = money

Lemohang Rakotsoane

MASERU – STANDARD Lesotho Bank CEO Mpho Vumbukani last Thursday called for greater efforts to promote financial literacy and awareness.

Vumbukani was speaking at the launch of Money Week, a programme run by the Central Bank of Lesotho in collaboration with financial sector players.

The Money Week Campaign is an annual public awareness campaign which is designed to equip the public with necessary skills and techniques to better manage their financial resources.

Vumbukani said lack of knowledge is a threat towards efforts to have everyone participate in the economy as people would be in the dark about services or products available to them.

That often results in individuals engaging in illegal activities, he said.

Vumbukani said it is also important for the nation to appreciate the services offered by the financial sector as their appreciation will also help them make wise financial decisions.

Speaking at the same event, the CBL’s Deputy Governor Masilo Makhetha said “the 2016 Money Week Campaign will continue to educate the public on money matters such as management of income and expenses, saving and investing, management of financial risks, and avoidance of financial distress”.

“It is strongly believed that, by increasing financial literacy and inclusion, the general public will be in a better position to make prudent financial decisions for the betterment of their families and communities,” Makhetha said.

The theme for the 2016 Money Week Campaign is ‘Take Part. Save Smart!”

“Notably, this campaign, under the above-mentioned theme, comes at an opportune moment when criminals are out to defraud the public of their hard earned financial resources,” Makhetha said.

He said there are reported cases of attempts to deposit counterfeit currency into mobile money accounts at some agents’ stores and subsequently withdrawing good money from other agents’ stores.

“In case where this is successfully executed, agents do lose money,” he said.

He pleaded with the public to stop investing their money in Pyramid schemes as “the most common financial crime comes in the form of illegal investment schemes, which promise excessively high returns to attract unsuspecting investors and then defraud them of their savings”.

“Therefore, I would like to take this opportunity to, once again, warn members of the public that these activities are not only illegal, they are designed to deceive,” Makhetha said.

“Forewarned is forearmed, don’t fall victim.”

“It is against this background that, during this year’s campaign, we wish to reiterate our previous warnings to the public to “Safe and Invest Smart” by dealing with licensed financial institutions and avoiding investing in illegal entities such as Pyramid schemes and other money circulation schemes,” Makhetha said.

“We also urge all members of the public to “take part” and join hands with the financial industry on its journey to reform the financial sector in Lesotho, by strengthening their capacity to know and access a range of quality services provided by licensed financial services providers.”

There will be several events taking place including school debates, roundtable discussions and expos as part of the Money Week celebration.

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