Financial Literacy Program Aims to Boost Business Skills in Likoma
The initiative is expected to change mindsets among those who previously lacked knowledge of financial management systems in the island district.
LIKOMA ISLAND, Malawi— A new financial literacy program is set to improve financial management skills among employees and micro, small, and medium-sized enterprises (MSMEs) in Likoma Island, writes Mercy Phiri.
The Reserve Bank of Malawi (RBM), in partnership with Financial Inclusion Entrepreneurship Scaling (FINES), has launched the initiative by recruiting financial literacy educators for the island district.
Yamikani Kampanda, one of the educators, said the three-month program covers business formalization, wealth creation, financial goal setting, budgeting, savings, investment, and debt and credit management.
"By the end, participants should be able to register their businesses, buy shares, and invest in banks and Savings and Credit Corporations," Kampanda said.
The program aims to protect wealth through digital financial services and educate participants about customer rights.
Koni Mandala, a participant, said the training has taught her about shares and insurance.
RBM is implementing similar programs in all 28 Malawian districts through the Ministry of Gender and Community Development, with funding from the World Bank.
The initiative is expected to change mindsets among those who previously lacked knowledge of financial management systems in the island district.