29 September 2020
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Monday, 25 February 2019 07:56

RBM asks Malawians to have a saving culture

Written by  Aliko Munde
Chamba of RBM Chamba of RBM

Nkhata Bay, February 25, 2019: Reserve Bank of Malawi (RBM) has asked Malawians to invest their savings if their families are to develop economically.


RBM Consumer Protection and Financial Literacy Chief Examiner, Madalitso Chamba made the call on Wednesday in Nkhatabay district during Financial Literacy Community Outreach meeting.


She noted that most Malawian families lack financial discipline hence priorities are upside down.


“Let's use our savings account to invest the money. But most importantly is financial discipline. Most families want to go to lake to enjoy and eat expensive food at the expense of kuzipepesa which is wrong,” Chamba said.


She said that families have to persevere if they are to develop financially.


“The problem with Malawians is that we don't want to grab opportunities which come to our doorstep like investing in treasury bills. Foreigners rush to invest in the same and get rich while we are still at the same financial status,” she added.


Nkhatabay District Agriculture Development Officer (DADO), Yaz Nyirenda applauded the Central Bank for sensitizing Nkhatabay DEC members on financial literacy which he said has helped them to be knowledgeable on financial issues.


“Most banks in Malawi take advantage of our ignorance to abuse us customers when it comes to access their products like loans,” he said.


After the meeting, Nkhatabay DEC formed financial literacy task force which is being chaired by the District Commissioner Rodney Simwaka, deputised by the DADO.


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