Literacy levels impress Reserve Bank of Malawi

The Reserve Bank of Malawi (RBM) has commended efforts geared at boosting financial literacy levels in the country observing that many people are now able to access banking services.

Malawi’s financial inclusion figure is now pegged at 54 percent from 45 percent in 2008 owing to a 14 percent jump in the number of Malawians having access to banks.

RBM Consumer Protection and Financial Literacy Examiner Madalitso Chamba said many Malawians have received civic education on products and services offered in the financial sector.

She was speaking on Wednesday on the sidelines of a financial awareness campaign held at Blantyre Girls primary school as part of the commemoration of the global financial literacy week.

“There is an increase in the number of people expressing interest to use the services,” she said.

She, however, lamented on slow pace by most commercial banks to open branches in the rural areas.

Chamba said the central bank would continue to advocate efforts to promote personal finance management and savings culture among specific target groups as well as generating a general awareness of services and products offered by a wide range of financial institutions.