BancABC launches financial literacy campaign
Staff Writer | Thursday March 9, 2017 15:20
The programme was launched at a recent workshop that was attended by customers and relevant stakeholders including the media.
Attendees of the workshop were welcomed by the acting managing director of BancABC, Thembi Segage, who highlighted the bank’s role in heeding to the World Bank’s concerns of addressing the growth of household credit, which remains high, and its impact on financial stability and consumer welfare.
“According to the World Bank, as financial products and delivery channels become more complex, the need for effective consumer protection rises,” Segage said.
BancABC’s financial literacy training coordinator, Tootsie Sigwele, for her part, spoke of the components of the training programme.
“At the end of this programme, you will; understand what financial literacy is, identify the importance of being financially literate, know how to budget and the importance of budgeting, understand the three important pillars of creating wealth and the importance of protecting your assets,” Sigwele said.
Invited guests were challenged to exercises that implored them to assess themselves and introspect with the aim of revolutionising the way they deal with the money they make.
In line with the bank’s mantra: “Adapt, Innovate, Overcome,” the financial literacy programme is aimed at equipping people with the set of skills and knowledge that allow them to make informed and effective decisions with all of their financial resources, with emphasis being on the importance of savings and investments.
According to the bank, this is in order to manage risks, avoid excessive debt and possible financial inclusion.
“The Global Survey on Consumer Protection and Financial Literacy found that access to basic financial services is a fundamental element of inclusive economic systems and contributes to poverty reduction,” Segage said.
BancABC, part of Atlas Mara, is a Pan African bank whose foundation is based upon a people-centred approach.