The one plus one of finance matters

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Non–Bank financial institutions regulatory authority (NBFIRA) this week embarked on a seven-day financial literacy education week in Gaborone and in Francistown. As the nation grapples with all sorts of financially related social problems, the Consumer Watchdog front liner, Richard Harriman spoke to Mmegi correspondent, BOITSHEPO MAJUBE and highlights the importance of financial education that NBFIRA will be embarking on this week.

Business Week: Do you think NBFIRA Financial Literacy Week is going to benefit Batswana, if so explain in detail?

Harriman: Yes, I think it really will. I think the more financial education we get the better. As a nation we are very often naive in financial matters, often falling for scams and abuse by moneylenders, fraudsters and crooks who exploit our ignorance. Take the example of the Eurextrade Ponzi scheme that operated in Botswana up until last year. Countless people “invested” their money in that scheme believing they could earn fantastic rates of interest of nearly 3 percent per day. They lost fortunes, often losing everything they had. That was ignorance and naiveté and the only weapons we have against those failings is education.

Editor's Comment
Our digital safety is in our hands

That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...

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