The one plus one of finance matters :: Mmegi Online

NonBank 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.