Financial inclusion as a critical cog for development (Part 2)
Saturday, June 29, 2024 | 120 Views |
Sharing knowledge: Mambure
It is generally acceptable by authorities and scholars that financial literacy, financial innovation, consumer protection and the architecture of the financial system are the among the key levers that drive financial inclusion. These four drivers are briefly discussed in this instalment.
It is important that we understand the meaning of the term financial literacy. The Organisation for Economic Co-operation and Development (OECD) defines financial literacy as “a combination of awareness, knowledge, skill, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing”. It is clear that financial literacy goes beyond understanding the financial terms but rather deals with attitudes and how to behave in a financially responsible manner as well.
That should concern every Motswana. The implications extend far beyond cattle and farmers. Botswana’s beef industry is a critical pillar of the economy, supporting thousands of households and sustaining businesses along the value chain.The loss of access to lucrative export markets has already demonstrated how quickly an animal-health crisis can become an economic crisis.This is, therefore, not the time for complacency, blame, or political...