By TKay Nthebe
Poor money management and low financial literacy are among the biggest sources of stress for many households in Lesotho. To tackle this, the Central Bank of Lesotho (CBL) in collaboration with players within the financial services industry launched the Money Month Campaign 2023 (MML) in Butha Buthe on Thursday, 27 April 2023. Prior to the launch, I sat down with Ntate Ephraim Moremoholo, Chairperson of the National Financial Education Steering Committee (FESC) to unpack what Basotho can expect from the Money Month Campaign 2023.
TKay: For Basotho who do not know you, who is Ntate Moremoholo?
Ntate Moremoholo: I am the Chief Corporate Communications at the CBL and the Chairperson of FESC. This committee coordinates all financial literacy activities in Lesotho, comprising government ministries, development partners, the CBL as the secretariat of the committee, mobile money issuers, micro-finance, banks, insurance and asset management companies and pension funds.
TKay: Why is the Money Month Campaign important Basotho?
Ntate Moremoholo: FESC’s responsibility is to educate the public on financial matters. As a country, we also have a financial inclusion agenda, whereby the Government of Lesotho is committed to ensuring that every Mosotho understands and has knowledge of available products and services within the financial sector. The hope is that when people are informed and know about these financial products and services, every Mosotho will be able to use them. This is important because it is also part of the Global Financial Inclusion agenda.
TKay: Why does Lesotho have to celebrate the campaign for a month instead of a week?
Ntate Moremoholo: Lesotho is unique, with a mountainous terrain where some places are very remote and hard to reach. Based on our unique circumstances, the campaign is extended to a month instead of a week, so that we have enough time to reach and educate Basotho, especially those in remote areas. We have also adopted the same theme as the Global Money Week (GMW) 2023, ‘Plan your money, plant your future’.
TKay: What are some of the challenges facing Basotho?
Ntate Moremoholo: Some of the challenges facing Basotho are high levels of indebtedness, people living beyond their financial means, and not budgeting, saving or investing for the future. Furthermore, some Basotho do not aware of available products and services.
TKay: Which target groups does the campaign aim to reach?
Ntate Moremoholo: The GMW campaign focuses mainly on youth and children. What makes the MML different is that it does not only focus on youth and children but includes all stakeholders participating in the financial sector for example youth in business, people with disabilities, women’s associations, public servants, teachers and the business community.
TKay: What does the theme ‘Plan your money, plant your future’ mean to you?
Ntate Moremoholo: Translated to Sesotho, ‘Rala chelete ea hao, Roalla le sa sele’. For me, it is important to remember that it is never late to acquire financial literacy skills and knowledge about managing money. It is important to take responsibility for your finances and to make sound financial decisions.
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