(MaraviPost iReport): In an effort to completely eradicate financial illiteracy in the country, the Reserve Bank of Malawi (RBM) is developing a National financial literacy strategy which will be brought into effect soon.

This was revealed Thursday, 19 May, during a media workshop on financial literacy at Reserve Bank headquarters in Lilongwe.

Speaking during his presentation, director of microfinance and capital markets supervisor, Hastings Mzoma said the financial literacy strategy which is at its final stage will help in increasing the knowledge of people on financial issues.

“No country can develop, if the majority of its citizens are financially ignorant, what that means is, they can’t budget on how to spend money, they can’t think of investing and nevertheless they cannot keep money at the bank and also usually they are subjected to abuse when they visit financial institutions” He said.

Mzoma said, currently most Malawians lack knowledge on their rights especially on how to deal with financial institutions when their rights are violated.

He said these trends discourage people from accessing financial institutions as they feel not fit to access such infrastructures.

“Most Malawians are not empowered when it comes to financial issues, that’s why RBM has decide to engage the media in sensitizing and disseminating information on financial literacy” He said

According to Mzoma, the reserve bank has already mainstreamed financial literacy in primary and secondary schools curriculum which will start next year as a way of reducing the figure of financial illiterate people which currently stands at 43%.

According to a survey conducted by the Malawi government with support from the British government Department for International Development (DFID), only 45% of the total population can access financial institutions such as banks in the country.

The workshop was aimed at training media practitioners on how they can incorporate financial literacy messages in their day to day programming.