BOZ governor urges youths to develop a habit of saving

BOZ governor urges youths to develop a habit of saving

Lusaka, February 5 ZANIS—Bank of Zambia Governor Michael Gondwe has urged young people to develop a habit of saving as a means of wealth creation and economic development.

Dr. Gondwe said there is need to promote a culture of saving among citizens particularly in young citizens who are still in schools.

He was speaking when he officially launched the Coin-a-thon competition for school going children which is aimed at promoting a culture of saving and the usage of coins among citizens.

Dr. Gondwe noted that the competition will help mop up the dormant coins back to the bank at the end of the competition saying a number of coins are just lying in cars, office drawers and in homes.

He said the Bank of Zambia in collaboration with other financial institutions support the competition as a mark of the efforts being brought together to ensure Zambians learn more about the importance of savings and how it can better their lives.

The governor has also affirmed that the central bank will remain vigilant against exploitative financial service providers and that it will not hesitate to censure and apply the requisite sanctions against them.

And Ministry of Education Permanent Secretary Chishimba Nkosha stated that Zambia is expected to achieve the 2030 vision of becoming a prosperous middle income nation following the incorporation of financial education in the school curriculum.

Mr. Nkosha stated that financial literacy is relevant to all segments of the country’s population.

He noted that planning to achieve financial goals should be a lifetime endeavour adding that people require appropriate financial literacy competencies to make decisions to address key financial challenges faced at various stages of life.

The Coin-a-thon competition which has been organized by the Financial Sector Development Plan will be conducted in all schools and will run for four weeks.