Lesotho: Central Bank of Lesotho (CBL) Urges for Money Management

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The Central Bank of Lesotho (CBL) has urged the public, particularly young people to consider and adopt prudent financial practices such as budgeting and saving money for future use.

This was discussed during the Money Month Campaign Report where CBL shed light on the successes of the campaign under the theme; ‘Plan Your Money, Plant Your Future’.

Speaking at the event, the CBL Governor, Dr Maluke Letete said the campaign aimed to boost financial awareness and education across the nation.

He commended the remarkable efforts of the committee behind the campaign, notably that the initiative extended its reach to remote areas, delivering vital financial education to communities that often go overlooked.

Dr Letete highlighted that individuals residing in these remote places possess immense potential to generate income, particularly through their agricultural ventures.

He stressed the need for an ongoing commitment to financial education, asserting that understanding money management is a skill that should be continuously nurtured by everyone.

He emphasized that the mastery of financial knowledge should not be a one-time event, but a lifelong pursuit that empowers individuals to make informed decisions about their finances.

Similarly, the Chairperson of the Financial Education Steering Committee (FESC), Mr. Ephraim Moremoholo said the purpose of the Money Month Campaign was to equip the public with the necessary skills to manage their finances effectively.

He added that the main focus was on media, learners, youth, people with disabilities, youth in business, women’s associations and street vendors.

“The campaign prioritized providing financial education to high school and primary school students as well as youth, recognizing that the younger generation is better poised to grasp and navigate the details of managing money effectively,” he added.

He noted that the successes of the campaign are the active participation of industry leaders despite the distance, strong collaboration of FESC and key stakeholders in the district as well as increased participation of the financial industry.

Furthermore, the campaign played a vital role in raising awareness about the dangers of money fraud within communities by educating individuals about potential swindles and fraudulent activities. The campaign also aimed to build a more resilient and vigilant society when it comes to financial matters.

The District Administrator for Butha-Buthe, Mr. Tšepa Chaba also commended the initiative, saying it has eye-opened people on how to manage their money.

He said many people who can generate money find themselves in a debt crisis, therefore thanked CBL for educating the Butha-Buthe community to have the skill to manage their finances.

Money Month is a global celebration aimed at inspiring children, youth, and adults to learn about money, saving, creating livelihoods, gaining employment, and becoming entrepreneurs.

Distributed by APO Group on behalf of Government of Lesotho.