Financial illiteracy haunting Malawi

The Reserve Bank of Malawi has expressed concern over what it is describing as alarming financial illiteracy in the country.

This has been said as the bank is conducting financial educator’s training  under National Financial literacy programme to educate financial education trainers.

In an interview with MIJ Online, Sopani Gondwe, director financial sectors regulations, RBM  said  the recent financial literacy and capability survey indicates that thirty five percent of individuals in the country are excluded from  having formal access to financial services.

Gondwe said the situation requires concerted efforts from various stakeholders.

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