Ipec, RBZ, SecZim embark on financial literacy drive
THE financial services sector led by the Insurance and Pensions Commission (Ipec), Reserve Bank of Zimbabwe (RBZ) and Securities and Exchange Commission of Zimbabwe (SecZim), has been visiting schools and educating students in Matabeleland North and South provinces about financial matters in this year’s Global Money Week campaign.
The international financial literacy month programme runs from 6 March to 30 March and the 2023 Global Money Week campaign theme was “Plan Your Money, Plan Your Future.”
Speaking to The NewsHawks, Ipec public relations manager Lloyd Gumbo (pictured) said their goal this year was to ensure that they improved financial literacy levels through consumer education.
“Our goal for this year’s campaign was to raise awareness and improve financial literacy in the country so that people can make informed financial decisions for their future financial well-being and resilience,” Gumbo said.
The rate of financial literacy in Zimbabwe currently stands at only 40%. Ipec used the Global Money Week campaign leveraging on mainstream and social media to reach out to young people and improve knowledge.
“The focus of our message during the Global Money Week campaign is to sensitise young people about money matters, particularly financial management so that they make well-informed financial decisions from a young age to improve their future financial well-being and resilience,” said the PR manager.
A week before the launch of the campaign, the sector reached about 4 500 pupils in Binga, Hwange, Lupane, Plumtree and Matobo districts from 6 March to 17 March.
The financial sector held an exhibition fair in Harare at the RBZ Sports Club from 20 March to 24 March with schools in and around Harare coming to learn more about financial matters.
They also conducted seminars for students at Lupane State University and the National University of Science and Technology, with another seminar to be held at the Harare Institute of Technology this week and at Bindura University of Science Education next week.
“Ipec, RBZ and SECZim have also introduced a quiz competition for tertiary students who will be expected to record themselves talking about how financial service providers can enhance access to and usage of banking, insurance and retirement savings, and capital markets products by young people.
“The submission of entries ends on Wednesday 29 March,” added Gumbo.
Gumbo said they were engaging with the youth with the future in mind and the impact of consumer education could be measured in the medium to long term.
“We expect this campaign to help them understand financial matters better so that they can make informed financial decisions, for example, budgeting, savings, credit, insurance, and investments.”
The success of the previous campaigns has been seen through the continued engagement of the young people in financial matters; with last year’s Global Money competition winner conducting financial literacy programmes targeting young people.