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FINANCIAL LITERACY SEMINAR IN CONJUNCTION WITH SAVINGS BANKS FOUNDATION FOR INTERNATIONAL COOPERATION (SBFIC)

 

Financial exclusion continues to be one of the major problems faced by citizens in third world countries. This includes both the lack of financial services and the knowledge required to properly utilize finances. This challenge is widespread especially among rural communities with little or no access to information.

 

On the 7th  and 8th of December 2019 UMINO Community Loan Services in conjunction with Savings Banks Foundation for International Cooperation (SBFIC) conducted a Small to Medium Enterprise (SME) training for its clients. The training was the first of its kind and attracted 26 participants from Rufunsa District. Among the topics covered were the following: Personal financial management, Importance of savings and savings options in Zambia, Understanding loans, Impact of inflation on savings and Entrepreneurship and Financial goal setting. SBFIC provided the best training materials by using their interactive Business game which proved to be very effective among the attendants. The participants were divided into families and shared their experiences as the training progressed.

 

The Zambian Government through the Bank of Zambia has continued to cooperate with Financial institutions whose sole objective is to promote financial education. One such institution is the Savings Banks Foundation for International Cooperation (SBFIC) also known as Finansgruppe Sparkassenstiftung for International Cooperation.

 

“I have learnt to monitor my spending habits especially the money I spend on my social activities, previously I just used to buy drinks for everyone who asked me without taking account of the money , my personal finances will be handled better onwards” Daniel Chisale - Sinjela

  

“Previously, I never monitored my business effectively because everyone in the house took turns in selling in the restaurant, sometimes even the neighbors would help, I encountered so many loses because money would go missing from the cash box. Hence forth I will be the one to sell in the shop and carry out a strict count of all the stock.” Florence Sitimela - Rufunsa

  

From the training I have learnt that budgeting should be done by the entire family with all the costs calculated. The entire family should be involved in planning not just spending” Paul Chimusanya - Mpanshya

  

At the end of the 2-day training participants were awarded certificates of attendance and photos were taken. UMINO will continue to educate its clients to achieve well informed loan takers who are able to utilize their finances to better their livelihood as part of the global efforts to include marginalized communities in the achievement of the sustainable development goals.

 

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