Masunga — The Minister of Finance and Economic Development Mr Kenneth Matambo says there is need to educate the public on financial literacy and the importance of saving.
Giving a keynote address at the World Savings day commemoration in Masunga on Tuesday Mr Matambo said people who were financially literate were more likely to plan, save, invest and accumulate wealth.
He stated that the theme for the day "Our future starts with savings" was meant to educate families on the importance of saving to secure a good future.
Mr Matambo commended Botswana Savings Bank (BSB) for having partnered with his ministry to commemorate the inaugural world savings day in Botswana.
He said BSB was mandated by government to provide banking services at a low interest rate compared to commercial banks.
Mr Matambo highlighted that saving money should not be determined by how much one earns but by the interest one has in saving.
He further indicated that people should strike a balance between their income and expenditure adding that Botswana was slowly degenerating to a consuming nation.
The minister said financial institutions were extending their services like ATMs, mobile and mini branches to rural areas in order to bridge the banking gap to accommodate everyone.
He said poor financial planning may lead people to deep financial debts.
"Lets change our mindset towards saving. I hope Batswana are motivated to make saving an important part of their lives."
BSB board chairperson Ms Juliana Mmereki-White stated that the day was meant to promote saving as a habit saying that saving money was an assurance to a good future because the money saved could be channeled to many projects.
Ms Mmereki- White said in some countries savings were used to finance infrastructure development.
"People are suffocating in debts and as a savings bank we preach that people should save and secure a bright future," he said.
Kgosi Maruje Masunga said he was grateful that BSB had taken their services to Masunga and spread the message on the importance of saving.
He stated that this commemoration would leave a footprint in his village adding that such partnerships should be nurtured and strengthened. BOPA
Source : BOPA