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Big money for financial literacy at grassroots level

Big money for financial literacy at grassroots level

Old Mutual’s Executive for Marketing, Transformation and Customer Strategy, Ndangi Katoma (right) this week brought good news to the Manager of the Financial Literacy Initiative, Francois Brand when he told him his employer has just made available a substantial sum to support the project with its work.

Old Mutual donated N$200,000 to the financial literacy project.

“Financial literacy can make a real difference in equipping Namibians with the knowledge and skills necessary to take control of their lives and build a secure future for themselves and their families. This is one of the reasons that Old Mutual, as a Responsible Business, support financial literacy as a long-term investment in human capital while demonstrating our commitment to the community we serve” stated Katoma.

The Financial Literacy Initiative is a national platform launched in 2012 to offer free financial education to individuals and micro, small and medium enterprises. Old Mutual has been a platform partner and supporter for the past three years.

The initiative strives to ensure that Namibians are better financially educated to make informed financial decisions throughout their lives, ensuring that they choose those products that are best suited for their needs.

A further goal is to help ordinary people understand and exercise their rights and responsibilities with regards to the financial sector and know and make use of the appropriate recourse mechanisms.

The Financial Literacy Initiative monitors and evaluates the efficiency of its projects and conduct research in financial capability.

Thanking Old Mutual for the very generous contribution, Brand said “supporting financial literacy should be viewed as a long-term investment by public, private and civil institutions.” From the Financial Literacy Baseline Survey, it transpired 62% of Namibians have difficulty in keeping their financial commitments and that only 32% stick to their budget.

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