Financial Literacy Initiative engages captains of industrie

In an effort to engage its platform partners who support its initiatives, the Financial Literacy Initiative (FLI) hosted a meeting dedicated to discussing the formalisation of its collaboration on consumer education under the umbrella of the Financial Literacy Initiative. The session was attended by various CEO’s, MDs and captains of industries who discussed issues including the involvement of financial sector players and the roll out of the 2013/2014 media campaign. The Financial Literacy Initiative (FLI) is a national platform to enhance financial education for individuals and micro-, small- and medium sized enterprises.

Speaking at the session, Deputy Permanent Secretary of Ministry of Finance, Ben Nashandi said, the government has committed itself to spare neither time nor effort to invest in consumer education because consumer education is a catalyst for expanded access to financial products and services en route to the broader objective of poverty reduction through financial inclusion and wealth creation.  “We have found common ground to roll out consolidated financial education to the doorsteps of our clientele under the auspices of the Financial Literacy Initiative. This common ground is cemented on the commitments we have made in the Financial Sector Charter and Financial Sector Strategy adopted in 2009 and 2012 respectively,” he said.
FLI has enlisted the principle support of over 40 platform partners under FLI thereby making FLI a representative national platform for delivering financial education. The Platform Partners forms an important cornerstone of the FLI programme through amongst others supporting initiatives, providing valuable inputs into intellectual material and allowing the use of communication platforms and channels. “We stretched the education campaign to 10 regions of the country and also started to target the campaign message to SMEs. At the beginning of this month, we took the campaign to the national radio waves by launching the bi-weekly radio programme through a service contract with NBC National,” said Nashandi. Various activities are planned until June 2014 and include three roadshows in Otjozondjupa, Kunene and Omaheke regions, further interactions and engagements with the Platform Partners and an exciting collaboration of Namibian music artists in a project that will further entrench the financial education messages. Presenting on the provisions of the Draft MoU, Penda Ithindi, Deputy Director, Ministry of Finance said, that the MoU sets out terms of cooperation, management and funding of joint consumer financial education and protection activities. It also recognises that FLI is a national platform for delivering consolidated financial education, premised on NFSS and NFSC commitments amongst many other objectives. “Based on mutual trust, good faith and common commitment, in the medium-term, MoF shall host the Secretariat and provide office space, minimum resources needed ( to create a dedicated Division). Platform Partners may second staff, donate equipment and avail their distribution network and continue to undertake own consumer education and Make annual financial or in-kind contribution, represent FLI and implement FLI programmes,” he said. Francois Brand, The FLI Secretariat Manager introduced and presented the 2013/2014 funding model and led a panel discussion thereafter. Nashandi further reiterated the Ministry of Finance’s commitment to supporting FLI and working together with Platform Partners.