Financial literacy workshop held in Namibia

Oct 17, 2011

A workshop has been held in Namibia in a bid to try and improve financial literacy in the country.

A workshop has been held in Namibia in a bid to try and improve financial literacy in the country.

The National Financial Literacy Working Group hosted a two-day event near Windhoek and representatives from the nation's banks, insurance firms, ministries and civil society organisations attended, the Namibian reports.

Festus Nghifenwa, Director of Economic Policy Advisory Services at the Finance Ministry, claimed the aim of the initiative was to help people make more informed decisions about their money.

It is hoped this will allow them to plan their finances better, as well as encourage them to save or invest their funds and spend wisely.

Mr Nghifenwa believes this will create and improve the state of financial stability.

He added that "51 percent of the adult population in Namibia is financially excluded", with low incomes, "information asymmetry" and the cost of providing banking products seen as reasons for this.

According to a report published by the National Financial Literacy Working Group in June, 37 percent of adults in Namibia say they do not know much about 'money and finance', while 68 percent of unbanked individuals do not trust such institutions.ADNFCR-2976-ID-800760666-ADNFCR