WHY NAMFISA REGULATES AND SUPERVISES FINANCIAL INSTITUTIONS
The World Consumer Rights Day on March 15 will be the launch date of a new initiative to enhance financial education (depends on date of publication)
What is the “Financial Literacy Initiative” (FLI)?
The Financial Literacy Initiative (FLI) is a national platform of more than 20 public, private and Civil Society institutions in the financial services sector initi-ated by Ministry of Finance in 2009. The platform partners have come together voluntarily to share experiences, guide and coordinate the implementation of financial literacy and consumer protection related activities in Namibia.
What is the Vision and Goal of the FLI?
a. Vision: The vision of the FLI is an improved quality of life and a narrowed economic divide achieved through financially capable, assertive and well pro-tected Namibians.
• Increased knowledge and skills on financial services, products and institu-tions.
• Increased awareness of consumer rights and responsibilities.
• More financial institutions practicing Responsible Finance
• Enhanced protection of consumers through appropriate laws and regulation and availability of recourse mechanisms
By reaching these goals, more informed, adequate and well-protected usage of financial services are promoted, and a greater access to financial services can be reached.
What are the target groups of the FLI?
Generally, the activities of the FLI are for every enterprise and individual in Na-mibia. The launch of the first FLI campaign will, however, specifically target mi-cro- and small entrepreneurs as well as the low-income segment of the society.
Further target groups of the FLI will be:
• Youth, including pupils
• Employed people ( especially low income groups)
• Staff of financial service providers (banks, non-bank financial institutions, financial NGOs and microfinance institutions).
What will be the activities of the FLI?
The FLI Secretariat at the Ministry of Finance has, in close cooperation with the FLI platform partners, developed a media and awareness campaign which will be kicked off in March 2012. In order to reach the target groups and consumers of financial services in the country, a media mix of street theatre, trainings, workplace activities and public events, as well as printed material will be implemented. The launch of the campaign aims at increasing the awareness on saving, budgeting, and spending behaviours.