{"id":945,"date":"2017-03-27T14:38:10","date_gmt":"2017-03-27T12:38:10","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?post_type=did_you_know&p=945"},"modified":"2025-07-21T00:12:25","modified_gmt":"2025-07-20T22:12:25","slug":"the-financial-literacy-initiative-a-new-national-platform-to-enhance-financial-education","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/the-financial-literacy-initiative-a-new-national-platform-to-enhance-financial-education\/","title":{"rendered":"Financial Literacy: A New National Platform To Enhance Financial Education"},"content":{"rendered":"\t\t
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WHY NAMFISA REGULATES AND SUPERVISES FINANCIAL INSTITUTIONS<\/h3><\/span><\/div>
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)\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is the \u201cFinancial Literacy Initiative\u201d (FLI)?<\/h3><\/span><\/div>
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.\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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What is the Vision and Goal of the FLI?<\/h3><\/span><\/div>
a. Vision:<\/b> 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.\n

\n\nb. Goals:<\/b>\n

\n\n\u2022 Increased knowledge and skills on financial services, products and institu-tions.
\n\u2022 Increased awareness of consumer rights and responsibilities.
\n\u2022 More financial institutions practicing Responsible Finance
\n\u2022 Enhanced protection of consumers through appropriate laws and regulation and availability of recourse mechanisms\n

\n\nBy 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.\n

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What are the target groups of the FLI?<\/h3><\/span><\/div>
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 micro- and small entrepreneurs as well as the low-income segment of the society.\n

\n\nFurther target groups of the FLI will be:\n

\n\n\u2022 Youth, including pupils
\n\u2022 Employed people ( especially low income groups)
\n\u2022 Staff of financial service providers (banks, non-bank financial institutions, financial NGOs and microfinance institutions).\n

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What will be the activities of the FLI?<\/h3><\/span><\/div>
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.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Summary<\/h3><\/span><\/div>
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Launch Of The Financial Literacy Initiative (FLI)<\/h3>Commemorating World Consumer Rights Day \u2013 15 March<\/span><\/span><\/div>
Theme: \u201cOur Money, Our Rights\u201d<\/span>The national Financial Literacy Initiative (FLI) was officially launched by the Honourable Minister of Finance, Sara Kuugongelwa-Amadhila, on 15 March, aligning with the global observance of World Consumer Rights Day under the theme \u201cOur Money, Our Rights\u201d. Below is a summary of her remarks and key highlights from the event.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Why the Financial Literacy Initiative Matters<\/h5><\/div>
1. Tackling Financial Exclusion and Low Literacy<\/strong>
\nThe FLI was born out of a pressing need to address low levels of financial literacy and high levels of financial exclusion in Namibia \u2014 especially among low-income earners and Small and Medium Enterprises (SMEs). It also responds to challenges in accessing financial services due to physical, affordability and eligibility barriers.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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2. Beyond Access \u2013 The Need for Better Offerings<\/strong>
\nWhile access to financial services is improving, there remain serious concerns around the quality, diversity, and affordability of available financial products \u2014 particularly for vulnerable segments. These gaps hinder Namibia\u2019s efforts to become a knowledge-based, inclusive and competitive economy.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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3. A National Platform for Financial Education<\/strong>
\nThe FLI serves as a national vehicle for providing coordinated, impactful financial education. It seeks to improve financial decision-making and narrow the economic divide by empowering consumers through better knowledge and increased access to suitable financial products.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\u201cBe Wise\u201d Campaign \u2013 Phase I of the FLI Rollout<\/h5><\/div>
The launch of the FLI also marked the rollout of Phase I of a national consumer education campaign themed \u201cBe Wise\u201d.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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This campaign centres around three core messages:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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  • <\/span>Budgeting <\/li>
  • <\/span>Saving <\/li>
  • <\/span>Spending Wisely<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/h5><\/div>
    The \u201cBe Wise\u201d campaign is designed to:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    • <\/span>Coordinate national consumer education efforts across public, private and development sectors<\/li>
    • <\/span>Provide individuals with the knowledge needed to make informed financial decisions<\/li>
    • <\/span>Empower consumers to demand better and fairer financial products<\/li>
    • <\/span>Promote consumer rights and responsible financial behaviour<\/li>
    • <\/span>Contribute to national development goals under the Financial Sector Strategy<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      <\/h5><\/div>
      Why this theme?\nRecent findings from the 2011 FinScope Survey revealed that:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      • <\/span>76% of Namibians struggle to make ends meet.<\/li>
      • <\/span>60% find it difficult to meet financial commitments<\/li>
      • <\/span>Contribute to national development goals under the Financial Sector Strategy<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        <\/h5><\/div>
        Distribution Channels and Tools:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        • <\/span>Street theatre for engaging, community-based education<\/li>
        • <\/span>A multilingual consumer education booklet available in English, Oshiwambo, Afrikaans, Otjiherero and Damara\/Nama, providing practical financial tips in a reader-friendly format<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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          Addressing the Core Issues in Namibia\u2019s Financial Landscape<\/h5><\/div>
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          • <\/span>Persistent Barriers to Financial Inclusion<\/li>
          • <\/span>Private Sector Commitment \u2013 Financial Services Charter (2009)<\/li>
          • <\/span>Government\u2019s Role and Commitment<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            Looking Ahead \u2013 Long-Term Impact and Call to Action<\/h5><\/div>
            The Honourable Minister stressed that the FLI is designed to have a lasting legacy. For it to truly transform the financial landscape, all stakeholders \u2014 from financial service providers to everyday consumers \u2014 must embrace the initiative and demonstrate behavioural change.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            <\/h5><\/div>
            \u201cProviding diversified, affordable, and relevant financial products is a necessary step toward a truly inclusive financial system,\u201d she noted.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            <\/h5><\/div>
            She concluded with a powerful call to action:\n\n<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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            <\/h5><\/div>
            \u201cNatu landuleni nee, nokutula miilonga omauyelele nomayele ngono tatu pewa okuziilila moprogram ndjika\u201d\n
            \n(Let us assimilate and put to effective use the messages from this programme.)<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

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