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Bank teaches basics of managing money



MASERU – THE Central Bank of Lesotho went on a charm offensive last week, teaching people in Butha-Buthe the basics of how they can manage their money.

The programme was part of the bank’s Lesotho Money Month 2023 celebrations. It was done in collaboration with other players from the financial sector.

Central Bank of Lesotho governor, Dr Maluke Letete, said it is important to give people financial literacy so that they make the right decisions in their everyday lives.

Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.

Financial literacy is important because it assists people in becoming self-sufficient and financially stable.

This includes the ability to save money, distinguish between wants and needs, manage a budget, pay bills, buy a home, pay for college, and plan for retirement.

Dr Letete said the bank’s goal is to equip Basotho with necessary skills and techniques on managing financial matters.

The theme for the Money Month Lesotho 2023 is “Plan your money, plant your future”.

’Matikoe Letsie, on behalf of mobile money traders, said they use social networks to transfer money.

“We are working with the government to help elderly people to transfer and find money using social networks,” Letsie said.

She said one can pay using social network for DSTV, buy electricity and also send money to loved ones.

“It is not wise for you to walk around with money in your pockets because it is not safe anymore,” she said.

Nthole Mojapela from the Lesotho Microfinance Assistance said their duty is to give Basotho loans even if they do not have payslips.

“There are companies that are not registered lawfully,” Mojapela said, warning Butha-Buthe people against being trapped in debts by loan sharks.

“They should have licences so that they can be properly regulated,” he said.

“Basotho should be aware of those kinds of financial companies. We are the voice of the voiceless and the mouthpiece of Basotho.”

He added that their duty is to make sure that they give loans that are affordable to those less privileged.

Dr Letete said the Butha-Buthe residents should set financial goals regardless of the challenges they may face.

“A financial goal is described as any goal one has for their money and it can either be long-term or short-term depending on how small or big their plan is,” he said.

Alice Samuel

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