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The National University of Lesotho (NUL) and the Central Bank of Lesotho (CBL) have launched a Personal Financial ManagementPageThe program aims to educate people to budget, save and spend money wisely while considering various financial risks and future life events.
The program will guide individuals on the suitability of different banking, insurance and investment products, as well as the management of retirement funds and pensions.
NUL’s Dean of the Faculty of Social Sciences, Peter Khaola, highlighted the university’s strategic intent to develop practical courses that are suitable for contemporary students.MeetThe needs of the Basotho people.assistanceAcademy’s Goalsused to beCreate a program,yesIt is not only rigorous in theory, but also professional and practical.
“Our projects should be demand-driven and not supply-driven,” Prof Khaola said at a stakeholders’ workshop at the Lehakoe Recreation and Cultural Centre on Tuesday.
“Our aim is to conduct action research to identify and address the needs of the Basotho people. It is one thing to have good intentions but another to implement them. We have had good intentions for the past 50 years but now we are committed to changing that,” Professor Kaura said.
Professor KoalaexplainNUL plans to engage more closely with the public.explainThe plan is aligned with the Sustainable Development Goals (SDGs) and the National Strategic Development Plan II (NSDPII).
He furtherexplainthisPagepersonalFFinancing plans availabledA platform to educate the Basotho people with the aim of creating a more financially literate society.
“Even educated people, some of whom are financially literate, still make the same mistakes as the financially illiterate. We are all in debt, not saving and investing enough, and not planning for retirement, yet we say we are financially literate.he warned.
Lehlomelo Mohapi, First Deputy Governor of the Central Bank of Nigeria, also spoke at the same seminar.explainthemhaveThe study, conducted between 2016 and 2017, revealed that the financial sector faces major challenges, mainly due to easy access to lending. The study found that despite higher interest rates, people tend to prefer borrowing from less regulated lenders, which leads them to seek intervention from CBL when they are in debt distress.
“The main driver of our financial problems is the cost of borrowing. People will borrow at 50 per cent interest rates to evade the requirements of regulated financial institutions. We receive a large number of complaints every day, usually about agreements with unregulated financial institutions,” Mr Mohapi said.
“These common emerging issues mean help is needed, and we recognised this in 2022 by launching Money Management Month. In 2023, we held a debt roundtable and resolved to raise awareness of financial literacy. We mainstreamed financial education as a standalone matter,” Mr Mohapi said.
In response to these questions, Mr. MohapiexplainCanadian Franchise AlliancehaveLaunching Money Month in 2022 and hosting a Debt Roundtable in 2023 to raise awareness about financial literacy.
Posts NUL and CBL partner to launch personal finance plan First appeared in lesotho times.
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