21 Nov 2019

Botswana Savings Bank (BSB) has partnered with Old Mutual to deliver financial education to consumers across the  country through a programme dubbed “On the Money”.

Speaking at the signing ceremony in Gaborone on November 21, BSB chief executive officer, Mr Nixon Marumoloa said financial education was becoming increasingly important because of today’s dynamic, fast developing, globally connected and complex financial markets.

He said the partnership was part of their continued efforts to help customers understand the importance of managing personal finances and also acknowledge their current money personalities. 

Mr Marumoloa said financial needs were becoming individualised and complicated but without sufficient knowledge or education, it became increasingly more widespread for individuals to enter into inappropriate or ill-advised financial transactions.

“Appropriate education therefore, in the turf of money matters, becomes  important each and every passing day for all peoples of this country and indeed the world at large,” he said.

He said for BSB, the partnership was exciting as the bank had always sought to stimulate conversation and provide a platform to raise awareness on financial matters.

Mr Marumoloa said financial education remained a priority for BSB which was consistent with the bank’s core mandate of inculcating a culture of savings among Batswana.

In addition, he said,  the bank sought to provide affordable  banking solutions and most importantly in taking the lead in financial inclusion.

He said BSB was committed to ensuring a successful partnership with Old Mutal to enable positive futures for all members of the community. 

Old Mutual Group chief executive officer, Mr Gerald Randall said “On the Money” programme was a financial education initiative created to provide individuals and communities with advice on how to best manage their finances.

Mr Randall said the absence of financial literacy could lead to poor decisions and planning hence the introduction of financial education to empower individuals with a set of skills and advice that allowed them to make informed and effective financial decisions.

He said the collaboration between the two organisations was expected to deliver free financial education to thousands of consumers across the nation. Ends