The World Bank describes financial literacy as the ability to use one’s knowledge and skills to effectively manage financial resources ideally for a lifetime of financial well-being. Financial literacy has become increasingly important to governments and citizens around the world and is a strong contributor to financial inclusion With low levels of financial literacy across the country, the Bank has been engaging in a series of National Financial Literacy Campaigns in years past. The Campaigns have taken place in various districts across the country and shared messages on how to save, financial management and budgeting, and key regulations. In 2020, the Bank also launched the National Financial Literacy Framework (2020-2024). The Framework sets out the initiatives to promote financial education and knowledge to key population groups including schools and workplaces while using methods such as community radio stations and community leaders. The Bank in collaboration with various NGOs has also embarked on organizing workshops on financial inclusion, financial literacy and education, consumer protection, and tiered KYC for people in rural communities. The Bank also established schools’ savings clubs in different schools in the Country to inculcate the habit of savings into the students at a young age.
