Windhoek-Letshego Bank Namibia has partnered with the Financial Literacy Initiative (FLI), under the auspices Ministry of Finance, to launch the FLI Namibia programme aimed at empowering the underserved to make informed financial decisions in their homes and businesses.
Letshego Bank Namibia said it strives to create a financially inclusive society and improve life by enhancing financial education for its customers and the financially underserved in Namibia.
In support of this, the bank signed up as a member to the Financial Literacy Initiative in an effort to provide access for financial sector customers and other financially under-served groups to receive financial education programmes.
Letshego’s support towards FLI follows a series of related strategic social investment (SSI) initiatives undertaken by the bank to align to the government’s national development goals.
Letshego Bank Namibia Chief Executive Officer, Ester Kali, explained the bank’s involvement in the literacy initiative.
“We extend our gratitude to the FLI for their invaluable contribution and encouragement of this programme, countrywide. For Letshego Bank Namibia, building the future capability model not only applies to our internal team but also extends to the broader Namibian public.
“This programme is our contribution towards helping Namibians understand and act on their financial rights and responsibilities. The educational materials produced for this programme will empower our customers to learn about financing available to them and how to use money productively.
“Also, the literature will include savings tips and appropriate recourse mechanisms such as seeking financial management services,” Kali said.
The initiative will educate customers using a variety of audio-visual materials to teach them how to choose the best financial solutions for their specific needs. Letshego Group said the initiative further aligned with the strategy of providing simple and appropriate solutions aimed towards life-improving productive use.
The benefits of the FLI programme would extend to all supporting institutions.
The FLI supporters are provided access to FLI financial education and programmes developed, including services such as the Financial Wellness Workplace Programme and training for Micro, Small and Medium Sized Enterprises (MSMEs).
This in turn provides institutions with the educational support needed to develop and build capacities within their organisations.
The Wellness Programme uses a “Training-of-Peer Educators” approach, where staff members are trained and then empowered to pass on their knowledge to fellow colleagues, creating a domino effect of skills sharing and development.
In addition, FLI membership provides users access to all current and future monitoring and evaluation data on financial education, including research conducted in partnership with universities. Letshego said it had established strategic partnerships to provide this service.
The FLI programme also provides market exposure opportunities for supporting institutions. In addition, platform supporters benefit from numerous opportunities to participate in FLI public platforms, including public expositions, road shows, and trade fairs, where members can network with prospective stakeholders.
“As part of our brand promise to improve life, undertaking such strategic social investments are a vital aspect of our business because we strive to make a meaningful impact in Namibians’ lives.
“In our business and social agenda, we remain committed to partnering with Namibians and working towards a more inclusive and economically productive society,” Kali added.