The Chief Executive Officer (CEO) of the National Savings and Credit Bank (NATSAVE), Mr. Malcom Chabala, has called upon parents to impart the importance of saving money to their children as a means of promoting financial literacy from an early age.
Mr. Chabala emphasized the significance of instilling in children the concepts of generating, managing, saving, and spending money, which are fundamental pillars of financial inclusion.
He believes that by educating children about money and banking matters, the country can elevate its levels of financial literacy.
“When a culture of respecting money and saving is established in our nation, it will help prevent financial destitution, and people will be better equipped to handle emergencies,” stated Mr. Chabala during an interview with journalists.
He shared these insights on the occasion of the Customer Service Week, which NATSAVE commemorated at Woodlands B Primary School.
Customer Service Week provides a crucial platform for banks to engage with their customers and strengthen customer relations. Mr. Chabala utilized this opportunity to educate students on the significance of money in the economy and the importance of responsible financial management through savings.
He also interacted with students by posing questions to gauge their understanding of financial literacy concepts.
In addition to encouraging parents to teach financial responsibility, Mr. Chabala suggested that the school management, as NATSAVE’s customer, establish savings clubs within the school. These clubs would play a pivotal role in promoting financial literacy among students, and Mr. Chabala assured them of NATSAVE’s support in this endeavor.
Expressing gratitude for NATSAVE’s financial literacy initiatives, Woodlands B Primary School’s Deputy Head, Sister Mulenga Judith Mulenga, praised the bank for taking the initiative to educate students about financial matters.
Sister Mulenga affirmed the school’s commitment to forming savings clubs to foster financial literacy and inclusion among its students.
The efforts of NATSAVE and the proactive engagement of schools like Woodlands B Primary in promoting financial literacy promise a brighter financial future for Zambia’s younger generation.