From New Era

A Memorandum of Understanding (MoU) was signed on Friday between the Financial Literacy Initiative (FLI) and its Platform Supporters in a ceremony held in Windhoek to reign in private sector players to the national program. Prominent Platform Supporters include the Namibia Financial Institution Supervisory Authority (NAMFISA), the Bank of Namibia (BON), Ministry of Education, Ministry of Trade and Industry, the Ministry of Youth, National Services, Sport and Culture (MoYNSSC) and Standard Bank Namibia.

The FLI is a public financial education programme launched to serve as a catalyst for financial inclusion by providing consolidated financial education to the public. The Fourth National Development Plan (NDP4) summons the financial services industry to address the financial constraints for individuals, particularly in the lower income categories.

The MoU stipulates expectations from the FLI platform supporters and how the FLI will function in relation to its secretariat partners. The MoU embodies the understanding of the Platform Supporters with regard to a relationship of mutual cooperation, funding, management and common objectives of consolidated financial consumer education and consumer protection activities.

Since its launch, the Financial Literacy Initiative has grown in scope and outreach, expanding from a core group of eight founding institutions, to over 40 cooperating institutions and extensive distribution network country-wide.

Read more at New Era