…but exposes gaps in digital finance, credit and borrowing costs
Moroke Sekoboto
THE financial sector has urged Basotho to break the culture of avoiding conversations about money, saying financial matters should be discussed openly between partners, parents and children.
The call was made during this year’s Money Month Lesotho campaign, held under the theme “Smart Money Talks”, which ran from 9 April to 9 May 2026 in Mafeteng.
Financial sector stakeholders said Basotho should stop treating money as something that should be spoken about indirectly or referred to as a “parcel”, and instead develop the confidence to discuss earnings, spending, saving, borrowing, investment and financial risks.
The annual campaign, led by the Central Bank of Lesotho (CBL) in collaboration with financial sector partners, seeks to improve financial literacy, encourage saving and promote awareness of financial fraud and other risks.
The campaign reached 700 991 people through various activities targeting the general public, workers, students and out-of-school youth.
Financial Education Steering Committee (FESC) chairperson, Ephraim Moremoholo, said the campaign was mandated to educate the public on responsible and informed management of personal finances, including budgeting, saving and investing.
Mr Moremoholo said people also needed to understand potential risks in the financial sector and learn how to protect their hard-earned money.
“We are tasked with sensitising the public on the available services and products within the financial sector and creating awareness among the public on the risks associated with money.
“We had to equip the public with the necessary skills to generate and manage money wisely and determine the needs, expectations, perceptions and attitudes of the public on the services and products provided by the financial sector,” Mr Moremoholo said.
Presenting lessons from this year’s campaign, Mr Moremoholo said there had been increased participation by financial institutions and a growing appetite for financial literacy, particularly among salaried employees.
He said the campaign had also resulted in improved knowledge and understanding of available financial resources.
However, he highlighted several gaps that still needed attention.
These included limited knowledge of digital financial platforms such as mobile money and internet banking, as well as inadequate understanding of credit bureaus and collective investment schemes.
Mr Moremoholo also said many people lacked sufficient knowledge about the cost of borrowing, financial contracts and insurance products beyond funeral cover.
“Financial literacy is considered a necessary condition of financial inclusion. Increased demand for financial literacy among all target groups and a need for collaboration among all stakeholders,” he said.
CBL Director of Corporate Affairs, Advocate Napo Rantsane, said the campaign had been conducting financial education and awareness activities aimed at promoting financial literacy, responsible money management and informed financial decision-making.
Adv Rantsane said Money Month had become a platform for encouraging greater financial awareness and open discussions about personal finances.
“The initiative encouraged young people and the broader population to openly discuss personal financial issues, including saving, investing and financial service management.
“It also made the public aware of the services and products available in the financial sector of Lesotho,” Adv Rantsane said.
The campaign message comes against the backdrop of growing reliance on digital financial services, making financial literacy increasingly important as people transact, save and borrow through formal and digital channels.
CBL Governor, Dr Maluke Letete, urged young people to overcome barriers and build confidence in creating wealth.
He said young people should take advantage of available opportunities, take calculated risks and learn how to manage those risks effectively.
Dr Letete said wealth creation went beyond simply seeking employment, encouraging young Basotho to explore opportunities that could help them build sustainable sources of income.
Speaking on behalf of the Mafeteng District Administration, Rorisang Manka called for the initiative to be taken across the country as an ongoing journey rather than a once-off campaign.
Ms Manka said communities needed continued access to financial knowledge so that they could understand and benefit from opportunities available in the financial sector.
The campaign will move to Berea next year, completing the first round of the Money Month outreach programme.
The financial sector said knowing how to earn money was only one part of financial wellbeing, with equal importance attached to knowing how to spend, save, protect and grow it wisely.
