Bokang Mofoka
THE Central Bank of Lesotho (CBL) has wrapped up its month-long Money Month campaign, calling for stronger financial education to help Basotho respond effectively to economic shocks.
Although the campaign took place in April, the closing ceremony was held yesterday at the CBL’s Lehakoe Recreation Club in Maseru.
Speaking at the closing event, Deputy Governor, Lehlomela Mohapi, explained that the initiative initially began as Money Week but was extended to a month-long programme after recognising that the financial needs of Basotho required more sustained attention.
He noted that while the campaign continues to grow district by district, challenges remain — such as the absence of systems to track its impact, which may discourage funders.
The chairperson of the Financial Education Steering Committee, Ephraim Moremoholo, presented a report on the Leribe campaign held in April, emphasizing the importance of teaching Basotho about digital financial services and equipping them with practical skills to make informed financial decisions.
For his part, CBL Governor, Maluke Letete, highlighted broader economic challenges, including unemployment, the impact of the war in Ukraine, the end of African Growth Opportunity Act (AGOA) and retrenchments in the mining sector.
He said these realities make financial education essential in teaching Basotho how to respond to economic shocks.
“This initiative is part of our broader mandate to safeguard financial stability, promote inclusive growth, and empower citizens to make informed decisions in an increasingly complex economic environment,” Dr Letete said.
He explained that this year’s campaign reached communities across all the 10 districts, targeting primary and secondary schools, tertiary institutions, small businesses, women’s associations, public and private institutions, people with disabilities, rural communities, and the general population in Leribe.
The campaign employed seminars, media engagements, radio and television broadcasts, roadshows, and digital platforms, reaching approximately three million citizens.
Dr Letete highlighted achievements, including a significant increase in youth engagement through financial literacy competitions, presentations, and sporting activities.
Awareness of financial consumer protection, digital transactions, savings, investments, and financial risk management are gradually improving.
“Digital financial services adoption has accelerated, particularly mobile money and online banking, with innovations extending to instant and card-based transactions. Partnerships with stakeholders have created innovative delivery models through digital media, community leaders, businesses, and influencers,” he said.
Despite these achievements, Dr Letete noted ongoing challenges, including high levels of household debt, barriers for rural populations, small businesses, women, and the elderly in accessing digital services, misinformation and fraud undermining trust in formal financial institutions, uneven financial inclusion, and coordination challenges among stakeholders.
He said CBL, in collaboration with the financial industry, has taken steps to address these issues, including strengthening consumer protection, expanding access to affordable financial products, enhancing digital finance frameworks, promoting personal debt management programmes, and improving coordination through initiatives such as the Financial Sector Development Strategy II and Lesotho Payments Switch (LeSwitch).
Dr Letete further confirmed that with the support of the National Curriculum Development Centre (NCDC), financial education will be fully integrated into lower and higher primary school curricula by 2026, alongside the implementation of a Personal Financial Management programme in the 2026/2027 academic year.
He also acknowledged the efforts of industry leaders, stakeholders, the Financial Education Steering Committee, participating financial institutions, district volunteers, and media partners.
“Financial education is not a once-off event; it is a continuous journey. With ongoing support and engagement, we will continue making meaningful strides toward building a financially literate and inclusive Lesotho,” Dr Letete said.
