THE Lesotho Highlands Development Authority (LHDA) launched its 2024 financial literacy campaign with sessions in five villages in Mokhotlong this May.
The campaign, initiated before the construction stage of the Lesotho Highlands Water Project Phase II (LHWPII), aims to address low financial literacy, and promote access to financial services for rural communities, particularly those within the Project’s area of impact.
In partnership with the Central Bank of Lesotho, commercial banks, insurance companies, mobile network operators, and investment agencies, the LHDA seeks to improve the community’s understanding of debt, savings, investments, and budgeting. The goal is to help residents unlock their economic potential and build wealth.
The sessions took place in Thabang, Molumong, Malubalube, Morojeleng, and Ha Rafolatsane from May 20 to 24.
“Due to the demographic characteristics of an aging population, long distances to access financial services, and low penetration of telecommunications, rural communities in Lesotho, like in many parts of the world, remain vulnerable to financial exclusion. Our financial literacy programs target historically marginalised people in remote areas within the Phase II region, helping them manage their incomes to support sustainable livelihoods,” said Mrs. Tsépang Sekhesa, the Phase II Socio-Economic Specialist.
With some community members’ assets to be affected by the Polihali reservoir inundation the campaign is particularly timely as it coincides with families planning how best to use compensation funds. The program includes one-on-one sessions between community members and financial experts, focusing on money management and participation in the financial system.
‘Masekhola Ntho, a resident of Molumong, expressed her eagerness to learn about personal finance and investment strategies to sustain her indigenous chicken farming and other income-generating initiatives.
“We appreciate the efforts to help us make informed decisions about our income, especially as we anticipate significant compensation for assets affected by the LHWP.
“This is not the first time the LHDA, and financial institutions have visited our village to impart essential knowledge and skills to help us secure a prosperous future for our families,” she said.
The campaign is expected to continue to other areas, aiming to empower more communities with the knowledge to manage their finances effectively. This initiative is intended to improve living conditions, well-being, and pave the way for economic prosperity for people in the Project area.
