THE culture of saving remains one of the main challenges in Lesotho, a way of life that many Basotho need to practice if they are to prepare for a better tomorrow.
May 30, 2022
3 min read
Financial freedom remains key
CBL's Head of Non-Banks Supervision, Bafokeng Noosi
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Last week Monday, echoes of financial freedom wrapped up the Money Month Campaign launched in April. Under the theme “Build your future, be smart about money,” the campaign was part of the Global Money Week Campaign.
It is an annual event that is intended to equip the public with skills and awareness to manage their personal financial resources effectively.
The theme emphasised smart money moves that will pay off in the future, after making prudent and well-informed financial decisions.
“We should all aspire to be investors one way or the other because as time goes, our capacity to generate money also goes,” said Katleho Securities Principal Officer, Leonard Nyambuoa.
“So before you come to that level, you need to have done the work now while you still have the energy. When we talk of investment, we are talking about accumulating financial assets that will be able to generate for you cash even when you are sleeping.
“So if you are not making an attempt towards that, you are not yet investing. Whatever you do with your money, as long it does not contribute to accumulating assets that are going to be able to generate for you some cash flows even if you are asleep, you are not yet investing. For you to start investing, you need to have a goal.”
Mr Nyambuoa said this year’s theme did not only talk to individuals but it included companies and the country at large in line with building towards the future.
“It has been a month where we have been educated - it has been a month where we have been revived in terms of how we do business,” he said.
“This is a month that gave us time to think, especially when it comes to money issues. Our theme for this year actually talked to us individually, as companies and as a country. It is a theme that is talking to building blocks until you reach the destination.”
Mr Nyambuoa said one needed to be smart with money today in order to build a better future, adding that it was “very important that you get education about money”.
“More importantly, after acquiring education about money, it does not end there because having money is something else and investing is another thing,” he said.
“Having money will make you feel rich but it does not necessarily mean that you are rich because you only have money. Money itself is just a medium of exchange which loses value with time.”
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The Central Bank of Lesotho (CBL) Head of Non-Banks Supervision, Bafokeng Noosi said financial awareness was important to what people wanted to achieve.
“The money month, amongst others, is a time to reflect and look into the performances from the past years and how consumers have been dealt with,” he said.
“Although the Money Month is also a platform where we discuss issues in general, it is the one where we look at issues from the point of view of consumers.
“It is a time where we reflect and say how we have fared in the past year. How consumers have been dealt with and whether they have been taken good care of and whether their money is safe.”