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Stanbic banking on staff training to trickle down to the public and increase national financial literacy and inclusion levels
LUSAKA, ZAMBIA – As part of its ongoing efforts to promote financial literacy, Stanbic Bank Zambia has launched a Financial Fitness Academy.
The academy is designed to provide bank employees with the skills to manage their personal finances and achieve their financial goals.
These skills will then be transferred to people across the country through Stanbic’s community-based financial literacy programmes.
Launching the initiative, Stanbic Bank Zambia Chief Executive Leina Gabaraane said there was a need for increased dialogue on personal finance planning and management, particularly in the current economic climate.
“Personal finance planning and management is one of the most important conversations we should have as a society, yet it remains one of the least discussed topics,” said Mr Gabaraane.
“Most people have not been exposed to the importance of personal finance management early in life. They only begin interacting with a sizeable amount of money and needing to make big financial decisions after they get their first paycheque, and by this time, they would have already developed poor spending habits.”
The bank boss explained that having poor money management habits was detrimental to a person’s ability to gain financial freedom.
“When I was younger, I was fortunate enough to have the opportunity to work for a wealth management business,” he added.
“During that time, I realised that most people saved very little – if at all – which meant that in the event they lost their source of income they would be unable to meet their financial obligations. That’s a dangerous way to live.”
He noted that achieving universal financial inclusion would mean nothing if the majority of the population lacked the skills necessary to effectively manage and grow their finances because poor personal finance management perpetuates the poverty cycle, which in turn hinders universal financial inclusion.
“A lack of knowledge leads to poor decision making – a fact that is true even in personal finances. With the global economy still suffering the effects of COVID-19, the Standard Bank Group, of which Stanbic Bank Zambia is a member, felt it necessary to equip our employees with effective money management skills through the Stanbic Financial Fitness Academy to help them navigate the harsh economy.”
“Since Stanbic staff are heavily involved in financial literacy programmes in their communities, we are confident the skills they learn will be transferred to their neighbourhoods thus indirectly increase the academy’s reach.
Through this training, we will give our people the tools needed to plan for and take control of their financial future.”
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