Business

FSDP to launch competition promoting saving

TRYNESS MBALE, Lusaka
THE Financial Sector Development Plan (FSDP) is today expected to launch a competition aimed at promoting a culture and the importance of saving among youths.
The objective of the competition is to promote the concept of saving, but will also facilitate to achieve and mobilise dormant coins back into circulation.
According to a statement by the Bank of Zambia (BoZ) on Tuesday, the competition will be dubbed Coin-A-Thon and it will be launched by the central bank governor Michael Gondwe on Thursday.
Other objectives of the competition are to enhance public perception and confidence of the value of coins as a medium of exchange and provide the deposit of the collected coins into accounts with financial institutions.
“FSDP secretariat, through the Financial Education Coordination Unit (FECU), will be launching a Coin-A-Thon competition. In line with the 2015 Financial Literacy Week theme, ‘A better life through saving, every ngwee counts’, the   Coin-A-Thon challenge is about promoting a culture and importance of saving among our young citizens,” the statement reads.
The activity is part of the planned financial education activities leading up to the 2015 literacy week awareness campaign led by BoZ, the Pensions and Insurance Authority (PIA), the Securities and Exchange Commission (SEC) and other stakeholders.
The project will be implemented across schools in Lusaka Province and will run from February to March 2015 as a pilot programme.
Each school will receive a piggy bank that will serve the entire school for the duration for the pupils to collect coins that may be dormant at their homes.
The central bank says the winning schools will be presented with an award during the financial literacy week in mid-March this year. The project is expected to be extended to other provinces before the end of the first quarter, as part of the 2015 financial literacy week.

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