By BUUMBA CHIMBULU
THE 2025 Financial Literacy Week has officially kicked off with a focus on educating individuals about identifying financial scams, making informed investment decisions and ensuring financial security.
With the rise in financial fraud and scams, promoting responsible investing through legitimate channels has remained crucial in the celebration of the national financial literacy week.
The week, launched out of Lusaka for the first time in history, was being celebrated alongside the Global Money Week under the theme; ‘Think Before You Follow, Safeguard Your Money.’
At the launch in Mazabuka yesterday, Bank of Zambia (BoZ) Governor Denny Kalyalya, warned against the increased financial scams such as pyramid, cyber-attacks and fraud.
Dr Kalyalya emphasised the need for individuals to investigate before making any financial investment decision.
He said this in a speech read for him by the Director of Finance at the centra bank, Ms Freda Tamba.
“We are encouraging individuals to be mindful of the risks in the financial sector. A lot of risks including financial scams, fraud, cyber-attack and pyramid scams are happening now. We are encouraging all, to only engage with licensed financial service providers.
Be very cautious about sharing your financial information to others. Be vigilant for unsolicited emails and diligently protect yourself from scams, Dr Kalyalya said.
At the same function, Pensions and Insurance Authority (PIA) Registrar Namakau Ntini, highlighted the damage caused by scammers to individuals, with some taking their own lives after losing their entire money.
“Scammers are on the rise with some people losing their entire pension and savings for investing in these scams. So, financial literacy has come at a better time,” Ms Ntini, who is also PIA Chief Executive Officer said.
Her remarks were backed by the Security and Exchange Commission’s Chief Executive Officer, Mr Phillip Chitalu, who emphasised on identifying legitimate investment platforms.
Mr Chitalu pointed out that most individuals who fall prey to scams and fraud were those who invested without thinking and only followed.
“We are here to spread awareness and invest in productive initiatives to grow the economy. A lot of scams caused by people who follow without thinking. The person first to invest usually receives huge return and the one who invests next is the one who gets to lose,” he added.
Meanwhile, Bankers Association of Zambia chairperson Lowani Chibesakunda, emphasised the role played by financially literate communities.
Recalling the recently celebrated youth day, Ms Chibesakunda highlighted the how their voices were amplified through financial resources.
And Southern Province Permanent Secretary Naman Moonze, warned against easy money which led to being scammed.
Dr Moonze said financial illiteracy had led to most individuals to be victims of fraud largely driven by technology.
“There is no easy money. Work for it, plan for it before you spend. We will not grow the economy if we are financially illiterate and if we don’t know how to save,” Dr Moonze said.
