We have dedicated a large part of our work to implementing actions that facilitate the financial knowledge of Mozambicans, such as the launch of the Financial Literacy Manual, the organisation of debate forums on the subject aimed at young entrepreneurs and in line with World Savings Day, which is celebrated every year on 31 October with the aim of alerting consumers to the need to discipline their family budget and increase their savings.
In recent years, several financial institutions have invested in financial inclusion, enabling more and more people and companies to have access to financial products and services and to be able to use them, at an affordable cost, in a simple and transparent way.
For us, teaching people to save is crucial to the development of our society, because we help people build a solid financial foundation, plan for the future, reduce financial stress and achieve their personal development goals. We know that savings knowledge in Mozambique is developing, and the country faces unique challenges related to the economy, culture and access to financial services.
Now, in practice, how do you build this more sustainable path? Through financial management. It sounds complicated, but there’s nothing like having an account manager who encourages you to regularly monitor your finances. If you don’t have one, you can always make a habit of checking bank statements, understanding the times of the month when you spend the most money, keeping financial records and adjusting your plans as necessary.
In some communities, there is a tradition of informal savings, in which people get together to form savings and credit groups. It can be an effective way to save, especially in areas where access to formal financial services is limited.
It is important to adopt financial literacy practices to the specific realities of the Mozambican market, including the unique financial opportunities and challenges that people face on a daily basis.
Absa Bank has been working to guide people to seek professional financial advice when necessary, especially for more complex issues such as making savings and investments.