Ndugai dares bankers to take financial literacy to schools

25May 2019
The Guardian Reporter
The Guardian
Ndugai dares bankers to take financial literacy to schools

COMMERCIAL banks should consider taking financial literacy to primary and secondary schools so that pupils and students should understand how to manage their money from tender age.

Speaker of the National Assembly, Job Ndugai thanks NMB Banks Plc’s board member, Margaret Ikongo moments after the handover of 250 iron sheets and 126 chairs and tables to Chiwe and Nyamkongo Secondary Schools in Kongwa district of Dodoma region all valued at 10m/- yesterday. Photo: courtesy of NMB.

National Assembly Speaker, Job Ndugai said in Kongwa district yesterday when receiving 250 iron sheets donated to Chiwe Secondary School and 63 chairs and tables donated to Nyamkongo Secondary School by NMB Bank Plc that by understanding the basic of financial management and tender age, children will grow up into responsible adults who know how to save money.

“If NMB Bank chooses to teach children at school basics of financial literacy you can do so easily countrywide because you are in every district,” Ndugai who is also Kongwa legislator, said while noting that most adults fail to manage their finances because of lack of knowledge on the subject.

“You should seriously consider also teaching entrepreneurship to children at primary and secondary levels so that these young people should also have entrepreneurial skills which they can use when grown up,” he advised saying that formal employment is increasingly becoming a global crisis.

Ndugai said many people regardless of their positions borrow money from banks and end up misusing it hence having problems to repay such loans because they were not productively invested to generate profit.

“I have friends who borrowed and after sometime complained about repaying loans which they did not invest productively simply because of lack of financial literacy,” he added.

The House Speaker thanked NMB management and staff for working hard and investing in innovation which has witnessed the bank because a household name countrywide while raking in billions of shillings in profits annually.

He also commended the bank for continuing to invest in the community by way of supporting education, health and disaster relief saying such actions show good corporate citizenship which other companies should emulate.

NMB’s Central Zone Manager, Nsolo Mlozi said the bank is committed to assist government in improving social services but also help communities when facing disasters. “As NB we have decided to participate in the construction of Chiwe and Nyamkongo Secondary Schools by donating iron sheets, chairs and tables worth 10m/-,” Mlozi said.

He said so far, NMB which allocates one percent of its annual profit to charity, has already disbursed over 400m/- to the community in support of education, health and disaster relief.

Nyamkongo Headmaster Mpokeeni Sanga and his Chiwe peer, Aaron Sanga thanked the bank for the donation saying their schools will make better use of the handouts to improve students’ performance in examinations.