“Experts say loans aren’t bad, but before you borrow, you must have clear goals. Don’t borrow just because funds are available somewhere—borrow with a plan. I believe this is a step toward transformation,” emphasized Dr. Charles Mwamwaja, Commissioner of the Department of Financial Sector Development, at the Ministry of Finance.
Dr. Mwamwaja urged residents of Mbeya to apply the financial knowledge they gained during National Financial Services Week to change their lives, particularly in managing their finances.
Speaking at the closing ceremony of the event in Mbeya, he emphasized the importance of making informed financial decisions and following proper procedures in all financial matters.
He advised, “When taking a loan, make sure you read and keep a copy of the contract to avoid difficulties that come with high-interest loans, also known as predatory loans.”
Dr. Mwamwaja also encouraged citizens to use formal financial services and ensure that all their financial activities are legally registered.
“If it’s a savings group, that’s a good thing and is supported. But make sure that group is registered to become official,” he added.
He further encouraged residents to share the financial knowledge they gained with others who could not attend the event, underscoring that financial education is ongoing and not limited to these annual events.
“These celebrations ending today are not the end of financial education. We will continue using various channels to provide financial knowledge. Let’s not leave here thinking that financial education is on hold until next year—absolutely not. Financial education is a continuous process,” Dr. Mwamwaja affirmed.
The government, through the Ministry of Finance, has appointed Financial Services Coordinators in every region and municipality across the country to provide financial literacy to the public.
The event, now in its fourth year, is part of the National Financial Sector Development Master Plan for 2020/21 – 2029/30.
It aims to increase public financial literacy and the contribution of the financial sector to economic growth.
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