The National Treasury Director for Financial Inclusion, Nontobeko Lubisi, has highlighted the importance of educating South Africans on sustainable finance practices to strengthen long-term financial stability.
Addressing the virtual launch of Money
Smart Week South Africa (MSWSA) 2025, Lubisi said too many South Africans remain unprotected against shocks.MSWSA is a national financial education campaign designed to raise awareness and empower South Africans with the knowledge and tools necessary to make informed financial decisions.
“We gather at a moment when our financial choices are tested daily by economic shocks, rapid technological change, and widening inequalities. Insurance is still dominated by funeral cover, while other forms of protection remain out of reach. We must change this.
“By expanding access to meaningful savings and insurance products, and pairing them with financial education, we can give families the resilience to absorb shocks and bounce back stronger,” Lubisi said on Monday.
She emphasised that access to financial services is not enough, as it must go hand-in-hand with knowledge, literacy and protection.
“South Africans have bank accounts, but many of these lie dormant. True inclusion is when people not only have financial services, but when they use them -- sending money, borrowing responsibly, insuring their families, and building wealth.
“…Financial education matters. It is not only about knowing how to budget, it is about understanding products, risks and rights,” Lubisi said.
As South African consumers generally have limited resources and skills to understand the complexities of the financial sector, government introduced the National Consumer Financial Education Strategy.
According to Lubisi, the National Consumer Financial Education Strategy was a strong start, but remains fragmented and scattered in short-term projects.
“That’s why have now drafted a Financial Education Policy, which is a unified, long-term vision that will empower South Africans not only to participate in the financial system, but to thrive in it.
“A financial system works only when people believe it will treat them fairly. This is why the Financial Sector Conduct Authority’s Treating Customers Fairly framework, and the upcoming Conduct of Financial Institutions Bill, are so important. They are not just laws. They are promises. Promises that the system will treat people with fairness and respect,” Lubisi said.
With the transformation of the financial system services, digital platforms are susceptible to online fraud, identity theft, and cybercrime.
“Access to the internet alone is not enough. We need skills to use these platforms safely, to build credit profiles, and to invest wisely.
“Consequently, Financial literacy and cyber-awareness programmes must match digital skills training to prevent consumers from falling victim to scams,” she said.
Through initiatives like the Ya Rona Digital Skills Drive, over 20 000 people were trained.
Moreover, government is bringing Wi-Fi to rural households through the SA Connect programme.
“All these initiatives are very critical and should be recognized as interconnected with the financial sector’s digital financial literacy revolution. By equipping citizens with internet access, the National Digital and Future Skills Strategy lays the foundation for inclusive access to digital financial services such as banking, payments, and e-commerce,” she said. - SAnews.gov.za
No comments:
Post a Comment