BUJUMBURA, June 4th (ABP) – The Bank of the Republic of Burundi (BRB) officially launched the financial education campaign in Bujumbura on Thursday 30 May, under the theme “Role of financial institutions for sustained financial inclusion”, for an exchange on the role of national financial institutions and other stakeholders in financial inclusion in Burundi. It’s also about encouraging people to change their mindset so that stakeholders can understand the role of those institutions through financial education.
In his opening speech, BRB Governor Edouard Normand Bigendako pointed out that in 2020; Burundi recorded a low financial inclusion rate of 25% of the adult people. During the same period, he said, digital financial services developed, with 78% of the adult people having an electronic account. According to him, that level of financial inclusion requires the support of the various stakeholders to combine their efforts in order to adopt strategies to improve financial education.
On the sidelines of the campaign, the Governor of the BRB announced the expected results of the campaign. He pointed out that that campaign is a good opportunity to remind product and service providers to continue to put in place tools to improve the conditions under which financial products and services are offered to consumers.
Consumers, in turn, are called upon to equip themselves with the essential skills that will enable them to make appropriate and well-considered decisions, anticipate the financial risks they face, diversify their use of means of payment and improve their well-being,” added Mr. Bigendako.
He pointed out that the role of the BRB is to put in place the tools needed to promote financial inclusion in Burundi, while inviting stakeholders to make their contribution to promoting financial inclusion. Financial education is a strategic tool that can support stakeholders in enabling financial systems to provide services that meet customers’ needs, he stressed. He recalled that that campaign aims to raise awareness among all stakeholders of the need for financial education in Burundi.
The Deputy Executive Secretary of the Association of Banks and Financial Institutions (ABEF), Marie Jeanne Ndikumana, pointed out that credit institutions play an important role in the process of financial inclusion in Burundi. She said that financial education or financial inclusion begins with access to a bank account, adding that banks help customers to open bank accounts.
To facilitate financial education, the banks have developed digital and traditional products that they have made available to customers, she continued, pointing out that there is still a section of the population that is unaware of the proper use of those products.
Mrs Ndikumana pointed out that that awareness-raising campaign would make for more human contact between the banks and their customers, but also, she reassured the audience, provide an opportunity to explain the qualities and advantages of each product, as well as the conditions of access.