National University of Lesotho (NUL) in conjunction with various local financial institutions have, on Thursday, April 24, 2025 celebrated the Financial Literacy week at NUL, Roma campus.
The event was under the auspices of the Faculty of Social Sciences (FSS); Economics Department and Department of Business Administration.
Speaking at the occasion, Dean of the Faculty of Social Sciences, Professor Phomane Khaola said the month of April means a lot to the National University of Lesotho as it observes its 80th Anniversary, as it is also the month that the world celebrates financial literacy.
Prof. Khaola expressed special gratitude to the Central Bank of Lesotho and various financial institutions for organising this year’s financial literacy week under the Global Financial Literacy Month theme: “Debt-free! Smart Savings”.
He therefore used the event to advise students to work hard, so that they do not die poor, quoting one popular saying by well know Business Tycoon Bill Gate who once said “If you ‘re born poor it is not your fault, but if you die poor, it is your fault, reiterating that, “If you came to NUL financially illiterate, it is not your fault, but if you leave NUL still financially illiterate, it is your fault”.
Prof. Khaola further advised NUL students and participants at the event to be eager in studying financial literacy, and aim to find multiple sources of earnings, savings and investing, and strongly warning students to avoid debt as much as they can, but instead build their wealth without debt.
“You cannot be wealthy if you are financially illiterate, regardless of how much your earnings are. It does not matter how much you earn, if you do not master financial literacy, you cannot be wealthy” He said.
According to one study conducted by Central Bank, shows that most Basotho highly think of buying not savings and that many Basotho do not have financial literacy skills hence most Basotho are highly in debt.
Speaking on behalf of Central Bank of Lesotho, Mr Molise Sethobane thanked the National University of Lesotho for hosting and collaborating with financial institutions in the country to creating awareness on financial literacy principles.
Mr Sethobane warned students to be financially literate so that they can be less vulnerable to financial fraud, scam and money laundering. He said many upcoming companies in Lesotho fall into the trap of scam and fraud due to due to lack of financial literacy skills.
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting and investing.
Mr Molise said a strong foundation of financial literacy can help support various life goals, such as saving for education or retirement, using debt responsibly, and running a business.
On Behalf of the FSS Lecturers, Mr Henry Ababio said financial literacy is an important and essential aspect for people lives, and it is something that people cannot do away with, if they need to put their lives together.
Mr. Ababio therefore encouraged each and every person to be passionate about financial literacy by using the principles of financial literacy and develop a habit of saving and budgeting, and ensure that people always buy with responsibility and accountability.
He concluded by stating that financial literacy movement at NUL is geared up to helping everyone to come to understand the basics of financial literacy because the movement believes that when financial literacy is working, the way people make decision on every aspect, live changes for the better.
The NUL financial movement has been in existence for more than two years and its working in collaboration with various Non-Governmental Organisations, financial institutions, investment traders, using various strategies to reaching out to the all Basotho, and not only those who are employed.
Present at the occasion were financial institutions and banks such as Ned Bank Lesotho, First National Bank, Phutha-Lichaba Savings and Credits, Letsego Financial Services and Central Bank of Lesotho
