Experts impart financial skills to Butiama residents
MARA: THE government has urged residents of Butiama District, in the Mara region, to actively participate in financial education training to enhance their knowledge and help them manage their resources effectively while making informed financial decisions.
The Butiama District Commissioner, Moses Kaegele, made this call during a meeting with a team of experts from the Ministry of Finance and its affiliated institutions, who, are in the region to provide financial education to various groups.
“Participating in this training will enable residents to avoid financial challenges such as unpayable debts, poor money management, and lack of emergency savings,” said Kaegele.
He further emphasized that if residents embrace the training, they will gain a better understanding of financial matters, which will help improve their lives and lay a foundation for economic stability.
On his part, the Acting Executive Director of the Butiama District Council, Mbuke Makanyanga, commended the Ministry of Finance for its efforts to ensure that every citizen receives essential financial education to help them manage their finances properly.
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Meanwhile, Elizabeth Mnzava, a Financial Management Officer from the Financial Sector Development Department at the Ministry of Finance, noted that while providing financial education, they encountered complaints from citizens who had taken loans from various institutions but later found unexpected changes in their loan agreements.
“We have encountered cases where a borrower signs a loan agreement for a specific amount, but when they return to make their first repayment, they find a new contract with a higher loan amount than what they originally borrowed,” said Mnzava.
She explained that it is the right of every borrower to request a copy of their loan agreement, as it serves as evidence in case of any unauthorized changes. Additionally, the document helps borrowers understand key details such as interest rates, monthly repayment amounts, and the total loan borrowed.
