The National Treasury’s Director for Financial Inclusion, Nontobeko Lubisi, has stressed the importance of financial education in helping South Africans build long-term stability and resilience.

Speaking at the virtual launch of Money Smart Week South Africa (MSWSA) 2025 on 18 August, Lubisi said too many South Africans remain unprotected against financial shocks.

MSWSA is a national campaign aimed at raising awareness and equipping citizens with the tools to make informed financial decisions.

“We gather at a time when our financial choices are tested 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.

Beyond Access to Services

She cautioned that financial inclusion must be more than access alone.

“South Africans have bank accounts, but many remain dormant. True inclusion is when people use financial services effectively—sending money, borrowing responsibly, insuring their families, and building wealth. Financial education is not just about budgeting; it is about understanding products, risks, and rights.”

Government introduced the National Consumer Financial Education Strategy to address these gaps. Lubisi said it was a strong start, but its fragmented nature limited impact.

“That is why we have drafted a Financial Education Policy, which provides a unified, long-term vision. This will empower South Africans not only to participate in the financial system, but to thrive within it.”

She also highlighted the importance of fairness and trust, noting that the Financial Sector Conduct Authority’s Treating Customers Fairly framework and the upcoming Conduct of Financial Institutions Bill are central to building confidence in the system.

Addressing Digital Risks

Lubisi warned that the rapid digitalisation of financial services brings new risks, including online fraud and cybercrime.

“Access to the internet alone is not enough. We need skills to use digital platforms safely, build credit, and invest wisely. Financial literacy and cyber-awareness programmes must match digital skills training to prevent scams.”

Through initiatives such as the Ya Rona Digital Skills Drive, more than 20,000 people have been trained. In addition, the SA Connect programme is expanding Wi-Fi access in rural areas.

“These initiatives are interconnected with South Africa’s digital financial literacy revolution. By equipping citizens with internet access and digital skills, the National Digital and Future Skills Strategy lays the foundation for inclusive access to banking, payments, and e-commerce,” she said.

— SAnews.gov.za