It will require concerted, deliberate and sustained efforts by all parties concerned. Finally, the progress made in advancing financial literacy needs to be tracked. This will allow for insights to assess the capacity of the financial system to handle greater levels of innovation and free market practices. 2  BIS Review 85/2005  In Malaysia, a comprehensive approach has been adopted to enhance financial literacy in the country. The Financial Sector Master Plan, which was launched in 2001, includes a 10-year consumer education program. This agenda includes infrastructure and institutional capacity development in the areas of financial education, advisory services, distress management and rehabilitation. For this purpose, the Central Bank in partnership with the financial industry and other government agencies, has introduced the Financial Mediation Bureau, Deposit Insurance Scheme, Basic Banking Services Framework, Credit Counselling and Debt Management Agency, as well as created a new class of licensed Financial Advisers. These initiatives are also being reinforced by a higher level of transparency and disclosure. A series of consumer education programs has been introduced, such as Bankinginfo and Insuranceinfo, both of which are delivered through various channels. These include road shows, pamphlets at the branches of financial service providers and dedicated Internet sites hosted by the central bank. Savings and education programs are also being promoted in schools. More recently a one-stop centre was established within the Central Bank for the public to obtain information about financial services in Malaysia and to provide face-to-face customer service on general enquiries and complaints.
This initiative grew out of the recognition of the fact that financial institutions and certain NGOs that were engaged in promoting various financial education activities and programme were operating in isolation. What was clearly missing was a coherent and well-co-ordinated strategy among these organisations for delivering an effective education to enhance financial literacy and inclusion. Consequently the FSDP identified the need to develop a coordinated approach to financial education as a meaningful way of bringing progress to this process. It therefore, started its intervention by commissioning a stock taking study of financial education efforts taking place in Zambia in order to establish its true status. DFID provided financial support in the form of technical assistance which enabled the FSDP to recruit FinMark Trust to carry out the study. Subsequently, a report was produced and presented to various stakeholders in November last year. The recommendations from the stakeholders meeting were then sent to the FSDP Steering Committee in April this year. This Committee endorsed the report and it is this report which is being launched today as the National Strategy on Financial Education for Zambia. Once launched, it will be implemented in earnest. Honourable Ministers, the activities that have been carried out under this programme have been made possible by the very generous financial support extended throughout the different phases of the programme by the IMF, World Bank, DFID, SIDA and the Government of the Republic of Zambia.