A senior official at the central bank of South Sudanb says it has launched a public financial literacy campaign to encourage people to save their money and keep it at banks.

Deputy Central Bank Governor Odera Innocent Ochan said about 80% of the total population of the country lives in rural areas where little is known about the importance of saving money in banks. The remaining 20% live in urban towns where they can access banks but many have little trust and confidence in saving in the national banks.

He noted that even many government officials and members of the private sector prefer saving their money in foreign banks for safety and security guarantee. He cited the collapse of the Nile Commercial Bank in 2008. Officials at the bank attributed its insolvency to the failure by many clients – including officials – to repay loans.S

Speaking at a function on Tuesday, Ochan urged financial institutions to enhance the saving culture among citizens and to lower their maintenance fees for savings accounts.

“Going forward, financial institutions are being encouraged to put in place measures that will enhance financial inclusion and a saving culture among the citizenry, factors that can ultimately contribute to the growth of this economy. Measures to be taken by financial institutions could include the lowering of maintenance fees for savings accounts and the introduction of banking products that are user friendly,” he explained.

He stressed that financial literacy campaign seeks to empower youths and members of the public with savings knowledge.

“In line with these strategic objectives, the financial literacy campaign seeks to empower people and give them knowledge, skills and confidence to save and use savings to enable them to develop a habit of savings to meet personal goals and have a better life whilst realising that every cent counts, as no amount is too small to be saved. It is our hope at the central bank that this campaign will go a long way in reducing wastefulness among the population, both young and old,” he emphasized.