Inside Biz | More than a Thousand Respond to FSRA Financial Literacy Quiz Competition

A total of 10 winners were awarded E2 000 each by the Financial Services Regulatory Authority (FSRA) following a raffle draw conducted yesterday.

The draw was conducted by various media houses for transparency purposes.

The Financial Literacy Quiz Competition is meant to capacitate consumers on issues of financial literacy. The competition centred on the level of knowledge by emaSwati regarding pyramid schemes and financial scams.

FSRA CEO Ncamiso Ntshalintshali said the responses to the competition were overwhelming and encouraging as over a thousand responses were recorded. He, however, disclosed that they were disappointed by the fact that not everyone got the responses right.

“We are delighted by the number of responses as the FSRA, however, we are also concerned by the fact that almost 50% of people got responses wrong which concerns us as we believe the questions were easy. This, then presents an opportunity for the Authority to ensure that it educates emaSwati on issues of financial literacy.”

Worth clarifying is that the 10 winners were drawn from 500 respondents who got all their questions correct.

The CEO noted that pyramid schemes and financial scams are a scourge the country needs to continuously fight. He said the situation is not made any better by licensed and registered companies who spread messages that entice consumers who then find themselves in unnecessary debt.

“We are doing all we can to strengthen our mandate. We have even called licensed entities to order that have veered off particularly in enticing consumers about their products. We have noted some adverts that persuade consumers to take loans which we believe is wrong.”

List of 10 Winners