Johannesburg: The National Treasury Director for Financial Inclusion, Nontobeko Lubisi, has underscored the significance of educating South Africans on sustainable finance practices to bolster long-term financial stability. Addressing the virtual launch of Money Smart Week South Africa (MSWSA) 2025, Lubisi noted that many South Africans remain unprotected against financial shocks.

According to South African Government News Agency, MSWSA is a national financial education campaign aimed at raising awareness and equipping South Africans with the knowledge and tools necessary for informed financial decision-making. Lubisi emphasized the current challenges posed by economic shocks, technological changes, and widening inequalities, pointing out that insurance is predominantly focused on funeral cover, with other forms of protection still inaccessible to many.

Lubisi highlighted the need to expand access to meaningful savings and insurance products, alongside financial education, to enhance families' resilience to financial shocks. She stressed that access to financial services must be coupled with knowledge, literacy, and protection, as many South Africans have dormant bank accounts. True financial inclusion, she argued, involves active use of financial services, such as responsible borrowing, insuring families, and wealth-building.

To address the limited resources and skills of South African consumers in understanding the financial sector, the government introduced the National Consumer Financial Education Strategy. However, Lubisi acknowledged that this strategy was fragmented, prompting the drafting of a Financial Education Policy. This policy envisions empowering South Africans to thrive in the financial system, with an emphasis on fairness and respect through frameworks like the Financial Sector Conduct Authority's Treating Customers Fairly framework and the upcoming Conduct of Financial Institutions Bill.

Lubisi also pointed out the vulnerabilities of digital financial services, such as online fraud and cybercrime. She stressed the importance of matching financial literacy and cyber-awareness programs with digital skills training to prevent scams. Initiatives like the Ya Rona Digital Skills Drive have already trained over 20,000 people, and the government is extending internet access to rural households through the SA Connect programme.

She concluded by stating that these initiatives are crucial and interconnected with the financial sector's digital financial literacy revolution. By equipping citizens with internet access, the National Digital and Future Skills Strategy is paving the way for inclusive access to digital financial services, including banking, payments, and e-commerce.