THE BASICS MATTER A GREAT DEAL IN FINANCIAL LITERACY

How fast can I get a loan from your financial institution is a question that I was asked by a certain youth Within this question there are several perspectives that can be analyzed. We live in a society that is skewed heavily on instant loans. As a financial literacy trainer I have observed that in the many villages that I have gone to. As a banker I support borrowing because good credit expands the economy since entrepreneurs are able to widen their scope of operations and employ other youths. Banking aims at promoting good loans because they signify safety of customer deposits.

I have observed that many borrowers in the process of wanting to access instant loans neglect the following:

The choice of financial institution
The purpose of the loan
The terms and conditions 
The loan period
The savings discipline
Whether the business is formalized.

Such parameters seem obvious but most of the loans go bad due to such issues.

In order to develop the financial sector efforts should be placed on training the masses about the basics and dynamics of responsible lending.

Phillip Kiryowa
Finance and Leadership Coach(PCC)
+256752615916

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