Durban - The KwaZulu-Natal Finance Department took teaching learners about financial matters a step further by introducing a provincial speech contest on the all-important subject.
Cebiswayimfundo Mnguni of Escourt High School has won the finals of the 2011 Grade 11 contest in Port Shepstone on Tuesday.
The department said this ground breaking initiative is envisaged to become an annual competition, aimed at promoting financial literacy in schools in KZN.
The learners during this process will benefit from lessons on budgeting, saving, investment and consumer rights.
The department also wants to promote careers in the financial sector.
Mnguni, the first prize winner, was overjoyed as he scooped a bursary, trophy, certificate and a Post Bank account with R300 cash. He also won a Hi-fi radio set, television and a CD player for his school.
"It was a roller-coaster indeed, my sleepless nights paid off and eventually I managed to pull through. I would like to thank my parents, my teachers and all who assisted me to win," he said.
Mnguni's topic for the contest was, 'How do regulators protect consumers.' Other participants spoke about ways to protect their money, the role of the financial services ombudsman and responsibilities of consumers.
All the participating learners got certificates of appreciation, laptops from PC training, a Post Bank account with R300 cash and financial literacy training for their schools.
KZN MEC for Finance Ina Cronje, who is also the champion of the KZN Financial Literacy Association, endorsed the competition through its In-School Youth Group.
The competition is an opportunity to strengthen the association's endeavour to inculcate in learners the values of the financial education in the province, while promoting respect and appreciation for diverse ideas and opinions.
"People of all ages need to know how their finances operate" she said.
The Education Senior General Manager, Simon Mbokazi, representing Education MEC Senzo Mchunu, thanked all those who made time to assist learners and educators in preparing them to participate in the competition.
"MEC for Education fully endorses this project, as this competition provides an excellent opportunity for learners in our secondary schools to get a taste of how the finance fraternity operates," he said.
The Chairperson of the In-school Youth Group, Artwell Hlengwa, also thanked the provincial government through the Education and Treasury Departments for realising the importance of grasping this campaign.
The Chief Executive Officer of the Financial Services Board, Dube Tsidi, gave the thumbs up to the project.
"We are commending KwaZulu-Natal for being the first in the country to come with such an initiative. We are working on taking this model to the national level using KZN as a spring board," he said.
The judging panel comprised representatives from INSETA, Financial Planning Institute, the Department of Education and Financial Services Board. - BuaNews
