The African Economic Research Consortium (Aerc) conducted a survey to uncover the impact of mobile financial services on financial literacy.

The study reveals that 10.8% of people categorised as illeterate, are using mobile money for transactions, while 68.8% is of highly literate people that are using the services.A whopping 52.5% of people who are employed in the informal sector, while those in the formal sector register 75.6%

The results call for more civic education on financial literacy, says Mirriam Matita, one of the surveys conductors. She noted that there was less effort and lack thereof, to address the importance of mobile money services, let alone how to use, then teaching financial literacy altogether.

Civic education on financial literacy comes as a must, as 23% of the Malawian population does not own bank accounts.