Center for Free Market Enterprise (CFME) says it is committed to encouraging youth entrepreneurs in the country to develop a culture of saving money in banks.

Among other factors that hamper the youth entrepreneurs from developing the spirit is high interest rates that banks charge.

CFME Executive Director Peter Yakobe told YFM that they engaged FDH Bank to impart knowledge to the youth on   financial literacy.

“We noted that most the youth in the country do not keep their easiest money in the banks because most of the banks charge a lot of money for someone to keep money” said Yakobe.

“We collaborated with FDH Bank in the provision free financial literacy to these young entrepreneurs.”

Yakobe further said that in the project that they embarked on was among others aimed at bringing awareness on the relevance of the youth having accounts with the banks, they also established a special account package to suit the youth.

“In the one of the projects that we implemented in Sunuzi in Zomba district recently, we enlightened our entrepreneurs on the importance of serving their money with banks as it is in line with Money Laundering Act,” Yakobe said.