09/04/2025 12:42:00

Malta Bankers’ Association expands European Money Week, teams up with Central Bank of Malta for key public event

The Malta Bankers' Association (MBA), supported by the Central Bank of Malta, marked European Money Week (EMW) by organising an event targeted to promote financial literacy. This initiative signified a broadening of EMW's focus, transitioning from primarily targeting the younger generation, as in previous years, to also catering to the financial literacy needs of older adults. 

Themed "Ħu ħsieb flusek", the event particularly emphasised the needs of those who struggle with the fast-evolving technological landscape in the banking sector, such as digital payments. Special focus was placed on educating participants about the risks of fraud and scams, equipping them with essential tools to safeguard their finances.

The event commenced with an opening speech by the Chair of the MBA, Kenneth Farrugia, who set the tone for the day by emphasising the critical role of financial literacy in today's rapidly changing economic environment and reiterated the MBA's commitment to facilitating greater accessibility and understanding of digital financial services. 

Addressing the attendees, Mr Farrugia urged them to embrace the digital shift in banking and encouraged them to appreciate the ease of conducting transactions online or through mobile banking, such as paying bills, effecting transfers, and purchasing goods and services. Highlighting the MBA and its member banks' active role in educating their clients about the risks of scams and the importance of security in digital transactions, Mr Farrugia urged everyone to actively engage with these awareness campaigns and to apply the knowledge shared to safeguard their financial activities.

Officials from the Central Bank of Malta, Bank of Valletta, APS Bank, the Malta Financial Services Authority, the Office of the Arbiter for Financial Services, the Malta Police Force and ĠEMMA, a unit within the Ministry for Social Policy and Children's Rights entrusted to improve the personal financial capability of Maltese citizens, also participated in the event offering insights and practical advice on various aspects of digital financial services . They collectively emphasised the importance of vigilance against scams, equipping attendees with essential strategies to recognize and combat fraudulent activities.

The Secretary General of the MBA, Karol Gabarretta, delivered some concluding remarks, highlighting that this event was just one of several organised by the Association to celebrate EMW. He emphasised that EMW 2025 was launched on March 17 at the Achille Ferris Primary School, Msida and this ushered in a series of special activities targeting students, teachers, and other professionals, all aimed at enhancing financial literacy. These activities were organised in conjunction with the Home Economics Seminar Centre (HESC) within the Directorate for STEM and VET Programmes, Ministry for Education, Sport, Youth, Research and Innovation. Mr Gabarretta thanked the Central Bank for its enthusiastic support of this event and all the entities which had contributed to the programme and invited the Acting Governor of the Central Bank, Mr Alexander Demarco, to formally conclude the event.

Alexander Demarco, Acting Governor of the Central Bank of Malta, in his concluding address highlighted that financial literacy is not only important for individual citizens, but also from a national economic perspective. He referred to results from a 2023 EU-wide survey on financial literacy by the Breugel Research Institute, where although Malta fared better than most other Member States, there was nevertheless scope for a lot of improvement. He welcomed the initiatives undertaken by various institutions in Malta and encouraged the inclusion of financial literacy as part of the curriculum in schools. He also remarked that there was a need to raise awareness about financial instruments for a major expense, as that of purchasing a residence or setting up a business, as well as encouraging a greater culture of saving, particularly for retirement.

European Money Week (EMW), which was held between 17-23 March, is an initiative spearheaded by the European Banking Federation (EBF) and is a key part of a broader international effort aligned with the OECD's Global Money Week. Celebrated across Europe, EMW focusses on enhancing financial education and raising awareness about effective money management and personal finance skills. 

Photos: Melvin Bugeja/Central Bank of Malta

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