Financial Education Initiatives in Sub Saharan Africa

According to (Messy & Monticone, 2012) found only few countries in Africa provides personal financial education in schools. For instance in South Africa, financial literacy has been integrated into certain school subjects such as ‘Mathematical Literacy’ and ‘Economics and Management Sciences’ in almost all grades. The Ugandan Capital Markets Authority has started initiatives of carrying out seminars and competitions in schools, and they are planning to initiate capital market training in secondary schools with the help of the government. In Ghana, through the Ministry of Finance and Economic Planning they are on the move to embed financial literacy contents in school syllabuses. The Zambia Ministry of Education, Science and Vocational Training they plan to integrate financial training school curriculum national wide. Coupled to these initiatives, financial education offered to school children also through NGOs and private sector’s programs. Examples are, the Aflatoun curriculum which is taught in some schools in Ghana and Uganda; also the Savings Bank Foundation for International Cooperation (SBFIC) and MFIs provide financial education in schools
in Rwanda; Junior Achievement provides extra-curricular financial education training to school young learners in Nigeria, Uganda and Zambia; and the Financial Fitness program by Zanaco in Zambia also encompassing extra- curricular financial education in schools.
Tanzania developed the national financial education framework (N-FEF) its public-private stakeholder’s initiative framework for financial education in 2016. These initiatives are among many initiatives being implemented under the umbrella of financial inclusion framework. The framework is aimed at contributing to empower consumers’ financial understanding so that they become confident actors in personal financial matters. The rationale of the national financial education framework is to educate stakeholders to recognize the benefits and importance of financial education, to optimize resources on national wide level and encourage, coordinate financial education initiatives, support in initiatives implementation, share lessons learnt to ensure improvements of the programs and measure progress overtime (TNCI, 2017).
Stressing on the specific focus on children in education system, the framework Tanzania financial education frame- work states that financial education should aim at creating awareness of the need to take responsibility for personal finances, planning budgeting and savings. Understanding the basic terminologies, financial institutions, products and services to be introduced in a structured manner. Creating attitude and behavior of saving. Financial education is can be introduced through the formal curriculum and extra- curricular activities such as school clubs and entrepreneurial programs. The framework strategies that financial education can be embedded in teachers’ curricula to mirror that in the formal learners’ curricula, but also special courses should be offered to learners. For children who are not in formal education system the framework stress the need to provide financial education to this segment group to manage or fund their own business and small incomes. It also makes them aware of the need to save and plan for the future. Informal entrepreneurship programs have to be established.
Nevertheless, the Tanzania financial education framework put forward very vital contribution towards reducing the level of financial illiteracy in the country. The implementation of these strategies is at a very low level. (Grifoni & Messy, 2012) posit that, the country current financial education framework is at nascent stage and is yet to be implemented. The Tanzania education system still is characterized by very low level of personal financial subject related in the curriculum. The informal and extra curricula activities related to personal financial development in primary and secondary school is still at very low level.