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.