Report on Financial Education: Challenges, Trends and Measures of Success in Supporting Financial Inclusion in Sub-Saharan Africa
Financial education is key to improving individual financial behavior, preventing over-indebtedness, protecting clients, contributing to market development and ensuring financial stability. It makes a crucial contribution to the development of inclusive financial systems and to broader economic and social development goals. Financial education is therefore increasingly high on the agenda of many countries, including countries in Sub-Saharan Africa (SSA).
The report summarizes the key takeaways and recommendations of the financial education seminar held in September 2016 in Sandton, South Africa. The seminar discussions revealed that the challenges in financial education are similar across Sub-Saharan Africa (SSA), and that financial education is an integral part of financial inclusion. To be successful it must:
- Receive support from senior leadership in national governments;
- Be a coordinated effort involving all stakeholders in the financial sector;
- Focus on the needs of the consumer, be targeted to the specific audience and be accessible;
- Integrate monitoring and evaluation, learn from and share the results.