Global financial services company Visa has disclosed that has recently agreed to a $200,000 agreement with the Financial Services Consumer Education Foundation (‘FSCEF / the Foundation’) to enhance financial literacy in South Africa.
The Financial Sector Conduct Authority formed the local nonprofit organization known as the FSCEF in 2004. (previously known as the Financial Services Board). It intends to provide funding for consumer projects that will promote financial literacy and give consumers the knowledge, resources, and skills they need to make better financial decisions.
The alliance focuses primarily on two financial education initiatives: The Financial Literacy Speech Competition for Schools and the Financial Literacy for Students in Tertiary Institutions.
“Our collaboration with Foundation aims to increase young people’s access to financial education wherever they are. It makes their journey to financial inclusion even stronger while improving the environment for financial consumer protection. Young people are better able to take charge of their finances and their future through the development and use of life skills. According to Carl Manlan, vice president of social impact for Visa in Central and Eastern Europe, the Middle East, and Africa:
The Financial Literacy Speech Competition for Schools is aimed at students in South Africa’s nine provinces who attend quintiles 1, 2, and 3 schools (no-fee schools).
The curriculum is divided into four rounds: school, district, provincial, and national. Each round’s winner advances to the next round.
Participating students are given a list of predetermined topics related to personal finance and given 5 minutes to give a verbal presentation on the subject of their choosing.
The program’s national final will be held on October 14, 2022, in Cape Town.
The top three winners of the national final will also get fully paid bursaries to study at any university of their choice within the borders of South Africa. Awards and recognition are given at the conclusion of each round.
The bursaries cover the cost of tuition, books, lodging, transportation, and a monthly allowance for living expenses.
The target audience for the financial literacy programs is expected to be 7500 young people.