Global financial services giant Visa has announced that it recently signed a partnership with the Financial Services Consumer Education Foundation (‘FSCEF / the Foundation’) worth $200,000 (approximately R3.35 million) to support financial education in South Africa.
The partnership is specifically focused on two financial education programmes namely The Financial Literacy Speech Competition for Schools and the Financial Literacy for Students in Tertiary Institutions. The financial education programmes are anticipated to reach approximately 7500 young people.
“Our partnership with Foundation is to drive access to financial education for young people where they are. It further strengthens their pathway to financial inclusion while creating better conditions for financial consumer protection. It is through developing and applying life skills that young people are better able to take control of their money and their future,” Carl Manlan, VP: Social Impact for Visa Central and Eastern Europe, Middle East, and Africa, explains:
The FSCEF is a local non-profit organisation established in 2004 by the Financial Sector Conduct Authority (previously known as the Financial Services Board). It aims to fund consumer initiatives that will help to increase financial literacy and equip people with the information, tools, and knowledge required to make smarter financial decisions.
The Financial Literacy Speech Competition for Schools is targeted at school learners in quintiles 1, 2 and 3 schools (no-fee schools) across all nine provinces in South Africa. The programme consists of four rounds, which include school, district, provincial and national rounds. The winner of each round progresses to the next round.
Participating learners are provided with prescribed financial education topics of which they are required to choose one and conduct a 5-minute verbal presentation.
The National final of the programme will take place on the 14th of October 2022 in Cape Town. Recognition and prizes are awarded after each round, while the top 3 winners of the National final will also receive fully paid bursaries to study at any institution of their choice within the South African borders. The bursaries include tuition fees, textbooks, accommodation, logistics and a stipend for living expenses.
The Financial Literacy for Students in Tertiary Institutions is targeted at first-year students at five institutions. For most students, this is the time they are required to start managing their finances independently, and for most, if not all, it is the first time they are exposed to credit.
If students are not educated about managing their personal finances, they will not be prepared to responsibly manage their bursary funds, student loans and other forms of income at their disposal. The programme will be conducted through an interactive approach where relevant financial education topics will be presented by a panel of financial education experts.
Topics will include Money Management (the importance of financial literacy), Debt Management (credit score and how to handle your finances) and Wealth Creation (savings and investment, scams, and tips on starting a business.
“The partnership with Visa will promote financial education to both current and potential consumers of financial products and services, which will hopefully lead to an increase in consumers’ level of financial literacy and understanding of their rights and obligations. Our warmest thanks to Visa South Africa, who have seen value in our efforts and stepped up to donate generously to both programmes,” said Freda Evans.
Manlan clarifies: “For nearly two decades, Visa’s financial literacy programmes have educated millions of children and adults in more than 30 countries on how to manage their money wisely. The programmes are designed to ensure that as individuals gain access to financial services, they do so with a sound understanding of money management.”