Grace Ashiru
Visa, a multinational business that provides financial services, has revealed that it has just entered into a deal worth $200,000 with the Financial Services Consumer Education Foundation (also known as “the Foundation”) to improve the level of financial literacy in South Africa.
In 2004, the FSCEF, a local non-profit group, was set up by the Financial Sector Conduct Authority. Before, they were called the Financial Services Board). They intend to provide money for consumer projects that will improve financial literacy and give consumers the knowledge, resources, and skills they require to make better financial decisions.
The Financial Literacy Speech Competition for Schools and the Financial Literacy for Students in Tertiary Institutions are the two main objectives of the Financial Literacy Alliance, which is an organization that promotes financial education.
Through our partnership with the Foundation, we hope to broaden the availability of financial education to young people no matter where they are. It makes their journey toward financial inclusion even more powerful while simultaneously improving the environment for the protection of financial consumers. Through the acquisition and application of life skills, young people increase their capacity to accept responsibility for their current and future situations.
Carl Mann, Visa’s vice president of social impact in Central and Eastern Europe, the Middle East, and Africa, asserted: Students from South Africa’s nine provinces who are enrolled in quintiles 1, 2, and 3 schools are eligible to participate in the Financial Literacy Speech Competition for Schools (no-fee schools)
The educational program is broken up into four distinct levels: the school level, the district level, the provincial level, and the national level. The winner of each round progresses to the subsequent rounds.
The participating students are given a selection of predetermined subjects connected to personal finance, and they are given five minutes to give a verbal presentation on their chosen subject. The national final of the program is scheduled to take place in Cape Town on October 14, 2022.
In addition, the top three winners of the national final will each receive a fully financed scholarship to attend any university within the borders of South Africa of their choosing. After the completion of each round, there is a presentation of awards and accolades. The bursaries provide funding to pay expenditures such as tuition, books, housing, and transportation, in addition to a stipend to help with monthly living costs.
It is anticipated that 7,500 young people will participate in the activities designed to increase their financial literacy.
